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COMPANY REGISTRATION NUMBER: 07559878
Kangi Surgery Limited
Filleted Unaudited Financial Statements
31 March 2024
Kangi Surgery Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Kangi Surgery Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Intangible assets
5
74,000
83,250
Tangible assets
6
34,138
42,672
---------
---------
108,138
125,922
Current assets
Debtors
7
1,734,677
1,645,992
Cash at bank and in hand
5,551
42,745
------------
------------
1,740,228
1,688,737
Creditors: amounts falling due within one year
8
83,562
165,156
------------
------------
Net current assets
1,656,666
1,523,581
------------
------------
Total assets less current liabilities
1,764,804
1,649,503
------------
------------
Net assets
1,764,804
1,649,503
------------
------------
Capital and reserves
Called up share capital
9
200
200
Profit and loss account
1,764,604
1,649,303
------------
------------
Shareholders funds
1,764,804
1,649,503
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kangi Surgery Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 20 March 2025 , and are signed on behalf of the board by:
Mr M Kangi
Director
Company registration number: 07559878
Kangi Surgery Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13A Nayland Road, Mile End, Colchester, Essex, CO4 5EG, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
over 20 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment
-
20 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2023 and 31 March 2024
185,000
---------
Amortisation
At 1 April 2023
101,750
Charge for the year
9,250
---------
At 31 March 2024
111,000
---------
Carrying amount
At 31 March 2024
74,000
---------
At 31 March 2023
83,250
---------
6. Tangible assets
Equipment
Total
£
£
Cost
At 1 April 2023 and 31 March 2024
42,672
42,672
--------
--------
Depreciation
At 1 April 2023
Charge for the year
8,534
8,534
--------
--------
At 31 March 2024
8,534
8,534
--------
--------
Carrying amount
At 31 March 2024
34,138
34,138
--------
--------
At 31 March 2023
42,672
42,672
--------
--------
7. Debtors
2024
2023
£
£
Trade debtors
14,233
Director's loan account
89,918
Amounts owed by related undertakings
1,644,759
1,631,759
------------
------------
1,734,677
1,645,992
------------
------------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
30,866
97,369
Accruals and deferred income
1,668
1,640
Corporation tax
51,028
66,147
--------
---------
83,562
165,156
--------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary Non-Voting shares of £ 1 each
100
100
100
100
----
----
----
----
200
200
200
200
----
----
----
----
10. Director's advances, credits and guarantees
At the year end the company was owed £89,918 (2023: £0) from its director, Mr M Kangi . The maximum amount outstanding during the year was £89,918 and no interest has been charged on the loan. This loan has been repaid after the year end.
11. Related party transactions
At the year end the company was owed £1,644,759 (2023: £1,631,759) by related undertakings, controlled by the company director.