Company Registration No. 08031650 (England and Wales)
KSIOLAJIDEBT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2020
PAGES FOR FILING WITH REGISTRAR
KSIOLAJIDEBT LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
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 2020
- 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 2020 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.
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
19 January 2021
2021-01-19
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
KSIOLAJIDEBT LTD
BALANCE SHEET
AS AT 30 APRIL 2020
30 April 2020
- 2 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
50,000
41,130
Tangible assets
4
480,107
338,819
Investments
5
10
10
530,117
379,959
Current assets
Debtors
6
2,290,646
380,040
Cash at bank and in hand
1,479,329
968,405
3,769,975
1,348,445
Creditors: amounts falling due within one year
7
(3,283,300)
(1,231,199)
Net current assets
486,675
117,246
Total assets less current liabilities
1,016,792
497,205
Provisions for liabilities
(300)
(600)
Net assets
1,016,492
496,605
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
1,016,491
496,604
Total equity
1,016,492
496,605
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 30 April 2020 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 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.
KSIOLAJIDEBT LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2020
30 April 2020
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 13 January 2021 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 2020
- 4 -
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the
company has adequate resources to continue in operational existence for the foreseeable future.
The director has reviewed and considered the impact of Covid-19, The company operates in a sector
relatively unaffected by the restrictions imposed due to Covid-19 and has continued to trade profitably
during the period. The expectations are that this will continue for at least twelve months from the
date of
signing, thus the director continues to adopt the going concern basis in preparing the financial
statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT
.
1.4
Intangible fixed assets other than goodwill
Intangible assets
are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The
assets
are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately
through the
profit
and
loss.
Impairment losses has been provided for this year on the basis the director is of the opinion that the net residual value will be lower than the original cost value.
1.5
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
25% per annum on a straight line basis
Computer equipment
25% per annum on a straight line basis
Video props
Not depreciated
Video props are not depreciated and the asset is measured at market value, which is agreed by the directors.
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 5 -
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
.
1.6
Cash at bank and in hand
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.
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.
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
.
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.
1.8
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.
1.9
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.
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.
1.10
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.
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
1
Accounting policies
(Continued)
- 6 -
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
in the period
are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2019 - 2
).
3
Intangible fixed assets
Other intangibles
£
Cost
At 1 May 2019 and 30 April 2020
50,000
Amortisation and impairment
At 1 May 2019
8,870
Reversal of past impairment loss
(8,870)
At 30 April 2020
-
Carrying amount
At 30 April 2020
50,000
At 30 April 2019
41,130
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 7 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Video props
Total
£
£
£
£
Cost
At 1 May 2019
4,907
24,631
323,842
353,380
Additions
772
2,526
145,090
148,388
At 30 April 2020
5,679
27,157
468,932
501,768
Depreciation and impairment
At 1 May 2019
4,256
10,305
-
14,561
Depreciation charged in the year
629
6,471
-
7,100
At 30 April 2020
4,885
16,776
-
21,661
Carrying amount
At 30 April 2020
794
10,381
468,932
480,107
At 30 April 2019
651
14,326
323,842
338,819
Video props are held at market value and an impairment review is held on an annual basis. The market value was deemed as cost at the end of this financial year,
5
Fixed asset investments
2020
2019
£
£
Other investments other than loans
10
10
Fixed asset investments relate to shares held in unlisted companies and are measured at cost less accumulated impairment.
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 May 2019 & 30 April 2020
10
Carrying amount
At 30 April 2020
10
At 30 April 2019
10
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2020
- 8 -
6
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
97,379
262,876
Other debtors
2,193,267
117,164
2,290,646
380,040
7
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
11,227
44,501
Amounts owed to group undertakings
2,889,761
801,544
Taxation and social security
378,215
381,791
Other creditors
4,097
3,363
3,283,300
1,231,199
8
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
9
Parent company
The ultimate controlling party is
The Throne
Holdings Limited whose registered office is Amelia House,
Crescent
Road, Worthing, West Sussex, BN11 1QR.