Kovara Projects Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05177155 (England and Wales)

KOVARA PROJECTS LIMITED

Unaudited Financial Statements for the Year Ended 31 July 2018

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A Lucey

Mrs S A Lucey

SECRETARY:

Mrs S A Lucey

REGISTERED OFFICE:

Unit 1

The Metro Centre

Toutley Road

Wokingham

Berkshire

RG41 1QW

REGISTERED NUMBER:

05177155 (England and Wales)

ACCOUNTANTS:

Tudor John LLP

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

FIXED ASSETS

Tangible assets

5

137,368

84,217

CURRENT ASSETS

Stocks

-

14,194

Debtors

6

2,809,975

1,673,832

Cash at bank and in hand

228

261,805

2,810,203

1,949,831

CREDITORS

Amounts falling due within one year

7

1,842,139

1,074,358

NET CURRENT ASSETS

968,064

875,473

TOTAL ASSETS LESS CURRENT LIABILITIES

1,105,432

959,690

CREDITORS

Amounts falling due after more than one year

8

54,525

-

NET ASSETS

1,050,907

959,690

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,050,807

959,590

SHAREHOLDERS' FUNDS

1,050,907

959,690

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 February 2019 and were signed on its behalf by:

P A Lucey - Director

1.	STATUTORY INFORMATION

Kovara Projects Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

STOCKS

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation 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.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

AMOUNTS RECOVERABLE ON CONTRACTS

Included within debtors are amounts recoverable on contracts, which represents the recoverable sales value of

unbilled time on contracts that commenced during the year but which were not complete at the end of the

financial period.

FINANCIAL INSTRUMENTS

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement,

as either financial assets, financial liabilities or equity instruments.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2017 - 25 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2017

1,155

25,948

113,209

37,055

177,367

Additions

-

1,250

125,817

18,078

145,145

Disposals

-

-

(101,248

)

-

(101,248

)

At 31 July 2018

1,155

27,198

137,778

55,133

221,264

DEPRECIATION

At 1 August 2017

1,092

20,815

38,976

32,267

93,150

Charge for year

12

1,277

13,819

8,536

23,644

Eliminated on disposal

-

-

(32,898

)

-

(32,898

)

At 31 July 2018

1,104

22,092

19,897

40,803

83,896

NET BOOK VALUE

At 31 July 2018

51

5,106

117,881

14,330

137,368

At 31 July 2017

63

5,133

74,233

4,788

84,217

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

318

Amounts recoverable on contract

2,733,677

1,617,060

Other debtors

76,298

56,454

2,809,975

1,673,832

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

6,514

66,522

Trade creditors

1,703,933

683,687

Taxation and social security

114,498

307,743

Other creditors

17,194

16,406

1,842,139

1,074,358

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

54,525

-

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2018 and 31 July 2017:

2018

2017

£

£

P A Lucey and Mrs S A Lucey

Balance outstanding at start of year

(2,392

)

(12,392

)

Amounts advanced

150,000

200,000

Amounts repaid

(148,000

)

(190,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(392

)

(2,392

)

10.	RELATED PARTY DISCLOSURES