ACCOUNTS - Final Accounts

KHAGA LIMITED - Company Information

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Registered number: 07548762

KHAGA LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2018

KHAGA LIMITED

REGISTERED NUMBER: 07548762

BALANCE SHEET

AS AT 31 AUGUST 2018

	2018	2018	2017	2017
Note	£	£	£	£

Fixed assets
Tangible assets	4		5,487		6,859
			5,487		6,859
Current assets
Debtors	5	43,840		44,371
Cash at bank and in hand	6	419		46
		44,259		44,417
Creditors: amounts falling due within one year	7	(73,927)		(107,559)
Net current liabilities			(29,668)		(63,142)
Total assets less current liabilities			(24,181)		(56,283)

Net liabilities			(24,181)		(56,283)

Capital and reserves
Called up share capital, allotted and fully paid	1,000	1,000
Profit and loss account	(25,181)	(57,283)
	(24,181)	(56,283)

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KHAGA LIMITED

REGISTERED NUMBER: 07548762

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2018

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr. Hassan Shahidullah

Director

Date: 24 May 2019

The notes on pages 3 to 6 form part of these financial statements.

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KHAGA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

1.	General information

Khaga Limited is a private limited company, incorporated in England and Wales.
The registered office is Equipoise House, Grove Place, Bedford, MK40 3LE.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. This relies upon the continued financial support of the Directors.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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KHAGA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment

20% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is

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KHAGA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

2.8

Financial instruments (continued)

an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 2 (2017 - 2).

4.	Tangible fixed assets

		Computer equipment
		£
	Cost or valuation
	At 1 September 2017	6,859
	At 31 August 2018	6,859
	Depreciation
	Charge for the year on owned assets	1,372
	At 31 August 2018	1,372
	Net book value
	At 31 August 2018	5,487
	At 31 August 2017	6,859

Debtors

					2018	2017
					£	£


Other debtors	43,840	44,371

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KHAGA LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

6.	Cash and cash equivalents
		2018	2017
		£	£

	Cash at bank and in hand	419	46

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Trade creditors	1,200	-
Other taxation and social security	825	-
Directors' current account	70,902	62,970
Other creditors	-	43,589
Accruals and deferred income	1,000	1,000
	73,927	107,559

8.	Related party transactions
	Included within other debtors at the balance sheet date was a balance of £43,840 (2017: £43,840) due to the Company from First Call Solutions Limited, a company which is under the common control of the Directors. At the balance sheet date the balance due to the Directors in respect of monies loaned to the company via the directors' current account was £70,902 (2017: £62,970)

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