Company Registration No. 09076834 (England and Wales)
KINDEO LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2017
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
KINDEO LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KINDEO LIMITED
BALANCE SHEET
AS AT
29 JUNE 2017
29 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
3
693,925
591,278
Tangible assets
4
6,656
7,670
700,581
598,948
Current assets
Debtors
5
87,786
175,563
Cash at bank and in hand
16,478
75,906
104,264
251,469
Creditors: amounts falling due within one year
6
(435,013)
(414,711)
Net current liabilities
(330,749)
(163,242)
Total assets less current liabilities
369,832
435,706
Provisions for liabilities
(1,265)
-
Net assets
368,567
435,706
Capital and reserves
Called up share capital
622
613
Share premium account
1,039,196
819,833
Profit and loss reserves
(671,251)
(384,740)
Total equity
368,567
435,706
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 29 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
KINDEO LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 JUNE 2017
29 June 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 21 August 2017 and are signed on its behalf by:
Mr J Gilbey
Director
Company Registration No. 09076834
KINDEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2017
- 3 -
1
Accounting policies
Company information
Kindeo Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Garden Cottage, Crudwell Road, Malmesbury, Wiltshire, UK, SN16 9RX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 29 June 2017
are the
first
financial statements of Kindeo Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 8.
1.2
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated
.
1.3
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 if the fair value can be measured reliably.
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:
Intellectual property
20% straight line
Development Costs
10% straight line
1.4
Tangible fixed assets
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 & equipment
15% reducing balance
KINDEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2017
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
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).
1.6
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
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. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
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 in the company's balance sheet 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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits
.
KINDEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2017
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits
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.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.12
At the year end the company had net current liabilities however, in the opinion of the directors, the company will have sufficient working capital to meet all debts as they fall due and subsequently the accounts have been prepared on a going concern basis.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2016 - 4).
3
Intangible fixed assets
Other
£
Cost
At 1 July 2016
657,764
Additions
187,414
At 29 June 2017
845,178
Amortisation and impairment
At 1 July 2016
66,486
Amortisation charged for the year
84,767
At 29 June 2017
151,253
Carrying amount
At 29 June 2017
693,925
At 30 June 2016
591,278
KINDEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2017
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2016
9,023
Additions
160
At 29 June 2017
9,183
Depreciation and impairment
At 1 July 2016
1,353
Depreciation charged in the year
1,174
At 29 June 2017
2,527
Carrying amount
At 29 June 2017
6,656
At 30 June 2016
7,670
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Corporation tax recoverable
80,142
151,000
Other debtors
7,644
24,563
87,786
175,563
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
10,947
319,950
Other taxation and social security
29,853
19,828
Other creditors
394,213
74,933
435,013
414,711
7
Directors' transactions
No guarantees have been given or received.
KINDEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2017
- 7 -
8
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 July
30 June
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
(17,778)
435,706
Reconciliation of loss for the financial period
2016
£
Loss as reported under previous UK GAAP and under FRS 102
(216,516)
Notes to reconciliations on adoption of FRS 102
There are no changes to equity resulting from the transition to FRS102 Section 1A.