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Registration number: 08641729

Koan Adventures Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

Pages for filing with Registrar

 

Koan Adventures Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Koan Adventures Ltd

Company Information

Directors

L Tracey

A P W Allen

K A Allen

V K Armstrong

Registered office

Burnt Ash House
Cirencester Road
Chalford
Stroud
GL6 8PE

Registered number

08641729

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Koan Adventures Ltd

(Registration number: 08641729)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,883

6,279

Current assets

 

Debtors

5

95,728

84,225

Cash at bank and in hand

 

86,210

133,560

 

181,938

217,785

Creditors: Amounts falling due within one year

6

(114,014)

(230,658)

Net current assets/(liabilities)

 

67,924

(12,873)

Total assets less current liabilities

 

75,807

(6,594)

Creditors: Amounts falling due after more than one year

6

(10,006)

(19,962)

Net assets/(liabilities)

 

65,801

(26,556)

Capital and reserves

 

Called up share capital

7

156

156

Profit and loss account

65,645

(26,712)

Total equity

 

65,801

(26,556)

 

Koan Adventures Ltd

(Registration number: 08641729)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised for issue by the Board on 9 January 2025 and signed on its behalf by:
 


 

L Tracey
Director

 

Koan Adventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

Statutory information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Burnt Ash House
Cirencester Road
Chalford
Stroud
GL6 8PE
England

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The accounts have been prepared on a going concern basis which assumes that the company has sufficient funds to continue to trade for the foreseeable future. The directors have indicated their willingness to continue to support the company and accordingly the accounts have been prepared on the basis that the company is a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, and it is probable that future economic benefits will flow to the entity.

 

Koan Adventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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 corporation 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.

Tangible fixed assets

Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Computer equipment

20% on cost

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Development costs

over 3 years

Research and development costs

Research and development costs are written off to profit or loss in the year incurred.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade debtors

Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. 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 receivables.

Trade creditors

Trade creditors are recognised at the transaction price.

 

Koan Adventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period in which the employees' services are received.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 2).

 

Koan Adventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

4

Tangible fixed assets

Computer equipment
£

Cost

At 1 September 2023

9,633

Additions

4,388

Disposals

(923)

At 31 August 2024

13,098

Depreciation

At 1 September 2023

3,354

Charge for the year

2,488

Eliminated on disposal

(627)

At 31 August 2024

5,215

Carrying amount

At 31 August 2024

7,883

At 31 August 2023

6,279

5

Debtors: amounts falling due within one year

2024
£

2023
£

Trade debtors

52,673

42,897

Prepayments and accrued income

43,055

41,328

 

95,728

84,225

 

Koan Adventures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

6

Creditors

2024
£

2023
£

Bank loans and overdrafts

10,648

10,648

Corporation tax

71,811

191,414

Taxation and social security

29,255

26,296

Accruals

2,300

2,300

114,014

230,658

Due after one year

Loans and borrowings

10,006

19,962

The bank loan is the government backed Business Bounce Back Loan, an unsecured loan with a flexible repayment term of 6 years, charged at 2.5% interest. Repayments commenced in September 2021.

7

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

100

100

100

100

Ordinary B shares of £1 each

56

56

56

56

 

156

156

156

156