KRG Consultants Limited Company Accounts

KRG CONSULTANTS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05425981

KRG CONSULTANTS LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

30 April 2017

KRG CONSULTANTS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2017

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3 to 6

KRG CONSULTANTS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr K Tahir

Company secretary	L Hassan

Registered office	6th Floor
	50 Broadway
	London
	United Kingdom
	SW1H 0RG

KRG CONSULTANTS LIMITED

STATEMENT OF FINANCIAL POSITION

30 April 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	5		3,278		3,705

Current assets

Debtors	6	31,397	126,802
Cash at bank and in hand		501,442	339,301
		---------	---------
		532,839	466,103

Creditors: amounts falling due within one year	7	( 535,306)		( 468,997)
		---------		---------
Net current liabilities			( 2,467)		( 2,894)
			-------		-------
Total assets less current liabilities			811		811
			----		----

Capital and reserves

Called up share capital	2	2
Profit and loss account	809	809
	----	----
Members funds	811	811
	----	----

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 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 30 April 2017 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 his 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 30 January 2018 , and are signed on behalf of the board by:

Mr K Tahir
Director

Company registration number: 05425981

KRG CONSULTANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 30 APRIL 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6th Floor, 50 Broadway, London, United Kingdom, SW1H 0RG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 May 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 9 (2016: 10 ).

5. Tangible assets

	Equipment	Total
	£	£
Cost
At 1 May 2016	9,766	9,766
Additions	1,880	1,880
	--------	--------
At 30 April 2017	11,646	11,646
	--------	--------
Depreciation
At 1 May 2016	6,061	6,061
Charge for the year	2,307	2,307
	--------	--------
At 30 April 2017	8,368	8,368
	--------	--------
Carrying amount
At 30 April 2017	3,278	3,278
	--------	--------
At 30 April 2016	3,705	3,705
	--------	--------

6. Debtors

	2017	2016
	£	£
Other debtors	31,397	126,802
	--------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Social security and other taxes	15,398	7,682
Other creditors	519,908	461,315
	---------	---------
	535,306	468,997
	---------	---------

8. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	169,349	173,367
	---------	---------

9. Director's advances, credits and guarantees

During the year, the company provided accommodation to its Director for an amount of £40,200 (2016: £26,283).

10. Related party transactions

As at the year end, included in Other creditors, is an amount of £519,908 (2016: £418,918) due to the Kurdistan Regional Government which is interest free and unsecured. The Kurdistan Regional Government is related to the Company by virtue of being the company's primary funding source aiding the company's ability to continue as a going concern. During the year the Kurdistan Regional Government provided funding to the Company of which £698,502 has been written off to the Profit and Loss Account during the year as not repayable.

11. Controlling party

The company was under the control of it Director and in particular Mr K Tahir since his appointment.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 May 2015.

No transitional adjustments were required in equity or profit or loss for the year.