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Company registration number: 06851542
Kapow Toys Limited
Trading as Kapow Toys Limitd
Unaudited filleted financial statements
31 March 2019
Kapow Toys Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Kapow Toys Limited
Directors and other information
Directors Mr Andrew Rose
Company number 06851542
Registered office DC Business Centre
10 Charles Wood Road
Rash's Green
Dereham
NR19 1SX
Business address 21 Bertie Ward Way
Rash's Green
Dereham
Norfolk
NR19 1TE
Accountants Foster Knight
DC Business Centre
10 Charles Wood Road
Dereham
Norfolk
NR19 1SX
Kapow Toys Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Negative goodwill ( 2) 1,118
Other intangible assets 5 4,249 4,856
_______ _______
Intangible assets 5 4,247 5,974
Tangible assets 6 12,014 14,236
_______ _______
16,261 20,210
Current assets
Stocks 490,400 330,000
Debtors 7 42,074 21,959
Cash at bank and in hand 48,930 5,719
_______ _______
581,404 357,678
Creditors: amounts falling due
within one year 8 ( 474,007) ( 288,878)
_______ _______
Net current assets 107,397 68,800
_______ _______
Total assets less current liabilities 123,658 89,010
Creditors: amounts falling due
after more than one year 9 ( 37,270) ( 24,975)
Provisions for liabilities ( 1,006) ( 2,705)
_______ _______
Net assets 85,382 61,330
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 85,282 61,230
_______ _______
Shareholders funds 85,382 61,330
_______ _______
For the year ending 31 March 2019 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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 December 2019 , and are signed on behalf of the board by:
Mr Andrew Rose Mrs Charlotte Rose
Director Director
Company registration number: 06851542
Kapow Toys Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is DC Business Centre, 10 Charles Wood Road, Rash's Green, Dereham, NR19 1SX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. 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.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 years straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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 - 25 % reducing balance
Fittings fixtures and equipment - 33 % straight line
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2018: 4 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 April 2018 and 31 March 2019 11,196 6,069 17,265
_______ _______ _______
Amortisation
At 1 April 2018 10,078 1,213 11,291
Charge for the year 1,120 607 1,727
_______ _______ _______
At 31 March 2019 11,198 1,820 13,018
_______ _______ _______
Carrying amount
At 31 March 2019 ( 2) 4,249 4,247
_______ _______ _______
At 31 March 2018 1,118 4,856 5,974
_______ _______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2018 1,915 2,843 22,682 27,440
Additions 1,184 252 - 1,436
_______ _______ _______ _______
At 31 March 2019 3,099 3,095 22,682 28,876
_______ _______ _______ _______
Depreciation
At 1 April 2018 1,720 1,561 9,923 13,204
Charge for the year 321 147 3,190 3,658
_______ _______ _______ _______
At 31 March 2019 2,041 1,708 13,113 16,862
_______ _______ _______ _______
Carrying amount
At 31 March 2019 1,058 1,387 9,569 12,014
_______ _______ _______ _______
At 31 March 2018 195 1,282 12,759 14,236
_______ _______ _______ _______
7. Debtors
2019 2018
£ £
Other debtors 42,074 21,959
_______ _______
8. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 221,618 127,962
Trade creditors 151,300 91,258
Corporation tax 39,971 16,128
Social security and other taxes 50,896 37,718
Other creditors 10,222 15,812
_______ _______
474,007 288,878
_______ _______
9. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 37,270 24,975
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2019
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Andrew Rose ( 24,975) ( 30,500) 18,205 ( 37,270)
_______ _______ _______ _______
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Andrew Rose ( 49,003) 24,528 ( 500) ( 24,975)
_______ _______ _______ _______
11. Controlling party
The Directors held 100% of the share capital during the year and therefore had ultimate control.
12. Directors loan Account
The loan from the Director is repayable with in 2 to 5 years.