Company Registration No. 08031650 (England and Wales)
KSIOLAJIDEBT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
PAGES FOR FILING WITH REGISTRAR
KSIOLAJIDEBT LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
KSIOLAJIDEBT LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KSIOLAJIDEBT LTD FOR THE YEAR ENDED 30 APRIL 2017
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KSIOlajidebt Ltd for the year ended 30 April 2017 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/
This report is made solely to the Board of Directors of KSIOlajidebt Ltd, as a body, in accordance with the terms of our engagement . Our work has been undertaken solely to prepare for your approval the financial statements of KSIOlajidebt Ltd and state those matters that we have agreed to state to the Board of Directors of KSIOlajidebt Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KSIOlajidebt Ltd and its Board of Directors as a body, for our work or for this report.
.
Our work has been undertaken solely to prepare for your approval the financial statements of KSIOlajidebt Ltd
and state those matters that we have agreed to state to the Board of Directors of KSIOlajidebt Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KSIOlajidebt Ltd and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that KSIOlajidebt Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and profit of KSIOlajidebt Ltd. You consider that KSIOlajidebt Ltd is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of KSIOlajidebt Ltd. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
4 August 2017
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
KSIOLAJIDEBT LTD
BALANCE SHEET
AS AT
30 APRIL 2017
30 April 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
19,049
28,729
Investments
4
10
10
19,059
28,739
Current assets
Debtors
5
502,104
740,366
Cash at bank and in hand
1,469,646
775,261
1,971,750
1,515,627
Creditors: amounts falling due within one year
6
(271,897)
(249,613)
Net current assets
1,699,853
1,266,014
Total assets less current liabilities
1,718,912
1,294,753
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
1,718,911
1,294,752
Total equity
1,718,912
1,294,753
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 30 April 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.
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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he member has 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.
The financial statements were approved by the board of directors and authorised for issue on 4 August 2017 and are signed on its behalf by:
Mr O O W Olatunji
Director
Company Registration No. 08031650
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2017
- 3 -
1
Accounting policies
Company information
KSIOlajidebt Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.
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.
These financial statements for the year ended 30 April 2017
are the
first
financial statements of KSIOlajidebt Ltd 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 May 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Turnover
Turnover represents amounts receivable for services net of VAT .
.
1.3
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.
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
25% Per annum on a straight line basis
Computer equipment
25% Per annum on a straight line basis
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
.
1.4
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.
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.
1.5
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.
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
.
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. The reported share capital constitutes the allotted, called up and fully paid share capital of the company.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 5 -
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 May 2016
19,390
66,313
85,703
Additions
262
6,088
6,350
At 30 April 2017
19,652
72,401
92,053
Depreciation and impairment
At 1 May 2016
8,177
48,797
56,974
Depreciation charged in the year
4,788
11,242
16,030
At 30 April 2017
12,965
60,039
73,004
Carrying amount
At 30 April 2017
6,687
12,362
19,049
At 30 April 2016
11,213
17,516
28,729
4
Fixed asset investments
2017
2016
£
£
Investments
10
10
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2016 & 30 April 2017
10
Carrying amount
At 30 April 2017
10
At 30 April 2016
10
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2017
- 6 -
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
122,109
Other debtors
502,104
618,257
502,104
740,366
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
1,000
7,500
Other taxation and social security
252,488
236,737
Other creditors
18,409
5,376
271,897
249,613
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
8
Related party transactions
Included within other debtors is a total of £490,593 owed by companies in which Mr O Olatunji is a director.