Company Registration No. 02576703 (England and Wales)
KORY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
PAGES FOR FILING WITH REGISTRAR
KORY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 7
KORY LIMITED
BALANCE SHEET
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
4
55,917
55,449
Current assets
Stocks
6,994
7,635
Debtors
5
106,321
90,239
Cash at bank and in hand
15,909
13,067
129,224
110,941
Creditors: amounts falling due within one year
6
(112,347)
(104,484)
Net current assets
16,877
6,457
Total assets less current liabilities
72,794
61,906
Provisions for liabilities
(7,760)
(7,383)
Net assets
65,034
54,523
Capital and reserves
Called up share capital
7
1,200
1,200
Profit and loss reserves
63,834
53,323
Total equity
65,034
54,523
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his 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.
KORY LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 February 2020
Mr D King
Director
Company Registration No. 02576703
KORY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2019
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2017
1,200
85,612
86,812
Year ended 31 May 2018:
Profit and total comprehensive income for the year
-
7,711
7,711
Dividends
-
(40,000)
(40,000)
Balance at 31 May 2018
1,200
53,323
54,523
Year ended 31 May 2019:
Profit and total comprehensive income for the year
-
50,511
50,511
Dividends
-
(40,000)
(40,000)
Balance at 31 May 2019
1,200
63,834
65,034
KORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2019
- 4 -
1
Accounting policies
Company information
Kory Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
53 Guildford Road, BAGSHOT, Surrey, GU19 5NG.
The principal place of business of the company is 44 London Road, Bagshot, GU19 5HL.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Tu
rnover represents sales of fast food goods.
1.3
Intangible fixed assets - goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured
at cost less any accumulated amortisation and any accumulated impairment losses.
Purchased goodwill
wa
s amortised on a straight-line basis over its estimated useful economic life of 20
years.
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:
Short leasehold properties
Straight line over period of the lease
Fixtures and fittings
20% on 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
.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price
,
after making due allowance for
obsolete and slow moving items.
KORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 5 -
1.6
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.
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, 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
paymen
ts 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. A
m
ounts 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
KORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
1
Accounting policies
(Continued)
- 6 -
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2018 - 30).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2018 and 31 May 2019
275,000
Amortisation and impairment
At 1 June 2018 and 31 May 2019
275,000
Carrying amount
At 31 May 2019
-
At 31 May 2018
-
4
Tangible fixed assets
Short leasehold properties
Fixtures and fittings
Total
£
£
£
Cost
At 1 June 2018
22,633
172,346
194,979
Additions
-
13,344
13,344
At 31 May 2019
22,633
185,690
208,323
Depreciation and impairment
At 1 June 2018
22,633
116,897
139,530
Depreciation charged in the year
-
12,876
12,876
At 31 May 2019
22,633
129,773
152,406
Carrying amount
At 31 May 2019
-
55,917
55,917
At 31 May 2018
-
55,449
55,449
KORY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2019
- 7 -
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Corporation tax recoverable
375
375
Other debtors
85,215
79,969
Prepayments and accrued income
20,731
9,895
106,321
90,239
6
Creditors: amounts falling due within one year
2019
2018
£
£
Bank loans and overdrafts
-
7,129
Trade creditors
44,003
40,440
Corporation tax
11,566
682
Other taxation and social security
52,895
51,510
Other creditors
3,883
4,723
112,347
104,484
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
500 A Ordinary shares of £1 each
500
500
100 B Non voting shares of £1 each
100
100
500 C Ordinary shares of £1 each
500
500
100 D Non voting shares of £1 each
100
100
1,200
1,200
8
Related party transactions
At the year end, the director owed £1,500 (2018 - £1,500) to the company.