KCR Associates Limited
Unaudited Financial Statements
For the year ended 31 January 2024
Pages for Filing with Registrar
Company Registration No. 09750801 (England and Wales)
KCR Associates Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KCR Associates Limited
Balance Sheet
As at 31 January 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,868
1,487
Current assets
Debtors
4
42,974
24,506
Cash at bank and in hand
7,896
42,974
32,402
Creditors: amounts falling due within one year
5
(22,676)
(17,171)
Net current assets
20,298
15,231
Total assets less current liabilities
22,166
16,718
Creditors: amounts falling due after more than one year
6
(13,056)
(15,505)
Net assets
9,110
1,213
Capital and reserves
Called up share capital
7
150
150
Profit and loss reserves
8,960
1,063
Total equity
9,110
1,213
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KCR Associates Limited
Balance Sheet (Continued)
As at 31 January 2024
Page 2
The financial statements were approved by the board of directors and authorised for issue on 28 October 2024 and are signed on its behalf by:
K Campion
Director
Company Registration No. 09750801
KCR Associates Limited
Notes to the Financial Statements
For the year ended 31 January 2024
Page 3
1
Accounting policies
Company information
KCR Associates Limited is a private company limited by shares incorporated and domiciled in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical convention.
1.2
Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have prepared detailed forecasts for the company's future cash requirements and are satisfied that the company has sufficient available cash to allow it to pay all its creditors as they fall due, for a period of at least twelve months from the date of approval of the financial statements. Thus the directors continue to adopt the going concern basis of accounting in preparing the accounts.
1.3
Turnover
Turnover represents amounts receivable for recruitment services net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computers
5 years straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company only has basic financial instruments measured at amortised cost, with no financial instruments classified as other or basic instruments measured at fair value.
KCR Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
1
Accounting policies
(Continued)
Page 4
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
KCR Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 5
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023
2,474
Additions
881
At 31 January 2024
3,355
Depreciation and impairment
At 1 February 2023
987
Depreciation charged in the year
500
At 31 January 2024
1,487
Carrying amount
At 31 January 2024
1,868
At 31 January 2023
1,487
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,410
Other debtors
42,974
20,096
42,974
24,506
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
11,068
2,449
Trade creditors
2,731
2,204
Corporation tax
6,830
7,885
Other taxation and social security
1,414
3,660
Accruals and deferred income
633
973
22,676
17,171
KCR Associates Limited
Notes to the Financial Statements (Continued)
For the year ended 31 January 2024
Page 6
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,056
15,505
7
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and not fully paid
150 ordinary shares of £1 each
150
150
150
150
8
Related party transactions
During the year, dividends of £20,100 (2023: £36,000) were paid to directors of the company.
During the year, total remuneration of £18,200 (2023: £18,200) was paid to the directors of the company.
As at the balance sheet date an amount of £42,493 (2023: £20,095) was owed by the directors to the company. This amount was repaid to the company within 9 months of the year end date.
9
Control
The ultimate controlling party is K Campion by virtue of his majority shareholding.