Kovara Projects Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05177155 (England and Wales)

KOVARA PROJECTS LIMITED

Unaudited Financial Statements for the Year Ended 31 July 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P A Lucey

Mrs S A Lucey

SECRETARY:

Mrs S A Lucey

REGISTERED OFFICE:

Unit 1

The Metro Centre

Toutley Road

Wokingham

Berkshire

RG41 1QW

REGISTERED NUMBER:

05177155 (England and Wales)

ACCOUNTANTS:

Tudor John Limited

Nightingale House

46-48 East Street

Epsom

Surrey

KT17 1HQ

FIXED ASSETS

Tangible assets

5

124,002

103,042

CURRENT ASSETS

Debtors

6

2,140,670

2,452,954

Cash at bank and in hand

993,924

1,430,891

3,134,594

3,883,845

CREDITORS

Amounts falling due within one year

7

860,137

1,988,465

NET CURRENT ASSETS

2,274,457

1,895,380

TOTAL ASSETS LESS CURRENT LIABILITIES

2,398,459

1,998,422

CREDITORS

Amounts falling due after more than one year

8

-

33,304

NET ASSETS

2,398,459

1,965,118

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,398,359

1,965,018

SHAREHOLDERS' FUNDS

2,398,459

1,965,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 11 February 2022 and were signed on its behalf by:

P A Lucey - Director

1.	STATUTORY INFORMATION

Kovara Projects Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

AMOUNTS RECOVERABLE ON CONTRACTS

Included within debtors are amounts recoverable on contracts, which represents the recoverable sales value of unbilled time on contracts that commenced during the year but which were not complete at the end of the financial period.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2020 - 34 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 August 2020

1,155

27,198

150,720

70,972

250,045

Additions

-

-

53,945

10,950

64,895

Disposals

-

-

(6,745

)

-

(6,745

)

At 31 July 2021

1,155

27,198

197,920

81,922

308,195

DEPRECIATION

At 1 August 2020

1,123

23,930

62,775

59,175

147,003

Charge for year

6

654

32,075

8,088

40,823

Eliminated on disposal

-

-

(3,633

)

-

(3,633

)

At 31 July 2021

1,129

24,584

91,217

67,263

184,193

NET BOOK VALUE

At 31 July 2021

26

2,614

106,703

14,659

124,002

At 31 July 2020

32

3,268

87,945

11,797

103,042

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

6,920

5,082

Amounts recoverable on contract

1,591,540

2,291,677

Other debtors

542,210

156,195

2,140,670

2,452,954

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Hire purchase contracts

30,162

8,796

Trade creditors

573,771

1,403,065

Taxation and social security

185,586

467,076

Other creditors

70,618

109,528

860,137

1,988,465

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Hire purchase contracts

-

33,304

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 July 2021 and 31 July 2020:

2021

2020

£

£

P A Lucey and Mrs S A Lucey

Balance outstanding at start of year

72,608

(73,392

)

Amounts advanced

270,000

386,000

Amounts repaid

(50,000

)

(240,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

292,608

72,608

10.	RELATED PARTY DISCLOSURES