KRT Europe Limited - Period Ending 2016-06-30

Registration number: 07660119

KRT Europe Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 June 2016
 

TEAM Accountancy Solutions Limited
Endurance House Colmet Court Queensway South
Team Valley Trading Estate
Gateshead
Tyne And Wear
NE11 0EF

KRT Europe Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
KRT Europe Limited
for the Year Ended 30 June 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KRT Europe Limited for the year ended 30 June 2016 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants (CIMA) , we are subject to its ethical and other professional requirements which are detailed on their website at www.cimaglobal.com/ members/members-handbook.

This report is made solely to the Board of Directors of KRT Europe Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of KRT Europe Limited and state those matters that we have agreed to state to them, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KRT Europe Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that KRT Europe Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KRT Europe Limited. You consider that KRT Europe Limited 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 accounts of KRT Europe Limited. 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 accounts.

......................................

TEAM Accountancy Solutions Limited
Endurance House Colmet Court Queensway South
Team Valley Trading Estate
Gateshead
Tyne And Wear
NE11 0EF

30 March 2017

Page 1

KRT Europe Limited
(Registration number: 07660119)
Abbreviated Balance Sheet at 30 June 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					16,930			2,288
Current assets
Debtors					46,657			108,523
Cash at bank and in hand					18,339			19,009
					64,996			127,532
Creditors: Amounts falling due within one year					(78,163)			(126,773)
Net current (liabilities)/assets					(13,167)			759
Net assets					3,763			3,047
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					3,663			2,947
Shareholders' funds					3,763			3,047

For the year ending 30 June 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 30 March 2017

.........................................
Mr K Reah
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

KRT Europe Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Deferred government grants
 

Deferred government grants in respect of capital expenditure are treated as deferred income are credited to the profit and loss account over the estimated useful life of the assets to which they relate.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	15% reducing balance
Equipment	33% reducing balance

Foreign currency

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Page 3

KRT Europe Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 July 2015		5,204			5,204
Additions		20,020			20,020
At 30 June 2016		25,224			25,224
Depreciation
At 1 July 2015		2,916			2,916
Charge for the year		5,378			5,378
At 30 June 2016		8,294			8,294
Net book value
At 30 June 2016		16,930			16,930
At 30 June 2015		2,288			2,288

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary shares of £1 each		100			100			100			100

Page 4

KRT Europe Limited
Notes to the Abbreviated Accounts for the Year Ended 30 June 2016
......... continued

4	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr K Reah
Directors loan account	33,857	39,449	57,919	54,343

Page 5