Absolute Koi Limited Company Accounts

Absolute Koi Limited

Unaudited financial statements

31 March 2017

Company Registration Number 04690274

DARBYS LIMITED

chartered certified accountants

19 The Square

Retford

Nottinghamshire

DN22 6DQ

Absolute Koi Limited

Financial statements

year ended 31 March 2017

Contents	Pages

Officers and professional advisers 1

Chartered certified accountants report to the board of

directors on the preparation of the unaudited statutory

financial statements 2

Balance sheet 3 to 4

Notes to the financial statements 5 to 8

Absolute Koi Limited

Officers and professional advisers

The board of directors	D Gray
	D Ramsden

Company secretary	D Ramsden

Registered office	Burnwood House
	Great North Road
	Rockley
	Retford
	Nottinghamshire
	DN22 0QW

Accountants	DARBYS LIMITED
	chartered certified accountants
	19 The Square
	Retford
	Nottinghamshire
	DN22 6DQ

Bankers	HSBC Bank Plc
	23 Bridge Street
	Worksop
	Nottinghamshire

Tax reference

Inland revenue district Notts & Derbyshire Area

VAT registration number

Absolute Koi Limited

Chartered certified accountants report to the board of directors on the preparation of the unaudited statutory financial statements of Absolute Koi Limited

year ended 31 March 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Absolute Koi Limited for the year ended 31 March 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/ Technical/fact/technical-factsheet-163.pdf.

DARBYS LIMITED chartered certified accountants

19 The Square Retford Nottinghamshire DN22 6DQ

22 December 2017

Absolute Koi Limited

Balance sheet

31 March 2017

		2016
Note	£	£

Fixed assets

Tangible assets	4		56,573	57,922

Current assets

Stocks		129,840	20,000
Debtors	5	11,138	–
Cash at bank and in hand		369,276	379,356
		---------	---------
		510,254	399,356

Creditors: amounts falling due within one year	6	260,626		237,114
		---------		---------
Net current assets			249,628	162,242
			---------	---------
Total assets less current liabilities			306,201	220,164

Provisions	9,391	11,111
	---------	---------
Net assets	296,810	209,053
	---------	---------

Absolute Koi Limited

Balance sheet (continued)

31 March 2017

		2016
Note	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	296,710	208,953
	---------	---------
Shareholders funds	296,810	209,053
	---------	---------

These financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies' regime within part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account and directors' report have not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 22 December 2017 , and are signed on behalf of the board by:

D Gray
Director

Company registration number: 04690274

Absolute Koi Limited

Notes to the financial statements

year ended 31 March 2017

1. Statement of compliance

These financial statements have been prepared in compliance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	15% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

3. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 1 (2016: 1).

4. Tangible assets

	Land and buildings	Plant and machinery	Motor vehicles	Equipment	Total

Cost
At 1 April 2016	5,208	75,790	10,750	16,066	107,814
Additions	–	6,636	–	1,184	7,820
	-------	--------	--------	--------	---------
At 31 March 2017	5,208	82,426	10,750	17,250	115,634
	-------	--------	--------	--------	---------
Depreciation
At 1 April 2016	–	33,421	9,854	6,617	49,892
Charge for the year	–	7,350	224	1,595	9,169
	-------	--------	--------	--------	---------
At 31 March 2017	–	40,771	10,078	8,212	59,061
	-------	--------	--------	--------	---------
Carrying amount
At 31 March 2017	5,208	41,655	672	9,038	56,573
	-------	--------	--------	--------	---------
At 31 March 2016	5,208	42,369	896	9,449	57,922
	-------	--------	--------	--------	---------

5. Debtors

		2016
	£	£

Other debtors	11,138	–
	--------	----

6. Creditors: amounts falling due within one year

		2016
	£	£

Trade creditors	90,448	78,418
Corporation tax	29,239	34,286
Social security and other taxes	–	5,881
Other creditors	140,939	118,529
	---------	---------
	260,626	237,114
	---------	---------

7. Related party transactions

The company was under the control of its directors jointly throughout the current and previous year due to them each holding 50% of the share capital.

8. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Burnwood House, Great North Road, Rockley, Retford, Nottinghamshire, DN22 0QW.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.