Koru Solutions Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03105820 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2017

for

Koru Solutions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P G Taylor

SECRETARY:

A H & Co Ltd

REGISTERED OFFICE:

45 Necton Road

Wheathampstead

Hertfordshire

AL4 8AT

REGISTERED NUMBER:

03105820 (England and Wales)

ACCOUNTANTS:

A H & Co Ltd

Chartered Accountants

6 Logie Mill

Edinburgh

Lothian

EH7 4HG

BANKERS:

National Westminster Bank plc

169 Victoria Street

London

SW1E 5BT

FIXED ASSETS

Tangible assets

4

2,334

2,185

CURRENT ASSETS

Debtors

5

6,185

401

Cash at bank

19,038

3,369

25,223

3,770

CREDITORS

Amounts falling due within one year

6

94,919

34,586

NET CURRENT LIABILITIES

(69,696

)

(30,816

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(67,362

)

(28,631

)

PROVISIONS FOR LIABILITIES

7

-

437

NET LIABILITIES

(67,362

)

(29,068

)

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

(68,362

)

(30,068

)

SHAREHOLDERS' FUNDS

(67,362

)

(29,068

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 26 June 2018 and were signed by:

P G Taylor - Director

1.	STATUTORY INFORMATION

Koru Solutions 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of 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.

The financial statements have been prepared on a going concern basis, the acceptability of which is dependant on

the continued support of the director.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are

considered to have been transferred to the buyer. Turnover from the supply of services represents the value of

services provided under contracts to the extent that there is a right to consideration and is recorded at the fair

value of the consideration received or receivable. Where a contract has only been partially completed at the

balance sheet date turnover represents the fair value of the service provided based on the stage of completion of

the contract activity at the balance sheet date. Where payments are received from customers in advance of

services provided, the amounts are recorded as deferred income and included as part of creditors due within one

year.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is

provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of

each asset on a straight-line basis over its expected useful life, as follows:

Fixtures and Fittings- 20% per annum

Computer Equipment- 20 % per annum

Residual value represents the estimated amount which would currently be obtained from disposal of an asset,

after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at

the end of its useful life.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial

instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured

at their settlement value.

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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a

small company.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past

event, it is probable that the company will be required to settle that obligation and a reliable estimate can be

made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present

obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 October 2016

306

2,425

2,731

Additions

-

870

870

At 30 September 2017

306

3,295

3,601

DEPRECIATION

At 1 October 2016

61

485

546

Charge for year

62

659

721

At 30 September 2017

123

1,144

1,267

NET BOOK VALUE

At 30 September 2017

183

2,151

2,334

At 30 September 2016

245

1,940

2,185

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Other debtors

6,185

401

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Taxation and social security

1,809

-

Other creditors

93,110

34,586

94,919

34,586

7.	PROVISIONS FOR LIABILITIES

30.9.16

£

Deferred Tax Provision

437

Deferred

tax

£

Balance at 1 October 2016

437

Provided during year

(6,622

)

Deferred Tax

Balance at 30 September 2017

(6,185

)

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.17

30.9.16

value:

£

£

1,000

Ordinary

£1

1,000

1,000

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

As at 30 September 2017, the company owed P G Taylor, director, £82,610 (2016: £34,035).

10.	RELATED PARTY DISCLOSURES

There were no related party transactions in the year (2016: none).

11.	ULTIMATE CONTROLLING PARTY

The controlling party is P G Taylor.

12.	FIRST YEAR ADOPTION

Transitional relief

These are the first financial statements that comply with FRS 102 (Section 1A). The company transitioned to

FRS 102 (Section 1A) on 1 October 2015.