KOZIWARM LIMITED


Directors	BULLOCK, Alison
	BULLOCK, Kevin Alan
	BULLOCK, Jake
	BULLOCK, Joshua


Company Secretary	BULLOCK, Alison


Registered Address	3 Coast Road
	Wallsend
	Tyne & Wear
	NE28 9HP


Registered Number	02236361 (England and Wales)

Notes to the Financial Statements
for the year ended 31 May 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The financial statements have been prepared under the historical cost convention on a going concern basis 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.

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Employee benefits
	The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.

Employee benefits

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. 

Contributions to defined contribution plans are expensed in the period to which they relate.  Amounts not paid are shown in accruals in the Statement of Financial Position.  The assets of the plan are held separately from the company in independently administered funds.

	Current taxation
	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
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. 

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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement

Depreciation is provided on all tangible fixed assets as follows:


	Reducing balance (%)	Straight line (years)
Fixtures and fittings	15	-
Vehicles	25	-
Office Equipment	-	4

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

Finance leases and hire purchase contracts

Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease

Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.

	Stocks and work in progress
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.

	Financial instruments
	The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

	Government grants or assistance
	Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

Government grants or assistance

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. 

Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	18		18

3.	Tangible fixed assets

	Vehicles	Fixtures & fittings	Office Equipment	Total
	£	£	£	£
Cost or valuation
At 01 June 24	210,190	8,327	20,168	238,685
Additions	10,547	-	576	11,123
Disposals	(15,183)	-	-	(15,183)
At 31 May 25	205,554	8,327	20,744	234,625
Depreciation and impairment
At 01 June 24	96,998	7,717	10,796	115,511
Charge for year	28,876	91	4,661	33,628
Revaluation surplus	(13,982)	-	-	(13,982)
At 31 May 25	111,892	7,808	15,457	135,157
Net book value
At 31 May 25	93,662	519	5,287	99,468
At 31 May 24	113,192	610	9,372	123,174

4.	Stocks
	Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete). At each date of Statement of Financial Position, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete the sale. The impairment loss is recognised immediately in the Income Statement.

	2025	2024
	£	£
Finished goods	17,028	17,125
Total	17,028	17,125

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	128,865	92,943
Other debtors	962	12,409
Total	129,827	105,352

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	15,041	23,100
Taxation and social security	67,483	56,832
Finance lease and HP contracts	20,223	22,591
Other creditors	37,264	2,495
Accrued liabilities and deferred income	25,416	35,450
Total	165,427	140,468


	Assets held under finance leases and hire purchase are secured against the assets to which they relate.

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Other creditors	19,723	39,946
Total	19,723	39,946


	Included in creditors due after more than 1 year are hire purchase liabilities of £19,723 (2024: £39,946). Assets held under hire purchase are secured against the assets to which they relate.

8.	Obligations under finance leases

		2025		2024
		£		£
	Finance lease and HP contracts	39,946		62,538

9.	Provisions for liabilities

	2025	2024
	£	£
Net deferred tax liability (asset)	24,867	31,062
Total	24,867	31,062

10.	Related party transactions
	Included in other debtors is a loan from the company to the directors of £511. The loan is interest free with no set terms for repayment.

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	3		99,468		123,174
			99,468		123,174
Current assets
Stocks	4	17,028		17,125
Debtors	5	129,827		105,352
Cash at bank and on hand		98,436		106,323
		245,291		228,800
Creditors amounts falling due within one year	6	(165,427)		(140,468)
Net current assets (liabilities)			79,864		88,332
Total assets less current liabilities			179,332		211,506
Creditors amounts falling due after one year	7		(19,723)		(39,946)
Provisions for liabilities	9		(24,867)		(31,062)
Net assets			134,742		140,498
Capital and reserves
Called up share capital			100		100
Profit and loss account			134,642		140,398
Shareholders' funds			134,742		140,498