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For the period ended 31 December 2024
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Registered number: 15373409
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Koba Barbirolli Limited - Registered number: 15373409
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Statement of financial position
As at 31 December 2024
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Debtors: amounts falling due after more than one year
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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Notes to the financial statements
For the period ended 31 December 2024
The Company is a private company, limited by shares and registered in England and Wales. Its registered office is 20 Wenlock Road, London, N1 7GU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis, notwithstanding that as at 31 December 2024 the company has net liabilities of £702,151. The company incorporated in December 2023 and opened its flexible workspace in December 2024. During the pre-opening and early periods of trade the company’s initial and ongoing working capital requirements are funded through a lease incentive provided by its landlord partner and parent company. The company’s landlord has also offered to agree a flexible payment plan for the company’s rent, service charges and utilities for a period of up to eighteen months from 19 September 2025 to alleviate some of the pressure on the company’s cashflow. This, along with the anticipated signing-up of further office space in late 2025 and in 2026 by clients with whom the company is in discussions, should enable the company to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. The company has net current assets of £291,645 as at 31 December 2024.
The directors have prepared financial forecasts to assess the cash position of the company. The forecasts are dependent upon anticipated new licences being signed in the next few months. If a significant number of the anticipated new licences were to fail to be signed, this may have a detrimental impact on the company’s operations and cash flows and therefore, a material uncertainty exists in relation to the going concern basis of preparation of the financial statements.
The directors believe that it is appropriate to present the accounts on a going concern basis. The financial statements do not include any adjustments that would result in this basis of preparation being inappropriate.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
Page 2
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Notes to the financial statements
For the period ended 31 December 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The company only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors and loans to and from related parties.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Page 3
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Notes to the financial statements
For the period ended 31 December 2024
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Judgements in applying accounting policies and key sources of estimation uncertainty
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The preparation of the financial statements requires the directors to make judgements, estimates and assumptions
that affect the amounts reported for assets and liabilities as at the reporting date and the amounts reported for
revenues and expenses during the period.
In preparing these financial statements, the main judgements and areas of estimation uncertainty relate to:
Present value of deferred inducement
The directors have assessed the present value of the deferred inducement by discounting future cash inflows using a discount rate which the company would obtain from a lender for a similar financial instrument. The initial present value adjustment of the deferred inducement has been recognised in interest payable and the unwinding of the deferred inducement will be recognised in finance income.
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The company had no employees during the period other than directors, who did not receive any remuneration. Employee costs are recharged from the parent company, Koba Limited.
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Page 4
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Notes to the financial statements
For the period ended 31 December 2024
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Due after more than one year
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Prepayments and accrued income
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Other debtors due after more than one year relate to a deferred inducement which has been discounted to its present value. This will be received within 5 years of the reporting date.
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Creditors: amounts falling due within one year
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Accruals and deferred income
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Page 5
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Notes to the financial statements
For the period ended 31 December 2024
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Creditors: amounts falling due after more than one year
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Accruals and deferred income
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The loan is secured over the office furniture of the company, interest is charged at 10% per annum and is due for repayment over 5 years.
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The company had no contingent liabilities at 31 December 2024.
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The company had no capital commitments at 31 December 2024.
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Commitments under operating leases
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At 31 December 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Page 6
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Notes to the financial statements
For the period ended 31 December 2024
The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified.
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In their report, the auditor emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements which indicates that the company incurred a net loss of
£702,152 during the period ended 31 December 2024 and, as of that date, the company had net liabilities of £702,151. As stated in note 2.2, these events or conditions, along with the other matters as set out in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
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The audit report was signed on 26 September 2025 by Claire Watkins (Senior statutory auditor) on behalf of Buzzacott Audit LLP.
Page 7
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