Company Registration No. 09076834 (England and Wales)
KINDEO LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2018
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
KINDEO LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
4 - 7
KINDEO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 JUNE 2018
29 June 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
543,632
693,925
Tangible assets
4
5,657
6,656
Current assets
Debtors
5
77,552
87,786
Cash at bank and in hand
4,344
16,478
81,896
104,264
Creditors: amounts falling due within one year
6
(535,065)
(435,013)
Net current liabilities
(453,169)
(330,749)
Total assets less current liabilities
96,120
369,832
Provisions for liabilities
(1,075)
(1,265)
Net assets
95,045
368,567
Capital and reserves
Called up share capital
629
622
Share premium account
1,205,389
1,039,196
Profit and loss reserves
(1,110,973)
(671,251)
Total equity
95,045
368,567
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 29 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
29 JUNE 2018
29 June 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 19 September 2018 and are signed on its behalf by:
Mr J Gilbey
Director
Company Registration No. 09076834
KINDEO LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 JUNE 2018
- 3 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2016
613
819,833
(384,740)
435,706
Year ended 29 June 2017:
Loss and total comprehensive income for the year
-
-
(286,511)
(286,511)
Issue of share capital
9
219,363
-
219,372
Balance at 29 June 2017
622
1,039,196
(671,251)
368,567
Year ended 29 June 2018:
Loss and total comprehensive income for the year
-
-
(439,722)
(439,722)
Issue of share capital
7
166,193
-
166,200
Balance at 29 June 2018
629
1,205,389
(1,110,973)
95,045
KINDEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 JUNE 2018
- 4 -
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.
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
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset 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
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
.
KINDEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2018
1
Accounting policies
(Continued)
- 5 -
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 at bank and in hand
Cash at bank and in hand
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 statement of financial position 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
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.10
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 income statement 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 2018
1
Accounting policies
(Continued)
- 6 -
1.11
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.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
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 3 (2017 - 6).
3
Intangible fixed assets
Other
£
Cost
At 30 June 2017 and 29 June 2018
845,178
Amortisation and impairment
At 30 June 2017
151,253
Amortisation charged for the year
150,293
At 29 June 2018
301,546
Carrying amount
At 29 June 2018
543,632
At 29 June 2017
693,925
KINDEO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 JUNE 2018
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 30 June 2017 and 29 June 2018
9,183
Depreciation and impairment
At 30 June 2017
2,528
Depreciation charged in the year
998
At 29 June 2018
3,526
Carrying amount
At 29 June 2018
5,657
At 29 June 2017
6,656
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Corporation tax recoverable
75,090
80,142
Other debtors
2,462
7,644
77,552
87,786
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
9,810
10,947
Other taxation and social security
38,122
29,853
Other creditors
487,133
394,213
535,065
435,013
7
Directors' transactions
No guarantees have been given or received.