Kashflow Limited - Period Ending 2017-12-31
Kashflow Limited - Period Ending 2017-12-31
Registration number:
Kashflow Limited
for the Year Ended 31 December 2017
Chartered Certified Accountants
1 Forum House
Empire Way
Wembley
HA9 0AB
Kashflow Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
Kashflow Limited
Company Information
Directors |
Mr Gyan Bahadur Sherchan Mr Nar Bahadur Bura Mr Jit Bahadur Sherchan Mr Kul Bahadur Budha Magar Mr Shukra Shrestha |
Company secretary |
Mr Gyan Bahadur Sherchan |
Registered office |
|
Accountants |
|
Page 1 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kashflow Limited
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kashflow Limited for the year ended 31 December 2017 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
This report is made solely to the Board of Directors of Kashflow 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 Kashflow Limited and state those matters that we have agreed to state to the Board of Directors of Kashflow Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kashflow Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Kashflow 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 Kashflow Limited. You consider that Kashflow 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 Kashflow 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.
......................................
Chartered Certified Accountants
Empire Way
Wembley
HA9 0AB
Page 2 |
Kashflow Limited
(Registration number: 06274565)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
|
Fixed assets |
|||
Intangible assets |
|
|
|
Tangible assets |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
( |
|
Total equity |
|
( |
For the financial year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 3 |
Kashflow Limited
(Registration number: 06274565)
Balance Sheet as at 31 December 2017
Approved and authorised by the
.........................................
Director
Page 4 |
Kashflow Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 taxable income.
Page 5 |
Kashflow Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures, Fittings and Equipment |
20 % Straight Line |
Motor Vehicle |
20% Straight Line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Franchise Fee |
10 Years |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 6 |
Kashflow Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
Kashflow Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 January 2017 |
|
|
At 31 December 2017 |
|
|
Amortisation |
||
At 1 January 2017 |
|
|
Amortisation charge |
|
|
At 31 December 2017 |
|
|
Carrying amount |
||
At 31 December 2017 |
|
|
At 31 December 2016 |
|
|
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
Cost or valuation |
||||
At 1 January 2017 |
|
|
|
|
Additions |
- |
|
- |
|
At 31 December 2017 |
|
|
|
|
Depreciation |
||||
At 1 January 2017 |
|
|
|
|
Charge for the year |
- |
|
|
|
At 31 December 2017 |
|
|
|
|
Carrying amount |
||||
At 31 December 2017 |
- |
|
|
|
At 31 December 2016 |
- |
|
|
|
Stocks |
2017 |
2016 |
|
Stock |
|
|
Page 8 |
Kashflow Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Debtors |
2017 |
2016 |
|
Other debtors |
|
|
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2017 |
2016 |
|
Due within one year |
|||
Bank loans and overdrafts and leases |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Director's loan |
1,951 |
1,950 |
|
Corporation tax |
5,700 |
- |
|
|
|
Creditors: amounts falling due after more than one year
Note |
2017 |
2016 |
|
Due after one year |
|||
Loans and borrowings |
|
|
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Page 9 |
Kashflow Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Loans and borrowings |
2017 |
2016 |
|
Non-current loans and borrowings |
||
Finance lease liabilities |
|
|
2017 |
2016 |
|
Current loans and borrowings |
||
Finance lease liabilities |
|
|
Page 10 |