REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 5 MAY 2023 TO 31 MAY 2024 |
FOR |
KOLAB SOCIAL LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 5 MAY 2023 TO 31 MAY 2024 |
FOR |
KOLAB SOCIAL LTD |
KOLAB SOCIAL LTD (REGISTERED NUMBER: 14848396) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 5 MAY 2023 TO 31 MAY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
KOLAB SOCIAL LTD |
COMPANY INFORMATION |
FOR THE PERIOD 5 MAY 2023 TO 31 MAY 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
KOLAB SOCIAL LTD (REGISTERED NUMBER: 14848396) |
BALANCE SHEET |
31 MAY 2024 |
Notes | £ |
FIXED ASSETS |
Intangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
KOLAB SOCIAL LTD (REGISTERED NUMBER: 14848396) |
BALANCE SHEET - continued |
31 MAY 2024 |
The financial statements were approved by the director and authorised for issue on |
KOLAB SOCIAL LTD (REGISTERED NUMBER: 14848396) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 5 MAY 2023 TO 31 MAY 2024 |
1. | STATUTORY INFORMATION |
Kolab Social LTD is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
Debt instructions that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
KOLAB SOCIAL LTD (REGISTERED NUMBER: 14848396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 5 MAY 2023 TO 31 MAY 2024 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
Additions |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Other creditors |
Included in other creditors is an amount of £25,559 owed to director. |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Other creditors |
SeedFAST Investment |
Creditors: amounts falling due after more than one year represents a SeedFast Investment. |
On 7 May 2024, the Company entered into a SeedFAST agreement with a subscriber for a total investment of £75,000. SeedFAST is an advanced subscription agreement (ASA), which provides funding to the Company in exchange for future equity upon a qualifying funding round or at the long-stop date. |
Accounting Treatment |
In accordance with IFRS/UK GAAP (FRS 102), the SeedFAST investment is classified as a liability until conversion into equity. The funds received are recognised as a financial liability under Other Creditor as a deferred subscription liability in the balance sheet. No interest is payable under the terms of the Seed FAST agreement. |
Upon a qualifying funding round, the investment will automatically convert into equity at a pre-agreed discount or valuation cap. If no qualifying event occurs before the long-stop date, the investment converts into equity at a pre-defined price per share. |
At the reporting date, the SeedFAST investment remains unconverted, and accordingly, no share-based dilution has been recorded in the financial statements. The fair value of the liability is reassessed at each reporting date. |
KOLAB SOCIAL LTD (REGISTERED NUMBER: 14848396) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 5 MAY 2023 TO 31 MAY 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | 1 | 1 |