KRK (UK) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC395312 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

KRK (UK) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Shaukat Ali

Muksood Salim

REGISTERED OFFICE:

4d Auchingramont Road

Hamilton

ML3 6JT

REGISTERED NUMBER:

SC395312 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

BANKERS:

Lloyds TSB

52-60 St. Vincent Street

Glasgow

G2 5TU

FIXED ASSETS

Intangible assets

4

17,349

18,370

Tangible assets

5

37,920

31,061

55,269

49,431

CURRENT ASSETS

Stocks

133,991

149,285

Debtors

6

116,971

102,188

Cash at bank and in hand

15,890

15,948

266,852

267,421

CREDITORS

Amounts falling due within one year

7

247,997

277,195

NET CURRENT ASSETS/(LIABILITIES)

18,855

(9,774

)

TOTAL ASSETS LESS CURRENT LIABILITIES

74,124

39,657

PROVISIONS FOR LIABILITIES

7,205

5,903

NET ASSETS

66,919

33,754

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

66,915

33,750

SHAREHOLDERS' FUNDS

66,919

33,754

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 11 December 2018 and were signed on its behalf by:

Shaukat Ali - Director

1.	STATUTORY INFORMATION

KRK (UK) Limited is a private company, limited by shares , registered in Scotland. The company's registered

number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Rendering of services

Turnover from the rendering of services, namely the provision of a general store, is recognised by reference to

the stage of completion of the service at the statement of financial position date.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets

have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any

affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the

carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised

immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate

of its recoverable amount, but not in excess of the amount that would have been determined had no impairment

loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the

income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured

initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective

interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in

liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans,

are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost

using the effective interest method.

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 statement of financial position date.

Deferred tax

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

statement of financial position 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.

Provision for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in

the current period, and which employees are entitled to carry forward and use within the next 12 months. The

provision is measured at the salary cost payable for the period of absence.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 5 ).

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

21,433

AMORTISATION

At 1 April 2017

3,063

Amortisation for year

1,021

At 31 March 2018

4,084

NET BOOK VALUE

At 31 March 2018

17,349

At 31 March 2017

18,370

5.	TANGIBLE FIXED ASSETS

Motor

Equipment

vehicles

Totals

£

£

£

COST

At 1 April 2017

104,565

17,323

121,888

Additions

19,499

-

19,499

At 31 March 2018

124,064

17,323

141,387

DEPRECIATION

At 1 April 2017

77,602

13,225

90,827

Charge for year

11,615

1,025

12,640

At 31 March 2018

89,217

14,250

103,467

NET BOOK VALUE

At 31 March 2018

34,847

3,073

37,920

At 31 March 2017

26,963

4,098

31,061

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Other debtors

101,248

94,024

Prepaid charges

15,723

8,164

116,971

102,188

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.18

31.3.17

£

£

Bank loans and overdrafts

497

11,059

Trade creditors

81,342

82,115

Corporation tax

10,418

648

PAYE and NIC

1,696

7,888

Other creditors

99,481

118,481

Directors' loan

35,697

35,696

Accrued charges

18,866

21,308

247,997

277,195

8.	RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £35,697 (2017 :

£35,696).