KRK (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC395312 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

KRK (UK) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Shaukat Ali

Muksood Salim

REGISTERED OFFICE:

4d Auchingramont Road

Hamilton

ML3 6JT

REGISTERED NUMBER:

SC395312 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

BANKERS:

Lloyds TSB

52-60 St. Vincent Street

Glasgow

G2 5TU

FIXED ASSETS

Intangible assets

4

77,541

86,469

Tangible assets

5

25,052

27,328

102,593

113,797

CURRENT ASSETS

Stocks

139,178

125,163

Debtors

6

55,143

48,609

Cash at bank and in hand

31,704

17,185

226,025

190,957

CREDITORS

Amounts falling due within one year

7

264,845

289,360

NET CURRENT LIABILITIES

(38,820

)

(98,403

)

TOTAL ASSETS LESS CURRENT LIABILITIES

63,773

15,394

CREDITORS

Amounts falling due after more than one year

8

(41,667

)

-

PROVISIONS FOR LIABILITIES

(3,085

)

(3,150

)

NET ASSETS

19,021

12,244

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

19,017

12,240

SHAREHOLDERS' FUNDS

19,021

12,244

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 24 December 2021 and were signed on its behalf by:

Shaukat Ali - Director

1.	STATUTORY INFORMATION

KRK (UK) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever changing situation as effectively as possible.

The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.

Turnover

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

Rendering of services

Turnover from the rendering of services, namely the provision of a general store, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

Government grants

Government grants in relation to expenditure are credited when the expenditure is charged to the income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Provision for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

3.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 16 (2020 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020

and 31 March 2021

100,502

AMORTISATION

At 1 April 2020

14,033

Amortisation for year

8,928

At 31 March 2021

22,961

NET BOOK VALUE

At 31 March 2021

77,541

At 31 March 2020

86,469

5.	TANGIBLE FIXED ASSETS

Motor

Equipment

vehicles

Totals

£

£

£

COST

At 1 April 2020

132,825

19,223

152,048

Additions

5,740

-

5,740

At 31 March 2021

138,565

19,223

157,788

DEPRECIATION

At 1 April 2020

108,295

16,425

124,720

Charge for year

7,317

699

8,016

At 31 March 2021

115,612

17,124

132,736

NET BOOK VALUE

At 31 March 2021

22,953

2,099

25,052

At 31 March 2020

24,530

2,798

27,328

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Other debtors

40,282

28,432

VAT

2,953

4,515

Prepaid charges

11,908

15,662

55,143

48,609

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts

8,333

12,224

Trade creditors

81,641

61,043

Corporation tax

26,704

19,450

PAYE and NIC

7,210

8,840

Other creditors

118,859

118,859

Directors' loan

3,096

47,696

Accrued charges

19,002

21,248

264,845

289,360

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 2-5 years

41,667

-

9.	RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £3,096 (2020 : £47,696).