KRG Consultants Limited Filleted accounts for Companies House (small and micro)

KRG CONSULTANTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05425981

KRG CONSULTANTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2019

KRG CONSULTANTS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

KRG CONSULTANTS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr K Tahir

Company secretary	L Hassan

Registered office	2 Hobart Place
	London
	United Kingdom
	SW1W 0HU

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

KRG CONSULTANTS LIMITED

STATEMENT OF FINANCIAL POSITION

30 April 2019

	2019		2018
Note	£	£	£	£

Fixed assets

Tangible assets	5		27,861		1,349

Current assets

Debtors	6	157,246	19,630
Cash at bank and in hand		409,197	554,749
		---------	---------
		566,443	574,379

Creditors: amounts falling due within one year	7	( 593,493)		( 574,917)
		---------		---------
Net current liabilities			( 27,050)		( 538)
			--------		-------
Total assets less current liabilities			811		811
			----		----
Net assets			811		811
			----		----

Capital and reserves

Called up share capital	2	2
Profit and loss account	809	809
	----	----
Shareholders funds	811	811
	----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 January 2020 , and are signed on behalf of the board by:

Mr K Tahir
Director

Company registration number: 05425981

KRG CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Hobart Place, London, SW1W 0HU, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% straight line
Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2018: 6 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 May 2018	–	12,150	12,150
Additions	21,316	8,433	29,749
	--------	--------	--------
At 30 April 2019	21,316	20,583	41,899
	--------	--------	--------
Depreciation
At 1 May 2018	–	10,801	10,801
Charge for the year	1,861	1,376	3,237
	--------	--------	--------
At 30 April 2019	1,861	12,177	14,038
	--------	--------	--------
Carrying amount
At 30 April 2019	19,455	8,406	27,861
	--------	--------	--------
At 30 April 2018	–	1,349	1,349
	--------	--------	--------

6. Debtors

	2019	2018
	£	£
Other debtors	157,246	19,630
	---------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Social security and other taxes	7,791	8,357
Other creditors	585,702	566,560
	---------	---------
	593,493	574,917
	---------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	150,000	116,299
Later than 1 year and not later than 5 years	600,000	–
Later than 5 years	700,000	–
	------------	---------
	1,450,000	116,299
	------------	---------

9. Director's advances, credits and guarantees

During the year, the company provided accommodation to its Director for an amount of £nil (2018: £38,500).

10. Related party transactions

As at the year end, included in Other creditors, is an amount of £585,702 (2018: £563,063) due to the Kurdistan Regional Government which is interest free and unsecured. The Kurdistan Regional Government is related to the Company by virtue of being the company's primary funding source aiding the company's ability to continue as a going concern. During the year the Kurdistan Regional Government provided funding to the Company of which £665,142 has been written off to the Profit and Loss Account during the year as not repayable.