Kovvuri and Co Limited Filleted accounts for Companies House (small and micro)

KOVVURI AND CO LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08348579

KOVVURI AND CO LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 March 2022

KOVVURI AND CO LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2022

	2022		2021
Note	£	£	£

FIXED ASSETS

Tangible assets	5		2,967	3,709

CURRENT ASSETS

Debtors	6	1,113	3,862
Cash at bank and in hand		34,318	26,363
		---------	---------
		35,431	30,225

CREDITORS: amounts falling due within one year	7	2,691		3,385
		---------		---------
NET CURRENT ASSETS			32,740	26,840
			---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES			35,707	30,549
			---------	---------
NET ASSETS			35,707	30,549
			---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	35,607	30,449
	---------	---------
SHAREHOLDERS FUNDS	35,707	30,549
	---------	---------

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 Section 1A of 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 31st March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

KOVVURI AND CO LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 20 December 2022 , and are signed on behalf of the board by:

Dr S R Kovvuri

Director

Company registration number: 08348579

KOVVURI AND CO LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31st MARCH 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Sessile Close, Mossley Hill, Liverpool, L18 8ED.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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, Fittings and Equipment	-	20% reducing balance

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. TANGIBLE ASSETS

	Fixtures, Fittings and Equipment	Total
	£	£

Cost
At 1st April 2021 and 31st March 2022	10,315	10,315
	---------	---------
Depreciation
At 1st April 2021	6,606	6,606
Charge for the year	742	742
	---------	---------
At 31st March 2022	7,348	7,348
	---------	---------
Carrying amount
At 31st March 2022	2,967	2,967
	---------	---------
At 31st March 2021	3,709	3,709
	---------	---------

6. DEBTORS

	2022	2021
	£	£

Trade debtors	126	667
Prepayments and accrued income	987	1,090
Corporation tax repayable	–	750
Directors loan account	–	1,355
	--------	--------
	1,113	3,862
	--------	--------

7. CREDITORS: amounts falling due within one year

	2022	2021
	£	£

Accruals and deferred income	1,386	3,385
Corporation tax	324	–
Director loan accounts	981	–
	--------	--------
	2,691	3,385
	--------	--------

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors have a loan account in the company. At the start of the year the balance was £1,355 overdrawn. At the year end the account was in credit by £981 which is included in creditors.