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Company No: 09072750 (England and Wales)

KABINA LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

KABINA LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

KABINA LIMITED

CHAIRMAN'S STATEMENT

For the financial year ended 30 June 2024
KABINA LIMITED

CHAIRMAN'S STATEMENT (continued)

For the financial year ended 30 June 2024

Kabina is now ten years old and yet, despite out best efforts, we are yet to see any of our ideas come to life, any of our designs realised.

Kabina created detailed design work for: fit-for-purpose 800-person floating accommodation for oil and gas workers; 2,000 floating and affordable key worker apartments on London's royal docks; floating hotels for city's with insufficient and expensive hotel accommodation; imaginative floating retail modules to revitalise Liverpool's docks; floating and totally independent, migrant processing platforms stationed offshore; and a flood-adaptive, secure foundation system for volume house-building on the UK's flood meadows to help reach ambitious housing targets.

Kabina has been confronted by bureaucratic inertia at every turn, and yet I intend to continue our efforts and hope that one day we will get the institutional support we need to make things happen.

KABINA LIMITED

BALANCE SHEET

As at 30 June 2024
KABINA LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 609 1,049
Tangible assets 4 348 464
957 1,513
Current assets
Debtors 5 111 628
Cash at bank and in hand 2,426 2,846
2,537 3,474
Creditors: amounts falling due within one year 6 ( 616,083) ( 614,278)
Net current liabilities (613,546) (610,804)
Total assets less current liabilities (612,589) (609,291)
Net liabilities ( 612,589) ( 609,291)
Capital and reserves
Called-up share capital 7 10,869 10,869
Profit and loss account ( 623,458 ) ( 620,160 )
Total shareholders' deficit ( 612,589) ( 609,291)

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Kabina Limited (registered number: 09072750) were approved and authorised for issue by the Director on 09 January 2025. They were signed on its behalf by:

J P N Cheston
Director
KABINA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
KABINA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kabina Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Nexus House, 2 Cray Road, Sidcup, DA14 5DA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £612,589. The Company is supported through loans from the director. The director has confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the director will continue to support the Company. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Taxation

Current tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change
attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in
other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively
enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 10 years straight line
Trademarks, patents and licences

Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination
are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less
accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Trade and other debtors

Trade and other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, except where the effect of discounting would be immaterial. In such cases debtors are stated at transaction price less impairment losses. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the transaction.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade and other creditors

Trade and other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 July 2023 4,395 4,395
At 30 June 2024 4,395 4,395
Accumulated amortisation
At 01 July 2023 3,346 3,346
Charge for the financial year 440 440
At 30 June 2024 3,786 3,786
Net book value
At 30 June 2024 609 609
At 30 June 2023 1,049 1,049

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 July 2023 3,209 3,209
At 30 June 2024 3,209 3,209
Accumulated depreciation
At 01 July 2023 2,745 2,745
Charge for the financial year 116 116
At 30 June 2024 2,861 2,861
Net book value
At 30 June 2024 348 348
At 30 June 2023 464 464

5. Debtors

2024 2023
£ £
Other debtors 111 628

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 453 1,892
Other creditors 615,630 612,386
616,083 614,278

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
10,543 £1 Ordinary A shares of £ 1.00 each 10,543 10,543
326 £1 Ordinary B shares of £ 1.00 each 326 326
10,869 10,869

8. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due to director 613,931 610,631

These amounts are unsecured, provided interest free and are repayable on demand.

The director has no intention of repayment until or unless Kabina Ltd is financially capable of doing so.