Karap Ltd Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 09101294

Karap Ltd

Filleted Unaudited Financial Statements

31 March 2021

Karap Ltd

Director's Report

Year ended 31 March 2021

The director presents her report and the unaudited financial statements of the company for the year ended 31 March 2021 .

Director

The director who served the company during the year was as follows:

Dr K Karapetian

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 22 December 2021 and signed on behalf of the board by:

Dr K Karapetian	Dr Karen Karapetyan
Director	Company Secretary

Registered office:

Ty Madog

32 Queens Road

Aberystwyth

Ceredigion

SY23 2HN

Karap Ltd

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Karap Ltd

Year ended 31 March 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Karap Ltd for the year ended 31 March 2021, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Karap Ltd in accordance with the terms of our engagement letter dated 1 March 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Karap Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Karap Ltd and its director for our work or for this report.

It is your duty to ensure that Karap Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Karap Ltd. You consider that Karap Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Karap Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

FRANCIS GRAY Chartered accountants

Ty Madog 32 Queens Road Aberystwyth Ceredigion SY23 2HN

22 December 2021

Karap Ltd

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Current assets

Debtors	5	27,765	22,244
Cash at bank and in hand		11,863	73,898
		--------	--------
		39,628	96,142

Creditors: amounts falling due within one year	6	4,411		37,395
		--------		--------
Net current assets			35,217	58,747
			--------	--------
Total assets less current liabilities			35,217	58,747
			--------	--------
Net assets			35,217	58,747
			--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	35,117	58,647
	--------	--------
Shareholders funds	35,217	58,747
	--------	--------

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 31 March 2021 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 her 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 22 December 2021 , and are signed on behalf of the board by:

Dr K Karapetian
Director

Company registration number: 09101294

Karap Ltd

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ty Madog, 32 Queens Road, Aberystwyth, Ceredigion, SY23 2HN.

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.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2020: 1 ).

5. Debtors

	2021	2020
	£	£
Other debtors	27,765	22,244
	--------	--------

Other debtors consist of:

	2021	2020
	£	£
Loan - Tudalen Ltd	15,000	15,000
Prepayments	102	100
Deferred tax asset	11,815	6,296
Corporation tax	848
	--------	--------
	27,765	21,396
	--------	--------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	630	630
Social security and other taxes	2,517	2,517
Other creditors	1,264	34,248
	-------	--------
	4,411	37,395
	-------	--------

Other creditors consist of:

	2021	2020
	£	£
Loan - Director	634	33,618
Accruals	630	630
	-------	--------
TOTAL	1,264	34,248
	-------	--------

7. Director's advances, credits and guarantees

	2021	2020
	£	£
Directors Loan Account	634	33,618
	----	--------

8. Related party transactions

The company was under the control of Dr Karine Karapetian throughout the current year. Dr Karine Karapetian is the managing director and sole shareholder. A non interest bearing loan of £15,000 was made to Tudalen Ltd (08543255) on 29th December 2017. The sole shareholder and director of Tudalen Ltd is Dr Karen Karapetyan who is the son of Dr Karine Karaptian. There were no further transactions with related parties that were undertaken such as are required to be disclosed under FRS 102.