ACCOUNTS - Final Accounts preparation

KARSON MANAGEMENT (UK) LIMITED - Company Information

Company registration number: 06344188

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 DECEMBER 2019

	KARSON MANAGEMENT (UK) LIMITED


KARSON MANAGEMENT (UK) LIMITED

COMPANY INFORMATION

Directors	D.J. Hendrix
	S.K. Lawrence (resigned 16 September 2019)


Registered number	06344188


Registered office	The Green
	Hampton Court Road
	East Molesey
	KT8 9BW


Accountants	Menzies LLP
	Chartered Accountants
	Victoria House
	50-58 Victoria Road
	Farnborough
	Hampshire
	GU14 7PG


KARSON MANAGEMENT (UK) LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


KARSON MANAGEMENT (UK) LIMITED REGISTERED NUMBER:06344188

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2019

		2019		2018
Note		£		£

Fixed assets
Tangible assets	5		1,164		1,564
			1,164		1,564
Current assets
Debtors: amounts falling due within one year	6	309		544
Cash at bank and in hand		4,536		17,149
		4,845		17,693
Creditors: amounts falling due within one year	7	(190,413)		(193,273)
Net current liabilities			(185,568)		(175,580)
Total assets less current liabilities			(184,404)		(174,016)

Net liabilities			(184,404)		(174,016)

Capital and reserves
Allotted, called up and fully paid share capital	1,000	1,000
Profit and loss account	(185,404)	(175,016)
	(184,404)	(174,016)

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 the 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:

................................................

D.J. Hendrix

Director

Date: 18 December 2020

The notes on pages 2 to 5 form part of these financial statements.

Page 1


KARSON MANAGEMENT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

1.	General information

Karson Management (UK) Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office, which is also the principal place of business, is disclosed on the company information page.

2.Accounting policies

2.1

Basis of accounting

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

Turnover

Turnover shown in the Statement of Income and Retained Earnings represents billings for services provided to Karson Management (Bermuda) Limited and other group affiliates.

2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

2.4

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Office equipment

20% straight line

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.

Page 2


KARSON MANAGEMENT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

2.Accounting policies (continued)

2.5

Foreign currencies

Assets and liabilities in foreign currencies will be translated into sterling at the rates of exchange ruling at the balance sheet. Transactions in foreign currencies will be translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences will be taken into account in arriving at the operating profit.

2.6

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 ordinary shares.

3.	Going concern

The emergence and spread of COVID-19 and the associated social distancing measures and imposed travel restrictions have significantly impacted business globally.
Whilst the pandemic has had, and will continue to have, a financial impact on the company since the year end, at this stage it is not possible to reliably forecast what this may be.
The directors are of the opinion that the going concern basis of preparation remains appropriate.

Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 2).

Page 3


KARSON MANAGEMENT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

5.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2019	7,107
	Additions	208
	At 31 December 2019	7,315
	Depreciation
	At 1 January 2019	5,543
	Charge for the year on owned assets	608
	At 31 December 2019	6,151
	Net book value
	At 31 December 2019	1,164
	At 31 December 2018	1,564

Page 4


KARSON MANAGEMENT (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2019

Debtors

					2019	2018
					£	£


Other debtors	309	544
	309	544

7.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Trade creditors	2,108	240
Amounts owed to group undertakings	181,055	178,815
Other taxation and social security	-	11,357
Other creditors	3,955	361
Accruals and deferred income	3,295	2,500
	190,413	193,273

8.	Ultimate controlling party

The Company is a wholly owned subsidiary of Karson Management (Bermuda) Limited. In the opinion of the directors, Karson Management (Bermuda) Limited will provide sufficient funding for the Company during the next twelve months in order to continue as a going concern.
As at December 31, 2019 the controlling beneficial owners of the Company were D.J. Hendrix (38.55%) and S.K. Lawrence (17.92%) through their ownership interest in Karson Management (Bermuda) Limited.

Page 5