Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31falsefalse2023-06-01No description of principal activity89falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08111867 2023-06-01 2024-05-31 08111867 2022-06-01 2023-05-31 08111867 2024-05-31 08111867 2023-05-31 08111867 c:Director3 2023-06-01 2024-05-31 08111867 d:MotorVehicles 2023-06-01 2024-05-31 08111867 d:MotorVehicles 2024-05-31 08111867 d:MotorVehicles 2023-05-31 08111867 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08111867 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08111867 d:FurnitureFittings 2023-06-01 2024-05-31 08111867 d:FurnitureFittings 2024-05-31 08111867 d:FurnitureFittings 2023-05-31 08111867 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08111867 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08111867 d:OfficeEquipment 2023-06-01 2024-05-31 08111867 d:OfficeEquipment 2024-05-31 08111867 d:OfficeEquipment 2023-05-31 08111867 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08111867 d:OfficeEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08111867 d:ComputerEquipment 2023-06-01 2024-05-31 08111867 d:ComputerEquipment 2024-05-31 08111867 d:ComputerEquipment 2023-05-31 08111867 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08111867 d:ComputerEquipment d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08111867 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 08111867 d:LeasedAssetsHeldAsLessee 2023-06-01 2024-05-31 08111867 d:CurrentFinancialInstruments 2024-05-31 08111867 d:CurrentFinancialInstruments 2023-05-31 08111867 d:Non-currentFinancialInstruments 2024-05-31 08111867 d:Non-currentFinancialInstruments 2023-05-31 08111867 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 08111867 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08111867 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 08111867 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08111867 d:ShareCapital 2024-05-31 08111867 d:ShareCapital 2023-05-31 08111867 d:SharePremium 2024-05-31 08111867 d:SharePremium 2023-05-31 08111867 d:RetainedEarningsAccumulatedLosses 2024-05-31 08111867 d:RetainedEarningsAccumulatedLosses 2023-05-31 08111867 c:OrdinaryShareClass1 2023-06-01 2024-05-31 08111867 c:OrdinaryShareClass1 2024-05-31 08111867 c:OrdinaryShareClass1 2023-05-31 08111867 c:FRS102 2023-06-01 2024-05-31 08111867 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08111867 c:FullAccounts 2023-06-01 2024-05-31 08111867 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08111867 2 2023-06-01 2024-05-31 08111867 6 2023-06-01 2024-05-31 08111867 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 08111867 d:AcceleratedTaxDepreciationDeferredTax 2023-05-31 08111867 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 08111867 d:TaxLossesCarry-forwardsDeferredTax 2023-05-31 08111867 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-05-31 08111867 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-05-31 08111867 d:LeasedAssetsHeldAsLessee 2024-05-31 08111867 d:LeasedAssetsHeldAsLessee 2023-05-31 08111867 e:PoundSterling 2023-06-01 2024-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 08111867










KABAYAN CAPITAL LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
KABAYAN CAPITAL LTD
REGISTERED NUMBER: 08111867

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
670,931
402,752

Investments
 5 
1
1

  
670,932
402,753

Current assets
  

Debtors: amounts falling due within one year
 6 
157,580
672,148

Cash at bank and in hand
 7 
1,745,145
1,750,962

  
1,902,725
2,423,110

Current liabilities
  

Creditors: amounts falling due within one year
 8 
(861,120)
(908,989)

Total assets less current liabilities
  
 
 
1,712,537
 
 
1,916,874

Creditors: amounts falling due after more than one year
 9 
-
(21,898)

Provisions for liabilities
  

Deferred tax
 11 
(140,126)
(91,775)

  
 
 
(140,126)
 
 
(91,775)

Net assets
  
1,572,411
1,803,201


Capital and reserves
  

Called up share capital 
 12 
250
250

Share premium account
  
49,875
49,875

Profit and loss account
  
1,522,286
1,753,076

  
1,572,411
1,803,201


Page 1

 
KABAYAN CAPITAL LTD
REGISTERED NUMBER: 08111867

BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






S Roberts
Director

Date: 9 January 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
KABAYAN CAPITAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Kabayan Capital Ltd is a private Company, limited by share capital and incorporated in England and Wales.
The registered office is: Eco Business Centre, Charlotte Avenue, Bicester, OX27 8BL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.3

Operating Leases: the company as lessee

Rentals paid under operting lease are charged to profit or loss on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a staright line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of leased assets.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
KABAYAN CAPITAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
KABAYAN CAPITAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Fixtures and fittings
-
25%
Office equipment
-
40%
Computer equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
KABAYAN CAPITAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 9).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
40,348
6,633
50,106
474,031
571,118


Additions
-
-
8,900
414,060
422,960



At 31 May 2024

40,348
6,633
59,006
888,091
994,078



Depreciation


At 1 June 2023
11,348
3,263
30,314
123,441
168,366


Charge for the year on owned assets
-
843
9,730
136,958
147,531


Charge for the year on financed assets
7,250
-
-
-
7,250



At 31 May 2024

18,598
4,106
40,044
260,399
323,147



Net book value



At 31 May 2024
21,750
2,527
18,962
627,692
670,931



At 31 May 2023
29,000
3,370
19,792
350,590
402,752

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
21,750
29,000

21,750
29,000

Page 6

 
KABAYAN CAPITAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
1



At 31 May 2024
1





6.


Debtors

2024
2023
£
£


Other debtors
130,953
642,924

Prepayments and accrued income
26,627
29,224

157,580
672,148



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,745,145
1,750,962



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
-
7,425

Corporation tax
-
54,648

Other taxation and social security
12,188
10,074

Obligations under finance lease and hire purchase contracts
21,898
4,960

Other creditors
822,834
827,772

Accruals and deferred income
4,200
4,110

861,120
908,989


Included within other creditors is a £Nil loan (2023: £45,000), on which interest is charged at 2% per annum.

Page 7

 
KABAYAN CAPITAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Net obligations under finance leases and hire purchase contracts
-
21,898



10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
-
7,425






11.


Deferred taxation




2024


£






At beginning of year
(91,775)


Charged to the profit or loss
(48,351)



At end of year
(140,126)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(159,355)
(91,775)

Tax losses carried forward
19,229
-

(140,126)
(91,775)

Page 8

 
KABAYAN CAPITAL LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

12.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



25,000 (2023 - 250) Ordinary shares of £0.01 (2023 - £1) each
250
250

On 26 June 2023 the 250 Ordinary shares with a nominal value of £1 per share were sub-divided into 25,000 Ordinary shares with a nominal value of £0.01 per share.



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £9,034 (2023: £10,205). Contributions totalling £1,692 (2023: £1,496) were outstanding to the fund at the balance sheet date and are included in other creditors.


14.


Related party transactions

The Company was under the joint control of S and A Roberts throughout the current and previous year by virtue of their majority shareholding.
As at 31 May 2024 the Company owed S and A Roberts £50 (2023: £44,050) and D Roberts £nil (2023: £nil). These loans are interest free with no set date of repayment.
As at 31 May 2024 £9,002 (2023: £634,084) was due from Kabayan Capital (Canada) Inc. trading as Kabayan Remit and is included in other debtors. Kabayan Capital (Canada) Inc. is a wholly owned subsidiary of Kabayan Capital Ltd.


Page 9