Company Registration No. 01145140 (England and Wales)
KUTZ UNIVAR LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
KUTZ UNIVAR LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2
KUTZ UNIVAR LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Current assets
Debtors
19,803
47,412
Cash at bank and in hand
24,541
17,194
44,344
64,606
Creditors: amounts falling due within one year
(18,421)
(31,975)
Total assets less current liabilities
25,923
32,631
Capital and reserves
Called up share capital
2
2
2
Profit and loss account
25,921
32,629
Shareholders' funds
25,923
32,631
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 6 September 2016
Mr S B Gathani
Director
Company Registration No. 01145140
KUTZ UNIVAR LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
1.2
Turnover
Turnover represents commissions receivable.
1.3
Revenue recognition
Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.
Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors.
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs.
1.4
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.5
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
2
Share capital
2016
2015
£
£
Allotted, called up and fully paid
2 ordinary shares of £1 each
2
2
3
Related party relationships and transactions
Other transactions
At the balance sheet date the company was owed £19,743
(2015: £
47,352
) by Oake & Company (General Merchants) Limited, a company in which the directors are also directors.
At the balance sheet date the company owed the directors
£7,247 (2015: £247). The loans are interest free and repayable upon demand.
At the balance sheet date the company owed £9,601 (2015: £29,705) to Kutz (Kenya) Limited, a company in which their directors are close family members of the directors.