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Registered number: 07547431
R3K1 LTD
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2017
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R3K1 LTD
REGISTERED NUMBER: 07547431
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Page 1
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R3K1 LTD
REGISTERED NUMBER: 07547431
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2017
The notes on pages 3 to 9 form part of these financial statements.
Page 2
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R3K1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
The principal activity of R3K1 Limited ('the company') is that of consultancy.
The company is a private company, limited by shares, registered in England and Wales.
The registered office address is 35 Ballards Lane, London, N3 1XW .
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The entity transitioned from previous UK GAAP to FRS 102 Section 1A as at 1 April 2015. The policies applied under the entity's previous accounting framework are not materially different to FRS 102 Section 1A and have not impacted on equity or profit or loss.
Total liabilities exceed current assets at the balance sheet date. The directors consider, however that the company has sufficient support from its creditors. Accordingly the directors consider that it is appropriate to prepare the accounts on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
Page 3
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R3K1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Page 4
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R3K1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
2.Accounting policies (continued)
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
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Staff costs were as follows:
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The average monthly number of employees, including directors, during the year was 3 (2016 - 3).
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Page 5
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R3K1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Charge for the year on owned assets
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Prepayments and accrued income
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Cash and cash equivalents
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Page 6
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R3K1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Related party transactions
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Included within other creditors is a balance of £12,704 (2016: £12,704) owed to Dr R Ramani, a director. This balance is unsecured and interest free, with no fixed repayment terms.
Also included within other creditors is a balance of £137,500 (2016: £Nil) owed to RK2AN Limited, a company in which Mr R Kotecha is also a director. This balance is unsecured and interest free, with no fixed repayment terms
Also included within other creditors is a balance of £140,000 (2016: £Nil) owed to R Sqrd Limited, a company in which Dr R Ramani is also a director. This balance is unsecured and interest free, with no fixed repayment term
IIncluded within other debtors is a balance of £1,000 (2016: £1,000) owed by Glamorous Length Limited, a company in which Mr R Kotecha is also directors. This balance is unsecured and interest free, with no fixed repayment terms.
Also included within other debtors is a balance of £7,400 (2016: £7,400) owed by Belle Hair & Beauty Limited, a company in which Mr R Kotecha and Dr R Ramani are also directors. This balance is unsecured and interest free, with no fixed repayment terms.
Also included within other debtors is a balance of £2,000 (2016: £5,500) owed by Stemology Healthcare Limited, a company in which Mr R Kotecha and Dr R Ramani are also directors. This balance is unsecured and interest free, with no fixed repayment terms.
Also included within other debtors is a balance of £238,731 (2016: £390,866) owed by MHS Learning Limited, a company in which Mr R Kotecha and Dr R Ramani are also directors. This balance is unsecured and interest free, with no fixed repayment terms.
Also included within other debtors is a balance of £5,866 (2016: £6,666) owed by SR2AN Limited, a company in which Mr R Kotecha and Dr R Ramani are also directors. This balance is unsecured and interest free, with no fixed repayment terms.
Also included within other debtors is a balance of £44,819 (2016: £44,819) owed to National Learning Academy Limited, a company in which Mr R Kotecha and Dr R Ramani are also directors. This balance is unsecured and interest free, with no fixed repayment terms.
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Page 7
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R3K1 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2017
No one person controls the company.
Page 8
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