Company Registration No. 04004280 (England and Wales)
KUALO LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2015
KUALO LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
KUALO LIMITED
ABBREVIATED BALANCE SHEET
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Intangible assets
2
4,800
5,200
Tangible assets
2
49,489
45,345
54,289
50,545
Current assets
Debtors
25,780
29,740
Cash at bank and in hand
14,351
27,171
40,131
56,911
Creditors: amounts falling due within one year
(51,730)
(41,229)
Net current liabilities/(assets)
(11,599)
15,682
Total assets less current liabilities
42,690
66,227
Capital and reserves
Called up share capital
3
100
100
Profit and loss account
42,590
66,127
Shareholders' funds
42,690
66,227
For the financial year ended 31 May 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 29 January 2016
Mr D C Luke
Director
Company Registration No. 04004280
KUALO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MAY 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
30% reducing balance
Computer equipment
25% reducing balance
Fixtures, fittings & equipment
20% reducing balance
1.6
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
KUALO LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2015
- 3 -
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 June 2014
8,000
201,102
209,102
Additions
-
20,731
20,731
At 31 May 2015
8,000
221,833
229,833
Depreciation
At 1 June 2014
2,800
155,758
158,558
Charge for the year
400
16,586
16,986
At 31 May 2015
3,200
172,344
175,544
Net book value
At 31 May 2015
4,800
49,489
54,289
At 31 May 2014
5,200
45,345
50,545
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
100 Ordinary share of £1 each
100
100