Company Registration No. 12762503 (England and Wales)
Kaylo Management Limited
Unaudited accounts
for the year ended 30 September 2024
Kaylo Management Limited
Company Information
for the year ended 30 September 2024
Company Number
12762503 (England and Wales)
Registered Office
124 City Road
London
EC1V 2NX
United Kingdom
Accountants
Threeboxes Accounting
124 City Road
London
EC1V 2NX
Kaylo Management Limited
Statement of financial position
as at 30 September 2024
Intangible assets
737,827
481,374
Tangible assets
1,510
1,106
Cash at bank and in hand
7,242
3,218
Creditors: amounts falling due within one year
(3,753,490)
(2,946,278)
Net current liabilities
(3,715,210)
(2,939,101)
Net liabilities
(2,975,873)
(2,456,621)
Called up share capital
1
1
Profit and loss account
(2,975,874)
(2,456,622)
Shareholders' funds
(2,975,873)
(2,456,621)
For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 September 2024 and were signed on its behalf by
N Munk
Director
Company Registration No. 12762503
Kaylo Management Limited
Notes to the Accounts
for the year ended 30 September 2024
Kaylo Management Limited is a private company, limited by shares, registered in England and Wales, registration number 12762503. The registered office is 124 City Road, London, EC1V 2NX, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The company has a net liability position of £2,975,873 (2023: £2,456,621) and is funded by related parties as disclosed in note 9. The company has received confirmation that there is no intention to demand repayment of these balances for a period of at least one year from the approval of the accounts. These accounts have been prepared on a going concern basis.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income
Research expenditure is written off against profits in the period in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Kaylo Management Limited
Notes to the Accounts
for the year ended 30 September 2024
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets comprise development costs capitalised and such assets are defined as having finite useful lives. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs 3 years straight line
A full year of amortisation is charged in the first year.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of
depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over
their useful lives on the following bases:
Fixtures & fittings
3 years straight line
Computer equipment
3 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the saleproceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount.
An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Cash and cash equivalents
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
Kaylo Management Limited
Notes to the Accounts
for the year ended 30 September 2024
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
For defined contribution schemes the amount charged to profit or loss is the contributions payable in the period. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments.
Kaylo Management Limited
Notes to the Accounts
for the year ended 30 September 2024
Transactions in currencies other than the functional currency (foreign currency) are initially recorded at the exchange rate prevailing on the date of the transaction.
Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary assets and liabilities denominated in foreign currencies are
translated at the rate ruling at the date of the transaction, or, if the asset or liability is measured at fair value, the rate when that fair value was determined.
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income.
4
Intangible fixed assets
Other
At 30 September 2024
737,827
At 30 September 2024
737,827
At 30 September 2023
481,374
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 October 2023
748
4,504
5,252
At 30 September 2024
748
6,178
6,926
At 1 October 2023
579
3,567
4,146
Charge for the year
169
1,101
1,270
At 30 September 2024
748
4,668
5,416
At 30 September 2024
-
1,510
1,510
At 30 September 2023
169
937
1,106
Kaylo Management Limited
Notes to the Accounts
for the year ended 30 September 2024
Amounts falling due within one year
Accrued income and prepayments
29,450
556
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
42,193
12,261
Amounts owed to group undertakings and other participating interests
2,765,388
1,965,259
Taxes and social security
2,843
9,022
Other creditors
794,669
797,348
Loans from directors
142,230
138,655
Allotted, called up and fully paid:
1 ordinary share capital - issued and fully paid of £1 each
1
1
9
Transactions with related parties
At the period end, a balance was owed by the company of £797,348 (2023: £797,348) to a company owned by the same director. No interest is due on this balance and the amount is repayable on demand.
At the period end, a balance was owed to the parent company of £2,733,317 (2023: £1,936,003). Interest is payable at 0.15% on the outstanding balance and the amount is repayable on demand.
At the period end, a balance was owed to the ultimate parent company of £32,070 (2023: £29,255). Interest is payable at 0.15% on the outstanding balance and the amount is repayable on demand.
At the period end, a balance was owed to Director N Munk of £142,230 (2023: £138,655).
The company is a 100% subsidiary of Kaylo Inc, a company registered in the USA. The registered office is c/o Rockefeller Plaza, New York, NY 10112, United States.
The ultimate parent company is Green Spirit Escapes Inc, a company registered in the USA. The ultimate controlling party is N Munk.
11
Average number of employees
During the year the average number of employees was 6 (2023: 6).