Registration number:
Koan (UK) Ltd
for the Year Ended 28 February 2025
Pages for filing with Registrar
Koan (UK) Ltd
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Koan (UK) Ltd
Company Information
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Directors |
D D Telford M N De Nervaux |
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Registered office |
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Registered number |
05201693 |
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Accountant |
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Koan (UK) Ltd
(Registration number: 05201693)
Balance Sheet as at 28 February 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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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 |
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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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Provisions for liabilities |
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( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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111 |
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Profit and loss account |
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248,863 |
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Total equity |
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248,974 |
Koan (UK) Ltd
(Registration number: 05201693)
Balance Sheet as at 28 February 2025
For the financial year ending 28 February 2025 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 provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised for issue by the
D D Telford
Director
Koan (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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Statutory information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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Accounting policies |
Summary of significant accounting policies
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.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The company’s financial statements have been prepared on a going concern basis. The directors have considered a period of twelve months from the date of approval of the financial statements and are satisfied that the company is able to meet liabilities as they fall due.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Koan (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
Foreign currency transactions and balances
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is charged so as to write off the cost of assets as follows:
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Fixtures, fittings and equipment |
over 5 years |
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Computer equipment |
over 3 years |
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Warehouse equipment |
over 3 to 4 years |
Intangible fixed assets
Intangible assets comprising software development and website have a finite useful life and are carried at cost less accumulated amortisation.
The company has reviewed intangible assets and has reassessed the asset's useful life. Amortisation has been accelerated to reflect the carrying value of internally generated software development.
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their useful life of 4 years.
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Koan (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
Research and development costs
Research costs are charged to the profit and loss account as incurred.
Expenditure on development activities is capitalised as intangible assets if the project is considered to be technically and commercially feasible for use or for sale. Development projects relate to development of the company's website.
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and at bank.
Trade debtors
Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
Trade creditors
Trade creditors are recognised initially at the transaction price.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity.
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.
Koan (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any significant unused holiday entitlement is recognised in the period in which the employees' services are received.
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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 |
Deferred tax
Deferred tax assets and liabilities
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2025 |
Liability |
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Accelerated tax depreciation |
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2024 |
Liability |
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Accelerated tax depreciation |
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Koan (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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Intangible fixed assets |
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Internally generated software development costs |
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Cost |
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At 1 March 2024 |
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At 28 February 2025 |
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Amortisation |
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At 1 March 2024 |
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At 28 February 2025 |
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Carrying amount |
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At 28 February 2025 |
- |
Koan (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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Tangible fixed assets |
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Fixtures, fittings and equipment |
Warehouse equipment |
Total |
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Cost |
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At 1 March 2024 |
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Additions |
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Disposals |
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At 28 February 2025 |
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Depreciation |
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At 1 March 2024 |
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Charge for the year |
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Eliminated on disposal |
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( |
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At 28 February 2025 |
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Carrying amount |
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At 28 February 2025 |
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At 29 February 2024 |
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Debtors: amounts falling due within one year |
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2025 |
2024 |
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Trade debtors |
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- |
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Other debtors |
27,788 |
- |
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Prepayments |
7,037 |
6,335 |
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Directors' loan accounts |
11 |
11 |
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Koan (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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Creditors |
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2025 |
2024 |
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Bank loans and overdrafts |
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Trade creditors |
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Corporation tax |
28,700 |
34,470 |
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Taxation and social security |
9,604 |
14,737 |
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Other creditors |
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Accruals |
8,722 |
2,750 |
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Due after one year |
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Loans and borrowings |
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The bank loan is the government backed Business Bounce Back Loan, an unsecured loan with a flexible repayment term of 6 years, 2.5% interest thereon.
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Share capital |
Allotted, called up and fully paid shares
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2025 |
2024 |
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No. |
£ |
No. |
£ |
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100 |
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100.00 |
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11 |
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11.11 |
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Koan (UK) Ltd
Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025
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Obligations under leases and hire purchase contracts |
Operating leases
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2025 |
2024 |
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The total of future minimum lease payments is as follows: |
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