Company No:
Contents
Note | 2020 | 2019 | ||
£ | £ | |||
Fixed assets | ||||
Intangible assets | 3 |
|
|
|
Tangible assets | 4 |
|
|
|
26,180 | 20,492 | |||
Current assets | ||||
Stocks |
|
|
||
Debtors | 5 |
|
|
|
Cash at bank and in hand |
|
|
||
132,957 | 48,632 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
|
(
|
|
Net current assets/(liabilities) | 16,568 | (65,013) | ||
Total assets less current liabilities | 42,748 | (44,521) | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
|
(
|
|
Net liabilities | (
|
(
|
||
Capital and reserves | ||||
Called-up share capital | 8 |
|
|
|
Profit and loss account | (
|
(
|
||
Total shareholder's deficit | (
|
(
|
Director's responsibilities:
The financial statements of Kabloom Ltd (registered number:
Mr D Wilson
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Kabloom Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is The Store 6 Hazel Avenue Lane, Muirend, Glasgow, G44 3LJ, Scotland, United Kingdom.
The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.
The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Director’s Report.
The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.
Therefore, the director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.
Goodwill |
|
Other intangible assets |
|
Plant and machinery etc. |
|
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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2020 | 2019 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including the director |
|
|
Goodwill | Other intangible assets | Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 January 2020 |
|
|
|
||
Additions |
|
|
|
||
At 31 December 2020 |
|
|
|
||
Accumulated amortisation | |||||
At 01 January 2020 |
|
|
|
||
Charge for the financial year |
|
|
|
||
At 31 December 2020 |
|
|
|
||
Net book value | |||||
At 31 December 2020 |
|
|
|
||
At 31 December 2019 |
|
|
|
Plant and machinery etc. | Total | ||
£ | £ | ||
Cost | |||
At 01 January 2020 |
|
|
|
Additions |
|
|
|
At 31 December 2020 |
|
|
|
Accumulated depreciation | |||
At 01 January 2020 |
|
|
|
Charge for the financial year |
|
|
|
At 31 December 2020 |
|
|
|
Net book value | |||
At 31 December 2020 |
|
|
|
At 31 December 2019 |
|
|
2020 | 2019 | ||
£ | £ | ||
Trade debtors |
|
|
|
Other debtors |
|
|
|
|
|
2020 | 2019 | ||
£ | £ | ||
Bank overdrafts |
|
|
|
Trade creditors |
|
|
|
Other creditors |
|
|
|
Corporation tax |
|
|
|
Other taxation and social security |
|
|
|
|
|
2020 | 2019 | ||
£ | £ | ||
Bank loans |
|
|
|
Other creditors |
|
|
|
67,975 | 45,200 |
2020 | 2019 | ||
£ | £ | ||
Allotted, called-up and fully-paid | |||
|
|
|
Transactions with the entity's director
2020 | 2019 | ||
£ | £ | ||
Amounts owed from key management personnel | 26,828 | 0 | |
Amounts owed to key management personnel | 0 | 17,478 |