| Kisawa Services Ltd |
| Notes to the Accounts |
| for the year ended 31 December 2018 |
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| 1 |
Accounting policies |
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Going concern |
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The director has considered financial projections for the company over the foreseeable future and has also reviewed the ongoing committed financial support from the company's parent undertaking and is confident that this will be available for the foreseeable future. After making enquiries, the director is satisfied that the company has sufficient resources to continue in operation for the foreseeable future, being at least 12 months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements. |
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Basis of preparation |
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The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland (‘‘FRS 102’’) and the Companies Act 2006.
The functional currency of the company is considered to be pound (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£). |
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Summary of disclosure exemptions |
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The company meets the definition of a qualifying entity under FRS 102 and has therefore taken advantage of the disclosure exemptions available to it in respect of its separate financial statements. The company is consolidated in the financial statements of its ultimate parent undertaking, Benguerra Holding, which may be obtained from c/o Axis Fiduciary Ltd, 2nd Floor, The Axis, 26 Cybercity, Ebene 72201, Mauritius. Exemptions have been taken in these separate company financial statements in relation to financial instruments, presentation of a cash flow statement, transactions with group entities and remuneration of key management personnel. |
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Judgements and key sources of estimation uncertainties |
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There were no judgements or key sources of estimation uncertainties made by the directors in the process of applying the company's accounting policies with significant effect on the amounts recognised in the financial statements. |
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Foreign currency transactions and balance |
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Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates. |
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Turnover |
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Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities and is net of Value Added Tax. The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the company. |
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Financial instruments |
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The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. |
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Cash and cash equivalents |
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Cash and cash equivalents comprise cash at bank and is subject to an insignificant risk of change in value. |
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Share capital |
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Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Defined contribution pension obligation |
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The company operates a defined contribution pension scheme. The assets of the schemes are held separately from those of the company. Contributions are recognised in the income statement in the period in which they become payable. |
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| 2 |
Audit information |
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These accounts have been audited by Harmer Slater Limited. |
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Their audit report is unqualified. |
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The audit report is signed on their behalf by Ransford Agyei-Boamah, Statutory Auditor. |
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The date of signing of the audit report was…........ |
21/08/2019 |
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| 3 |
Employees |
2018 |
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2017 |
| Number |
Number |
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Average monthly number of persons employed by the company |
1 |
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1 |
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| 4 |
Debtors |
2018 |
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2017 |
| £ |
£ |
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Other debtors |
55,078 |
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54,982 |
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55,078 |
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54,982 |
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The amounts owed by group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing. |
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| 5 |
Creditors: amounts falling due within one year |
2018 |
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2017 |
| £ |
£ |
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Trade creditors |
1,697 |
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8,830 |
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Due to group companies |
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17,934 |
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18,247 |
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Other taxes and social security costs |
4,126 |
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4,221 |
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Other creditors |
21,078 |
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18,003 |
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44,835 |
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49,301 |
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The amounts owed to group undertakings disclosed as falling within one year is unsecured, payable on demand and is non-interest bearing. |
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| 6 |
Share capital and reserves |
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Alloted, called up and fully paid shares |
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2018 |
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2018 |
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2017 |
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2017 |
| No. |
£ |
No. |
£ |
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Ordinary shares of £250 each |
100 |
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25,000 |
|
100 |
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25,000 |
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The company has one class of share capital which carries no right to fixed income |
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Reserves |
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The profit and loss account reserve represents cumulative profit or losses net of dividends paid and other adjustments. |
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| 7 |
Pension scheme |
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Defined contribution pension scheme |
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The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administed fund. The pension cost charge for the period represents contributions payable by the company to the scheme and amounted £1,947. Contributions totalling £2,185 were payable to the scheme at the end of the period and included in payables. |
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| 8 |
Related party transactions |
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The company is a wholly owned subsidiary member of its group and has therefore taken advantage of the provisions of paragraph 1AC.35 of FRS 102 - Small Entities not to disclose transactions with entities that are wholly owned members of the group. There were no other related party transactions to disclose. |
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| 9 |
Ulimate parent company |
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The ultimate and immediate parent company is Benguerra Holding, a company incorporated in Mauritius with registered office at: c/o Axis Fiduciary Ltd, 2nd Floor, The Axis, 26 Cybercity, Ebene 72201, Mauritius. Consolidated accounts are prepared by the parent company. |
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| 10 |
Ultimate controlling party |
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The ultimate controlling party is T Flohr and N Flohr by virtue of their combined 100% control of the ordinary share capital of Benguerra Holding. |
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| 11 |
Other information |
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Kisawa Services Ltd is a private company limited by shares and incorporated in England. Its registered office is: |
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Sweden House |
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5 Upper Montagu Street |
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London |
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W1H 2AG |
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| 12 |
Events after the financial period |
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There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in, the financial statements. |
