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COMPANY REGISTRATION NUMBER: 04101628
Kampala Gold Limited
Filleted Unaudited Financial Statements
31 October 2024
Kampala Gold Limited
Statement of Financial Position
31 October 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
4,950
5,217
Current assets
Stocks
189,895
209,125
Debtors
6
54,739
43,117
Cash at bank and in hand
272,535
233,343
---------
---------
517,169
485,585
Creditors: amounts falling due within one year
7
93,483
93,955
---------
---------
Net current assets
423,686
391,630
---------
---------
Total assets less current liabilities
428,636
396,847
Creditors: amounts falling due after more than one year
8
25,498
31,034
Provisions
Taxation including deferred tax
1,378
991
---------
---------
Net assets
401,760
364,822
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
401,660
364,722
---------
---------
Shareholders funds
401,760
364,822
---------
---------
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 October 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 her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kampala Gold Limited
Statement of Financial Position (continued)
31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 19 May 2025 , and are signed on behalf of the board by:
Mrs K Pattni
Director
Company registration number: 04101628
Kampala Gold Limited
Notes to the Financial Statements
Year ended 31 October 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 The Old Mill, 9 Soar Lane, Leicester, LE3 5DE.
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
(a) 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. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(c) 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.
(d) 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.
(e) 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:
Plant & Machinery
-
15% reducing balance
Fixtures & Fittings
-
15% reducing balance
Office Equipment
-
15% reducing balance
(f) 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.
(g) Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
(h) 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.
(i) Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 November 2023
337
23,559
13,630
37,526
Additions
1,120
1,120
Disposals
( 337)
( 11,278)
( 6,544)
( 18,159)
----
--------
--------
--------
At 31 October 2024
13,401
7,086
20,487
----
--------
--------
--------
Depreciation
At 1 November 2023
337
20,615
11,357
32,309
Charge for the year
483
340
823
Disposals
( 337)
( 11,044)
( 6,214)
( 17,595)
----
--------
--------
--------
At 31 October 2024
10,054
5,483
15,537
----
--------
--------
--------
Carrying amount
At 31 October 2024
3,347
1,603
4,950
----
--------
--------
--------
At 31 October 2023
2,944
2,273
5,217
----
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
6,626
350
Other debtors
48,113
42,767
--------
--------
54,739
43,117
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,520
5,520
Trade creditors
3,027
22,720
Corporation tax
35,747
Social security and other taxes
1,053
3,696
Other creditors
48,136
62,019
--------
--------
93,483
93,955
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,498
31,034
--------
--------
9. Director's Advances, Credits and Guarantees
At the year end the director was owed £47,297 (2023: £1,000) by the company.