Kam Vara Associates Limited - Limited company accounts 23.2

REGISTERED NUMBER: 11176653 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 30 June 2022

for

KAM VARA ASSOCIATES LIMITED

Page

Company Information

1

Report of the Directors

2

Income Statement

4

Statement of Financial Position

5

Notes to the Financial Statements

6

DIRECTORS:

W L Mortimer

K Vara

REGISTERED OFFICE:

1st Floor, Neville House

Waterloo Street

Birmingham

B2 5TX

REGISTERED NUMBER:

11176653 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

The directors present their report with the financial statements of the company for the year ended 30 June 2022.

CESSATION OF TRADING

The company ceased trading on 1 July 2021.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing recruitment and consultancy services.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 July 2021 to the date of this report.

W L Mortimer

K Vara

FINANCIAL RISK MANAGEMENT AND OBJECTIVES

The company's financial instruments comprise borrowings and various items, such as trade debtors, trade creditors etc, that arise directly from its operations. It is the company's policy and has been throughout the year that no trading in financial instruments be undertaken.

The main risk arising from its financial instruments is interest rate risk. The policy for managing this risk adopted during the year is summarised below. This policy has remained unchanged throughout the year.

Interest rate risk:

The company finances its operations through a mixture of bank borrowings (Group facility) and equity capital. Interest on borrowings is payable at between 3.03% and 4.25%. The company does not enter into any interest rate derivative transactions to manage interest rate risk.

GOING CONCERN

The Directors have reviewed the Financial Reporting Council's Guidance on the going concern basis of accounting and reporting on solvency and liquidity risks that was issued in April 2016 and current guidance.

When assessing the company's ability to continue trading as a going concern the directors have reviewed the cash flows of the company for the 12 months to 30 June 2024. The review has encapsulated cash flows and working capital requirements as known at the date of this report.

The Directors have reasonable expectations that the Company has adequate resources to continue its operational existence for the foreseeable future. Accordingly they continue to adopt a going concern basis of accounting in the preparing the Annual Report and Accounts.

STRATEGIC REPORT

Exemption has been taken from preparing the strategic report in accordance with section 414 of Companies Act 2006. The group strategic report has been included in the consolidated financial statements of the parent company Angela Mortimer Plc. The following elements have been included in the group strategic report which also relate to the undertakings included in the consolidation:

- Review of the development, performance of the group's business during the year including financial key

performance indicators;

- Review of the position of the group as at the year end;

- Principal risks and uncertainties faced;

- The group's supplier payment policy;

- Future developments of the group

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

W L Mortimer - Director

5 July 2022

REVENUE

-

595,058

Cost of sales

-

222,298

GROSS PROFIT

-

372,760

Administrative expenses

-

313,232

-

59,528

Other operating income

-

5,305

OPERATING PROFIT

5

-

64,833

Amounts written off investments

100,223

-

(LOSS)/PROFIT BEFORE TAXATION

(100,223

)

64,833

Tax on (loss)/profit

-

12,399

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(100,223

)

52,434

CURRENT ASSETS

Debtors

6

100

129,923

CREDITORS

Amounts falling due within one year

7

-

29,600

NET CURRENT ASSETS

100

100,323

TOTAL ASSETS LESS CURRENT
LIABILITIES

100

100,323

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

-

100,223

SHAREHOLDERS' FUNDS

100

100,323

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 5 July 2022 and were signed on its behalf by:

W L Mortimer - Director

K Vara - Director

1.	STATUTORY INFORMATION

Kam Vara Associates 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

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern

The Directors have reviewed the Financial Reporting Council's Guidance on the going concern basis of accounting and reporting on solvency and liquidity risks that was issued in April 2016 and current guidance.

When assessing the company's ability to continue trading as a going concern the directors have reviewed the cash flows of the company for the 12 months to 30 June 2024. The review has encapsulated cash flows and working capital requirements as known at the date of this report.

The Directors have reasonable expectations that the Company has adequate resources to continue its operational existence for the foreseeable future. Accordingly they continue to adopt a going concern basis of accounting in the preparing the Annual Report and Accounts.

Turnover

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

Turnover from temporary placements is recognised when the service is provided. Turnover from permanent placements, which is based on a percentage of the candidate's remuneration package, is recognised when the candidate commences employment.

Turnover is stated net of VAT and provisions are made for refunds that may be due on this turnover.

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.

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.

Financial instruments

The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses.

Government grants

Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure. This includes the Government Coronavirus Job Retention Scheme ('Furlough').

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

5.	OPERATING PROFIT

The operating profit is stated after charging:

2022

2021

£

Auditors remuneration

-

2,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Trade debtors

-

114,817

Amounts owed by group undertakings

-

15,106

Other debtors

100

-

100

129,923

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

Taxation and social security

-

12,399

Other creditors

-

17,201

-

29,600

8.	CONTINGENT LIABILITIES

The company is party to a cross guarantee and debenture to secure borrowings under the group's invoice discounting facility. The amount of borrowings under this facility at the year end was £1,120,761 (2021: £462,352) The company is also part of a VAT group. The amount of the group VAT liability at 30 June 2022 was £702,829 (2021: £1,016,930).

9.	RELATED PARTY DISCLOSURES

The balance of the intercompany account with AMP 75 Limited at the year end was an amount owed to Kam Vara Associates Ltd from AMP 75 Limited of £Nil (2021: £15,106). Kam Vara Associates Ltd is an 80% subsidiary of AMP 75 Limited.

10.	ULTIMATE CONTROLLING PARTY

In the opinion of the directors the company is controlled by W L Mortimer and A J Mortimer, who are the majority shareholders of the ultimate parent company, AMP 75 Limited.