Registration number:
Kapow Primary Limited
for the
Year Ended
Kapow Primary Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Kapow Primary Limited
Company Information
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Directors |
E J Woodman I Armitage M McGarvey |
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Registered office |
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Accountants |
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Kapow Primary Limited
(Registration number: 09640574)
Balance Sheet as at 31 December 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
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3,253 |
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Share premium reserve |
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1,214,239 |
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Profit and loss account |
( |
(1,346,608) |
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Total equity |
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(129,116) |
For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 by the
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Kapow Primary Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
The principal place of business is:
18 Crucifix Lane
London
SE1 3JW
United Kingdom
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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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Group accounts not prepared
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.
Changes in accounting policy
The following have been applied for the first time from 1 January 2024 and have had an effect on the financial statements:
Development costs
During the year the company revised its accounting policy in respect of development costs. Prior to this date all development costs which met the criteria outlined in Financial Reporting Standard 102 were capitalised to intangible assets and amortised to the profit and loss account. However, subsequent to this date all development costs are charged to the profit and loss account as it is incurred, as detailed in note 14 of these financial statements.
In accordance with the requirements of this reporting standard the revised policy has been applied retrospectively and the balance sheets as at 1 January 2023 & 31 December 2023 and the profit and loss account for the year ended 31 December 2023 have been restated in respect of this change of accounting policy.
All other accounting policies have been consistently applied.
Kapow Primary Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 company’s activities. Turnover is shown net of sales/value added tax. The company 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 company's activities.
Foreign currency transactions and balances
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.
Tangible assets
Tangible assets are stated in the Balance Sheet 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 over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Furniture, fittings and equipment |
3 years straight line |
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.
Development costs
Development costs are not capitalised and expenditure is charged against profits in the year in which it is incurred.
Kapow Primary Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Trade debtors
Trade debtors are amounts due from customers for goods 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 company will not be able to collect all amounts due according to the original terms of the debtors.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company 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.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company 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.
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.
Financial instruments
Classification
Recognition and measurement
Kapow Primary Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Impairment
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.
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Taxation |
There are £2,563,119 of unused tax losses (2023 - £2,423,589) for which no deferred tax asset is recognised in the balance sheet as the recoverability of such an asset is considered uncertain.
Kapow Primary Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Investments |
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2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost |
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At 1 January 2024 |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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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:
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Undertaking |
Country of incorporation |
Entity type |
Proportion of voting rights |
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2024 |
2023 |
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Subsidiary undertakings |
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United States of America |
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Kapow Primary Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Debtors |
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Note |
2024 |
(As restated) |
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Trade debtors |
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Amounts owed by related parties |
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Other debtors |
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Prepayments and accrued income |
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Creditors |
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses and deferred income |
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Kapow Primary Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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Ordinary A shares of £0.01 each |
12,903 |
129.03 |
12,903 |
129.03 |
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Ordinary B shares of £0.05 each |
4,033 |
201.65 |
4,033 |
201.65 |
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Ordinary C shares of £1 each |
2,922 |
2,922 |
2,922 |
2,922 |
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19,858 |
3,252.68 |
19,858 |
3,252.68 |
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Share rights
The Ordinary C Shares are entitled to the proportion of assets based on their ownership percentage. The Ordinary A Shares are entitled to 80% of the remaining economic rights and the Ordinary B Shares are entitled to 20% of the remaining economic rights. As at 31 December 2024, Ordinary A Shares carry 68.23% of the economic rights, Ordinary B Shares carry 17.06% of the economic rights and Ordinary C Shares carry 14.71% of the economic rights.
Ordinary A Shares and Ordinary B Shares each represents 50% of the voting rights. Ordinary C Shares carry no voting rights.
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Related party transactions |
Summary of transactions with other related parties
Summary of transactions with parent
Kapow Primary Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Change in accounting policy |
During the year the company revised their accounting policy in respect of development expenditure. In accordance with FRS 102 the change in policy has been applied retrospectively, resulting in the following adjustments.
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Reconciliation of equity: |
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Note |
At 1 January 2023 |
At 31 December 2023 |
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£ |
£ |
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Equity reported under previous accounting policy |
224,148 |
492,260 |
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Adjustments to equity on application of revised accounting policy: |
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Expensing of expenditure previously recognised as capitalised development expenditure |
1 |
(405,553) |
(898,796) |
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Reversal of previously recognised amortisation of development expenditure |
1 |
126,580 |
277,420 |
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Total adjustments to equity on application of revised accounting policy |
(278,973) |
(621,376) |
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Equity reported after application of revised accounting policy |
(54,825) |
(129,116) |
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Reconciliation of profit (loss) for the financial year ended 31 December 2023: |
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Note |
£ |
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As reported under previous accounting policy |
(94,216) |
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Adjustments on transition to revised accounting policy: |
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Expensing expenditure previously recognised as capitalised development expenditure |
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(493,243) |
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Reversal of previously recognised amortisation of development expenditure |
1 |
150,840 |
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Total adjustments on application of revised accounting policy |
(436,619) |
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Note 1 |
During the year the accounting policy in respect of development costs was changed. Prior to this date all development costs which met the criteria outlined in Financial Reporting Standard 102 were capitalised to intangible assets and subsequently amortised through the profit and loss account. However, subsequent to this date all development costs are charged to the profit and loss account as it is incurred.