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Registration number: 12279493

Kookaburra Technologies Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 March 2024

 

Kookaburra Technologies Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Consolidated Profit and Loss Account

8

Consolidated Balance Sheet

9

Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Statement of Changes in Equity

12

Consolidated Statement of Cash Flows

13

Notes to the Financial Statements

14 to 29

 

Kookaburra Technologies Limited

Company Information

Directors

M D White

M T Bagley

S Islam

R Lane-Smith

J Mahdavi

Registered office

Queensgate House
Queen Street
Exeter
Devon
EX4 3SR

Auditors

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Kookaburra Technologies Limited

Strategic Report for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

Fair review of the business

The results for the year, which are set out in the consolidated profit and loss account, show turnover of £10,860,210 (2023 - £8,458,380) and an operating loss for the period of £326,202 (2023 - £3,226,634). At 31 March 2024, the group had net liabilities of £3,965,875 (2023 - £3,100,708).

The directors consider the performance of the subsidiaries for the period and their financial position was satisfactory.

Key performance indicators
Given the straight forward nature of the business, the group's directors are of the opinion that analysis using key performance indicators is not necessary for an understanding of the development, performance, or position of the business.

Principal risks and uncertainties

The management of the group and the execution of the group's strategy are subject to a number of risks. The key business risks and uncertainties affecting the group are considered to relate to the general economic climate, and competition from others in the industry.

Financial instruments

Objectives and policies

The group's principal financial instruments comprise bank accounts, trade debtors and trade creditors. The purpose of these instruments is to raise funds and finance the group's operations.

Price risk, credit risk, liquidity risk and cash flow risk

Due to the nature of the financial instruments used by the group there is no exposure to price risk. The group's approach to managing other risks applicable to the financial instruments is shown below:

In respect of bank balances the liquidity risk is managed by ensuring working capital requirements are continually monitored and through use of the flexible invoice discounting facility.

Trade debtors are managed in respect of credit and cash flow risk by internal policies concerning the credit offered to customers and regular monitoring of amounts outstanding.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet obligations as they fall due.

Approved by the Board on 19 December 2024 and signed on its behalf by:


M D White
Director

 

Kookaburra Technologies Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the for the year ended 31 March 2024.

Principal activity

The principal activity of the company is that of a holding company. The principal activity of the group is that of information technology consultancy.

Directors of the company

The directors who held office during the year were as follows:

M D White

M T Bagley (appointed 4 March 2024)

S Islam (appointed 4 March 2024)

R Lane-Smith (appointed 4 March 2024)

J Mahdavi (appointed 4 March 2024)

Future developments

The directors continue to closely monitor the external commercial environment and act in the interests of the business accordingly.

Going concern

The directors have considered the ability of the company and group to continue in operational existence for the foreseeable future as well as the relevant business and financial risks. In doing this, they have considered the group's business activities, together with factors likely to affect its future development, performance and position, and consider that there are sufficient facilities available to the company to meet its liabilities. On this basis, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future.

The company and group therefore continue to adopt the going concern basis in preparing its financial statements.

Disclosure of information to the auditor

Each director has taken the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 19 December 2024 and signed on its behalf by:


M D White
Director

 

Kookaburra Technologies Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Kookaburra Technologies Limited

Independent Auditor's Report to the Members of Kookaburra Technologies Limited

Opinion

We have audited the financial statements of Kookaburra Technologies Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2024 and of the group's loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Kookaburra Technologies Limited

Independent Auditor's Report to the Members of Kookaburra Technologies Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group’s and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Extent to which the audit was capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgments made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

Kookaburra Technologies Limited

Independent Auditor's Report to the Members of Kookaburra Technologies Limited

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.





Ryan Hancock (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Staverton Court
Staverton
Cheltenham
GL51 0UX

19 December 2024

 

Kookaburra Technologies Limited

Consolidated Profit and Loss Account for the Year Ended 31 March 2024

Note

Year ended 31 March 2024
 £

1 November 2021 to 31 March 2023
 £

Turnover

3

10,860,210

8,458,380

Cost of sales

 

(6,458,359)

(4,841,876)

Gross profit

 

4,401,851

3,616,504

Administrative expenses

 

(4,728,053)

(6,843,138)

Operating loss

4

(326,202)

(3,226,634)

Other interest receivable and similar income

5

512

4,686

Interest payable and similar charges

6

(825,699)

(518,266)

 

(825,187)

(513,580)

Loss before tax

 

(1,151,389)

(3,740,214)

Taxation

10

286,222

204,595

Loss for the financial year

 

(865,167)

(3,535,619)

Profit/(loss) attributable to:

 

Owners of the company

 

(1,042,911)

(3,630,103)

Minority interests

 

177,744

94,484

 

(865,167)

(3,535,619)

The above results were derived from continuing operations.

The group has no other comprehensive income for the year.

 

Kookaburra Technologies Limited

(Registration number: 12279493)
Consolidated Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

31 March 2023
 £

Fixed assets

 

Intangible assets

11

1,531,522

2,040,921

Tangible assets

12

141,635

157,406

 

1,673,157

2,198,327

Current assets

 

Stocks

14

8,165

94,716

Debtors

15

2,636,615

1,760,797

Cash at bank and in hand

 

299,313

366,354

 

2,944,093

2,221,867

Creditors: Amounts falling due within one year

16

(3,559,418)

(2,746,712)

Net current liabilities

 

(615,325)

(524,845)

Total assets less current liabilities

 

1,057,832

1,673,482

Creditors: Amounts falling due after more than one year

16

(5,023,707)

(4,774,190)

Net liabilities

 

(3,965,875)

(3,100,708)

Capital and reserves

 

Called up share capital

19

10,000

10,000

Profit and loss account

(4,673,014)

(3,630,103)

Equity attributable to owners of the company

 

(4,663,014)

(3,620,103)

Minority interests

 

697,139

519,395

Total equity

 

(3,965,875)

(3,100,708)

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 

M D White
Director

 

Kookaburra Technologies Limited

(Registration number: 12279493)
Balance Sheet as at 31 March 2024

Note

31 March 2024
 £

31 March 2023
 £

Fixed assets

 

Tangible assets

12

5,267

5,927

Investments

13

4,800,545

4,820,123

 

4,805,812

4,826,050

Current assets

 

Debtors

15

447,078

284,046

Cash at bank and in hand

 

354

2,387

 

447,432

286,433

Creditors: Amounts falling due within one year

16

(3,940,832)

(4,259,969)

Net current liabilities

 

(3,493,400)

(3,973,536)

Total assets less current liabilities

 

1,312,412

852,514

Creditors: Amounts falling due after more than one year

16

(4,925,547)

(4,625,547)

Net liabilities

 

(3,613,135)

(3,773,033)

Capital and reserves

 

Called up share capital

19

10,000

10,000

Profit and loss account

(3,623,135)

(3,783,033)

Total equity

 

(3,613,135)

(3,773,033)

The company made a profit after tax for the financial year of £159,898 (2023 - loss of £3,783,033).

Approved and authorised by the Board on 19 December 2024 and signed on its behalf by:
 

M D White
Director

 

Kookaburra Technologies Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 March 2024
Equity attributable to the parent company

Share capital
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 April 2023

10,000

(3,630,103)

(3,620,103)

519,395

(3,100,708)

(Loss)/profit for the year

-

(1,042,911)

(1,042,911)

177,744

(865,167)

At 31 March 2024

10,000

(4,673,014)

(4,663,014)

697,139

(3,965,875)

Share capital
£

Profit and loss account
£

Total
£

Non- controlling interests
£

Total equity
£

At 1 November 2021

1

-

1

-

1

New share capital subscribed

9,999

-

9,999

-

9,999

Acquisition of subsidiaries, increase/decrease in equity

-

-

-

424,911

424,911

(Loss)/profit for the year

-

(3,630,103)

(3,630,103)

94,484

(3,535,619)

At 31 March 2023

10,000

(3,630,103)

(3,620,103)

519,395

(3,100,708)

 

Kookaburra Technologies Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2023

10,000

(3,783,033)

(3,773,033)

Profit for the year

-

159,898

159,898

At 31 March 2024

10,000

(3,623,135)

(3,613,135)

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2021

1

-

1

Loss for the year

-

(3,783,033)

(3,783,033)

New share capital subscribed

9,999

-

9,999

At 31 March 2023

10,000

(3,783,033)

(3,773,033)

 

Kookaburra Technologies Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2024

Note

2024
£

2023
£

Cash flows from operating activities

Loss for the year

 

(865,167)

(3,535,619)

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

510,101

427,644

Financial instrument net gains through profit and loss

 

-

2,904,840

Loss/(profit) on disposal of tangible assets

63

(200)

Finance income

(512)

(4,686)

Finance costs

825,347

518,266

Income tax expense

10

(286,222)

(204,595)

 

183,610

105,650

Working capital adjustments

 

Decrease/(increase) in stocks

14

86,551

(69,721)

(Increase)/decrease in trade debtors

15

(861,723)

181,432

Increase in trade creditors

16

398,464

191,775

Cash generated from operations

 

(193,098)

409,136

Income taxes paid

10

(38,676)

-

Net cash flow from operating activities

 

(231,774)

409,136

Cash flows from investing activities

 

Interest received

512

4,686

Acquisitions of tangible assets

(5,824)

(25,214)

Proceeds from sale of tangible assets

 

1,252

1,080

Acquisition of intangible assets

11

-

(4,625,545)

Acquisition of cash from subsidiaries

-

348,788

Net cash flows from investing activities

 

(4,060)

(4,296,205)

Cash flows from financing activities

 

Interest paid

(71,100)

(345,539)

Proceeds from issue of ordinary shares, net of issue costs

 

-

9,999

Repayment of bank borrowing

 

(60,108)

(39,227)

Proceeds from other borrowing draw downs

 

-

4,628,190

Repayment of other borrowing

 

300,001

-

Net cash flows from financing activities

 

168,793

4,253,423

Net (decrease)/increase in cash and cash equivalents

 

(67,041)

366,354

Cash and cash equivalents at 1 April

 

366,354

-

Cash and cash equivalents at 31 March

 

299,313

366,354

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

1

General information

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

The address of its registered office is:
Queensgate House
Queen Street
Exeter
Devon
EX4 3SR

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 March 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Going concern

In assessing whether the going concern basis is appropriate, the directors take into account all available information about the future, which is at least, but not limited to, 12 months from the date of signing these financial statements.

The financial statements have been prepared on the going concern basis, which the directors believe to be appropriate. The directors continue to monitor the business’ requirements and have made plans which underpin the going concern basis for the business.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The group recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the group's activities.

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 and deferred tax. Tax is recognised in the profit and loss account, except that a charge 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 group operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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:

Asset class

Depreciation method and rate

Leasehold land and buildings

Over the life of the lease

Furniture, fittings and equipment

Straight line over 3 years

Motor vehicles

Straight line over 3-5 years

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Negative goodwill

Negative goodwill is amortised over its useful life, which shall not exceed five years if a reliable estimate of the useful life cannot be made.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

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

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Dividends on equity securities are recognised in income when receivable.

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.

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out method.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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 group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

10,860,210

8,458,380

The total turnover of the company has been derived from its principal activity wholly undertaken in the United Kingdom.

 

4

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

20,280

19,460

Amortisation expense

489,821

408,184

Foreign exchange losses

125

-

Operating lease expense

25,413

24,494

Loans written off in the period

-

2,904,840

Loans amounting to £nil (2023 - £2,904,840) due from FW Realisations Limited were written off during the period.

 

5

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

512

4,686

 

6

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

825,347

518,266

Other interest payable

352

-

825,699

518,266

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

7

Staff costs

Group
The aggregate payroll costs (including directors' remuneration) were as follows:

Year ended 31 March 2024
 £

1 November 2021 to 31 March 2023
 £

Wages and salaries

3,608,491

3,013,984

Social security costs

343,862

287,935

Pension costs, defined contribution scheme

69,643

57,960

4,021,996

3,359,879

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

Year ended 31 March 2024
 No.

1 November 2021 to 31 March 2023
 No.

Employees including directors

83

90

Company
The aggregate payroll costs (including directors' remuneration) were as follows:

Year ended 31 March 2024
 £

1 November 2021 to 31 March 2023
 £

Wages and salaries

540,194

508,340

Social security costs

63,519

60,909

Pension costs, defined contribution scheme

14,893

13,277

618,606

582,526

Company
The company incurred no staff costs and had no employees other than the directors.

 

8

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

359,000

237,465

Contributions paid to money purchase schemes

5,321

-

364,321

237,465

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

9

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

10,500

6,700

Audit of the financial statements of subsidiaries of the company

38,000

24,000

48,500

30,700

Other fees to auditors

All other non-audit services

-

9,750


 

 

10

Taxation

Tax charged/(credited) in the consolidated profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

-

68,728

UK corporation tax adjustment to prior periods

(272,035)

-

(272,035)

68,728

Deferred taxation

Arising from origination and reversal of timing differences

(71,886)

(273,323)

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

57,699

-

Total deferred taxation

(14,187)

(273,323)

Tax receipt in the income statement

(286,222)

(204,595)

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of 25% (2023 - 19%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(1,151,389)

(3,740,214)

Corporation tax at standard rate

(287,847)

(710,641)

Effect of expense not deductible in determining taxable profit (tax loss)

1,625

18,817

Deferred tax credit relating to changes in tax rates or laws

-

(65,928)

Tax increase from effect of capital allowances and depreciation

-

13,603

Tax decrease from other short-term timing differences

-

(12,366)

Other tax effects for reconciliation between accounting profit and tax expense (income)

-

551,920

Total tax credit

(286,222)

(204,595)

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Fixed asset timing differences

(1,947)

Losses and other deductions

290,894

Short term timing differences

(2,926)

286,021

2023

Asset
£

Fixed asset timing differences

(5,271)

Losses and other deductions

273,563

Short term timing differences

3,542

271,834

Company

Deferred tax assets and liabilities

2024

Asset
£

Fixed asset timing differences

(1,317)

Losses and other deductions

254,754

Short term timing differences

(5,308)

248,129

2023

Asset
£

Fixed asset timing differences

(1,482)

Losses and other deductions

272,489

Short term timing differences

496

271,503

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

11

Intangible assets

Group

Goodwill
 £

Cost

At 1 April 2023

2,449,105

Reduction in cost of investment

(19,578)

At 31 March 2024

2,429,527

Amortisation

At 1 April 2023

408,184

Amortisation charge

489,821

At 31 March 2024

898,005

Carrying amount

At 31 March 2024

1,531,522

At 31 March 2023

2,040,921

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

12

Tangible assets

Group

Leasehold land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost

At 1 April 2023

127,475

101,417

4,954

233,846

Additions

-

5,824

-

5,824

Disposals

-

(21,646)

(1,281)

(22,927)

At 31 March 2024

127,475

85,595

3,673

216,743

Depreciation

At 1 April 2023

7,011

68,299

1,130

76,440

Charge for the year

637

19,110

533

20,280

Eliminated on disposal

-

(21,612)

-

(21,612)

At 31 March 2024

7,648

65,797

1,663

75,108

Carrying amount

At 31 March 2024

119,827

19,798

2,010

141,635

At 31 March 2023

120,464

33,118

3,824

157,406

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Company

Furniture, fittings and equipment
 £

Cost

At 1 April 2023

6,234

Additions

1,872

At 31 March 2024

8,106

Depreciation

At 1 April 2023

307

Charge for the year

2,532

At 31 March 2024

2,839

Carrying amount

At 31 March 2024

5,267

At 31 March 2023

5,927

 

13

Investments

Company

2024
£

2023
£

Investments in subsidiaries

4,800,545

4,820,123

Subsidiaries

£

Cost

At 1 April 2023

4,820,123

Reduction in cost of investment

(19,578)

At 31 March 2024

4,800,545

Carrying amount

At 31 March 2024

4,800,545

At 31 March 2023

4,820,123

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

Undertaking

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Nexus Associates (ICT) Limited

Ordinary

80%

80%

Flywheel IT Services (East Midlands) Limited

Ordinary

90%

90%

Flywheel IT Services (West Midlands) Limited

Ordinary

90%

90%

Colwyn Technologies Limited

Ordinary

100%

100%

The registered office of the above subsidiaries is:

35 Greenbox
Westonhall Road
Stoke Prior
Bromsgrove
Worcestershire
B60 4AL

Subsidiary undertakings

Nexus Associates (ICT) Limited

The principal activity of Nexus Associates (ICT) Limited is that of information technology consultancy.

Flywheel IT Services (East Midlands) Limited

The principal activity of Flywheel IT Services (East Midlands) Limited is that of information technology consultancy services.

Flywheel IT Services (West Midlands) Limited

The principal activity of Flywheel IT Services (West Midlands) Limited is that of information technology consultancy services.

Colwyn Technologies Limited

The principal activity of Colwyn Technologies Limited is that of information technology consultancy.

 

14

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

8,165

94,716

-

-

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

15

Debtors

   

Group

Company

Note

31 March 2024
 £

31 March 2023
 £

31 March 2024
 £

31 March 2023
 £

Trade debtors

 

1,293,532

770,476

-

-

Amounts owed by related parties

21

-

-

184,037

-

Other debtors

 

871,370

594,353

14,398

11,629

Prepayments

 

185,692

124,134

514

914

Deferred tax assets

10

286,021

271,834

248,129

271,503

Total current trade and other debtors

 

2,636,615

1,760,797

447,078

284,046

 

16

Creditors

   

Group

Company

Note

31 March 2024
 £

31 March 2023
 £

31 March 2024
 £

31 March 2023
 £

Due within one year

 

Loans and borrowings

17

50,790

47,320

-

-

Trade creditors

 

1,298,951

894,461

15,546

17,492

Amounts due to related parties

21

-

-

2,905,123

3,894,986

Social security and other taxes

 

801,152

766,341

659

400

Outstanding defined contribution pension costs

 

14,896

16,731

257

-

Other creditors

 

23,225

140,558

-

119,578

Accrued expenses

 

1,129,813

356,104

1,019,247

227,513

Corporation tax liability

 

2,175

312,886

-

-

Deferred income

 

238,416

212,311

-

-

 

3,559,418

2,746,712

3,940,832

4,259,969

Due after one year

 

Loans and borrowings

17

5,023,707

4,774,190

4,925,547

4,625,547

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

17

Loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Current loans and borrowings

Bank borrowings

50,790

47,320

-

-

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

98,160

148,643

-

-

Other borrowings

4,925,547

4,625,547

4,925,547

4,625,547

5,023,707

4,774,190

4,925,547

4,625,547

Bank borrowings
Bank borrowings relate to a bank loan owed by the Group, which is denominated in GBP with a nominal interest rate of 7.65% and the final instalment is due 72 months after the commencement of the loan. The total carrying amount at 31 March 2024 is £148,950 (2023 - £195,963).

Other borrowings
Other borrowings relate to two loans made to the group by investors, which are denominated in GBP with a nominal interest rate of 11% and the final instalment is due 60 months after the commencement of the loan. The total carrying amount at 31 March 2024 is £4,925,547 (2023 - £4,625,547).

The loans are secured by a cross-company guarantee.

 

18

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £69,643 (2023 - £57,960).

Contributions totalling £14,896 (2023 - £16,731) were payable to the scheme at the end of the year and are included in creditors.

 

19

Share capital

Allotted, called up and fully paid shares

 

31 March 2024

31 March 2023

 

No.

£

No.

£

A Ordinary Shares of £1 each

2,500

2,500

2,500

2,500

B Ordinary Shares of £1 each

7,500

7,500

7,500

7,500

Ordinary Shares of £1 each

-

-

-

-

 

10,000

10,000

10,000

10,000

All shares in issue rank pari passu.

 

Kookaburra Technologies Limited

Notes to the Financial Statements for the Year Ended 31 March 2024

 

20

Obligations under leases

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

11,314

34,825

Later than one year and not later than five years

438

41,211

11,752

76,036

The amount of non-cancellable operating lease payments recognised as an expense during the year was £25,410 (2023 - £24,494).

 

21

Related party transactions

Company

Summary of transactions with key management

Key management personnel are considered to be the directors of the company and key management personnel compensation is disclosed in note 8 to the financial statements.

 

22

Parent and ultimate parent undertaking

The ultimate controlling party is the director, M D White.