Knowledge Transmission Ltd - Limited company - abbreviated - 11.0.0
Knowledge Transmission Ltd - Limited company - abbreviated - 11.0.0
| REGISTERED NUMBER: |
| Abbreviated Unaudited Accounts for the Year Ended 31 December 2015 |
| for |
| Knowledge Transmission Ltd |
| Knowledge Transmission Ltd (Registered number: 07466937) |
| Contents of the Abbreviated Accounts |
| for the Year Ended 31 December 2015 |
| Page |
| Company Information | 1 |
| Abbreviated Balance Sheet | 2 |
| Notes to the Abbreviated Accounts | 4 |
| Report of the Accountants | 6 |
| Knowledge Transmission Ltd |
| Company Information |
| for the Year Ended 31 December 2015 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Knowledge Transmission Ltd (Registered number: 07466937) |
| Abbreviated Balance Sheet |
| 31 December 2015 |
| 31.12.15 | 31.12.14 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 2 |
| Tangible assets | 3 |
| CURRENT ASSETS |
| Debtors |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital | 4 |
| Share premium |
| Profit and loss account | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Knowledge Transmission Ltd (Registered number: 07466937) |
| Abbreviated Balance Sheet - continued |
| 31 December 2015 |
| The financial statements were approved by the Board of Directors on |
| Knowledge Transmission Ltd (Registered number: 07466937) |
| Notes to the Abbreviated Accounts |
| for the Year Ended 31 December 2015 |
| 1. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on a going concern basis. During the year the company raised |
| capital investment to fund its continuing business development activities and it has plans to raise additional |
| capital when required. There is deferred income of £177,980 (2014 - £250,000) within creditors due within one |
| year which is not repayable and is an advance against future sales. It is expected that it will be credited to sales |
| during the course of the next two years as earned. The company has also received loans of £560,000 which are |
| included in creditors due in more than one year. The directors believe the company will have generated sufficient |
| profits or raised additional capital investment in order to repay these amounts as they fall due. Furthermore the |
| balance sheet does not reflect the value of the intellectual property which is embedded within the company's |
| software platform which, in the opinion of the directors, is significantly higher than the deficit shown on the |
| balance sheet. |
| Accounting convention |
| The financial statements have been prepared under the historical cost convention and in accordance with the |
| Financial Reporting Standard for Smaller Entities (effective April 2008). |
| Turnover |
| Turnover represents amounts chargeable to customers, net of value added tax, in respect of the sale of goods and |
| services to customers. Amounts that are receivable and dependent on the company meeting agreed milestones are |
| credited to sales when the milestones have been achieved. Where amounts received from customers represent |
| advances against future sales, the amounts are carried forward and credited to sales in the accounting period |
| when earned. |
| Amortisation |
| Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, |
| over their expected useful economic life as follows: |
| Intellectual property 10% straight line |
| Product development costs Estimated future sales of products |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Research and development |
| Product development expenditure incurred on an individual project is carried forward when its future |
| recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with |
| the expected future sales from the related project. |
| Hire purchase and leasing commitments |
| Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the |
| lease term. |
| Financial instruments |
| Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, |
| as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences |
| a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any |
| component that creates a financial liability of the company is presented as a liability in the balance sheet. The |
| corresponding dividends relating to the liability component are charged as interest expense in the profit and loss |
| account. |
| Knowledge Transmission Ltd (Registered number: 07466937) |
| Notes to the Abbreviated Accounts - continued |
| for the Year Ended 31 December 2015 |
| 2. | INTANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 January 2015 |
| Additions |
| At 31 December 2015 |
| AMORTISATION |
| At 1 January 2015 |
| Amortisation for year |
| At 31 December 2015 |
| NET BOOK VALUE |
| At 31 December 2015 |
| At 31 December 2014 |
| 3. | TANGIBLE FIXED ASSETS |
| Total |
| £ |
| COST |
| At 1 January 2015 |
| Additions |
| At 31 December 2015 |
| DEPRECIATION |
| At 1 January 2015 |
| Charge for year |
| At 31 December 2015 |
| NET BOOK VALUE |
| At 31 December 2015 |
| At 31 December 2014 |
| 4. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.12.15 | 31.12.14 |
| value: | £ | £ |
| Ordinary shares | £0.0001 |
| during the year. |
| Knowledge Transmission Ltd |
| Report of the Accountants to the Directors of |
| Knowledge Transmission Ltd |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual |
| unaudited financial statements, from which the unaudited abbreviated accounts (set out on pages two to five) |
| have been prepared. |
| As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended |
| 31 December 2015 set out on pages nil to nil and you consider that the company is exempt from an audit. |
| In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to |
| fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
| Date: ............................................. |