Keep On Exploring Limited - Filleted accounts

Keep On Exploring Limited - Filleted accounts

KEEP ON EXPLORING LIMITED - Company Information

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Registered number
09380910
Keep On Exploring Limited
Filleted Accounts
31 January 2021
Keep On Exploring Limited
Registered number: 09380910
Balance Sheet
as at 31 January 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 574 -
Current assets
Stocks 90,000 9,500
Debtors 4 7,156 -
Cash at bank and in hand 19,957 8,440
117,113 17,940
Creditors: amounts falling due within one year 5 (55,514) (14,691)
Net current assets 61,599 3,249
Total assets less current liabilities 62,173 3,249
Creditors: amounts falling due after more than one year 6 (40,035) -
Net assets 22,138 3,249
Capital and reserves
Called up share capital 100 100
Profit and loss account 22,038 3,149
Shareholder's funds 22,138 3,249
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Scott Roberts
Director
Approved by the board on 19 October 2021
Keep On Exploring Limited
Notes to the Accounts
for the year ended 31 January 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006.

The presentation currency of the financial statements is the Pound Sterling (£).
Significant judgements and estimates
There are no significant judgements and estimates applied to the numbers contained within these financial statements.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Other operating income
Other operating income is government grants received. A grant that does not impose specified future performance-related conditions is recognised in income when the grant proceeds are received or receivable.

In the case of performance related grants, income is recognised only when the performance related conditions are met.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other debtors, cash and bank balances and investments in commercial paper, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the Profit and Loss Account.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Profit and Loss Account.
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price.

Such assets are subsequently carried at fair value and the changes in fair value are recognised in, the Profit and Loss Account, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities

Basic financial liabilities, including trade and other creditors, loans from fellow Group Companies that are classified as debt, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.

If the arrangement constitutes a financing transaction, the debt instrument is measured, initially at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. These financial instruments are then subsequently measured at fair value and any changes in fair value are recognised in, the Profit and Loss Account.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year. 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.

Financial liabilities are derecognised when the liability is extinguished; that is, when the contractual obligation is discharged, cancelled or expires.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk to changes in value.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Current and deferred tax assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Going concern
The company has incurred trading losses for the year under review. The director will continue to provide financial support to the company, if and when needed, so that it may meet its obligations if and when they fall due. It is on this basis, he is of the opinion that the financial statements are to be prepared on the going concern basis.
2 Employees and directors 2021 2020
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Fixtures, fittings and equipment
£
Cost
Additions 626
At 31 January 2021 626
Depreciation
Charge for the year 52
At 31 January 2021 52
Net book value
At 31 January 2021 574
4 Debtors 2021 2020
£ £
Trade debtors 154 -
Other debtors 7,002 -
7,156 -
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 4,965 -
Trade creditors 4,638 1,589
Taxation and social security costs 14,013 2,250
Other creditors 31,898 10,852
55,514 14,691
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 40,035 -
7 Loans 2021 2020
£ £
Creditors include:
Secured bank loans 45,000 -
The government guarantees 100% of the loan under its initiative to support businesses during the coronavirus outbreak.
8 Related party transactions
The director advanced the company £13,500 and settled expenses totalling £17,332 on behalf of the company and was repaid £11,682.

Included in Creditors, amounts falling due within one year is the amount of £28,399 (2020 - £9,249) owed to the director as at the year end. The loan is interest free and repayable on demand.
9 Other information
Keep On Exploring Limited is a private company limited by shares and incorporated in England. Its registered office is:
Suite 25
Barkat House
116-118 Finchley Road
London
NW3 5HT
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