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Unaudited Financial Statements for the Year Ended 31 May 2020 |
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Kualo Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 May 2020 |
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for |
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Kualo Limited |
Kualo Limited (Registered number: 04004280) |
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Contents of the Financial Statements |
for the Year Ended 31 May 2020 |
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Page |
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Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Kualo Limited (Registered number: 04004280) |
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Balance Sheet |
31 May 2020 |
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31.5.20 | 31.5.19 |
as | restated |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CREDITORS |
Amounts falling due after more than
one year |
8 |
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( |
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PROVISIONS FOR LIABILITIES | 9 | ( |
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NET LIABILITIES | ( |
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Kualo Limited (Registered number: 04004280) |
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Balance Sheet - continued |
31 May 2020 |
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31.5.20 | 31.5.19 |
as | restated |
Notes | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 10 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Kualo Limited (Registered number: 04004280) |
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Notes to the Financial Statements |
for the Year Ended 31 May 2020 |
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1. | STATUTORY INFORMATION |
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Kualo Limited is a
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Registered number: | 04004280 |
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Registered office: | 20-22 Wenlock Road |
London |
N1 7GU |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
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Intangible assets |
IPv4 addresses have been recognised in the accounts at fair value using the revaluation model through profit and loss. Deferred tax has been provided on the revaluation. The revaluation will be carried in equity as non distributable reserves. Fair value is determined by reference to an active market. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Kualo Limited (Registered number: 04004280) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2020 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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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. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
IPv4 |
Goodwill | addresses | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 June 2019 |
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Revaluations |
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At 31 May 2020 |
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AMORTISATION |
At 1 June 2019 |
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Amortisation for year |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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Kualo Limited (Registered number: 04004280) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2020 |
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4. | INTANGIBLE FIXED ASSETS - continued |
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Cost or valuation at 31 May 2020 is represented by: |
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IPv4 |
Goodwill | addresses | Totals |
£ | £ | £ |
Valuation in 2020 | - | 34,849 | 34,849 |
Cost | 8,000 | - | 8,000 |
8,000 | 34,849 | 42,849 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 June 2019 |
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Additions |
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Disposals |
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At 31 May 2020 |
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DEPRECIATION |
At 1 June 2019 |
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Charge for year |
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Eliminated on disposal |
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At 31 May 2020 |
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NET BOOK VALUE |
At 31 May 2020 |
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At 31 May 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.20 | 31.5.19 |
as | restated |
£ | £ |
Trade debtors |
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Other debtors |
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Tax |
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Prepayments and accrued income |
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Kualo Limited (Registered number: 04004280) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.20 | 31.5.19 |
as | restated |
£ | £ |
Other loans |
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Trade creditors |
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Tax |
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VAT | 55,186 | 21,460 |
Other creditors |
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Directors' current accounts | 12,493 | 9,142 |
Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
31.5.20 | 31.5.19 |
as | restated |
£ | £ |
Other loans after 1 year |
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Accruals and deferred income |
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9. | PROVISIONS FOR LIABILITIES |
31.5.20 | 31.5.19 |
as | restated |
£ | £ |
Deferred tax | 29,884 | 18,726 |
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Deferred |
tax |
£ |
Balance at 1 June 2019 |
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Provided during year |
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Balance at 31 May 2020 |
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Kualo Limited (Registered number: 04004280) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 May 2020 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.20 | 31.5.19 |
value: |
as
restated |
£ | £ |
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Ordinary | £1 | 100 | 100 |
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11. | RELATED PARTY DISCLOSURES |
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Kualo Europe Ltd (Bulgarian) |
A company in which Mr D C Luke is a 50% shareholder. |
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A company which Mr J W Stonehouse is a 50% shareholder. |
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As at 31 May 2020, £24,788 (2019:£2,010) was due to Kualo Limited from Kualo Europe Ltd in relation to intercompany transfers. |
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Mr D C Luke |
As at 31 May 2020 the company owed Mr D C Luke (director) £7,796 (2019: £4,715), in respect of expenses paid for on behalf of the company. |
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Mr J W Stonehouse |
As at 31 May 2020 the company owed Mr J W Stonehouse (director) £4,697 (2019: £4,426), in respect of expenses paid for on behalf of the company. |
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12. | DIVIDENDS |
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Dividends have been paid to the shareholders during the year despite the negative reserves shown in these accounts. At the time that the dividends were declared, annual accounts and management accounts showed sufficient reserves to cover these dividends.Following an annual review of accounting policies it was found that revenue had been incorrectly recognised. The adjustment deferred revenue into future periods and turned reserves into a negative. Following the discovery of this error dividends were no longer issued and will not be until such time that the company has sufficient reserves. This is in line with FRS 102 accounting standards and fully compliant with company law. |