KARBARON PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2018 |
KARBARON PROPERTIES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2018 |
KARBARON PROPERTIES LIMITED (REGISTERED NUMBER: 02825176) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
KARBARON PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2018 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
201 Haverstock Hill |
London |
NW3 4QG |
KARBARON PROPERTIES LIMITED (REGISTERED NUMBER: 02825176) |
BALANCE SHEET |
31 MARCH 2018 |
2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Investments | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
KARBARON PROPERTIES LIMITED (REGISTERED NUMBER: 02825176) |
BALANCE SHEET - continued |
31 MARCH 2018 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors on |
KARBARON PROPERTIES LIMITED (REGISTERED NUMBER: 02825176) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2018 |
1. | STATUTORY INFORMATION |
Karbaron Properties Limited is a |
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 |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax. |
Tangible fixed assets |
Land and buildings | - |
Land and buildings include the freehold properties carried at their revalued amounts. |
The freehold properties were revalued by the director on the open market basis. Any accumulated depreciation at |
the date of revaluation is eliminated against the gross carrying amount of the asset and the net amount is restated |
to the revalued amount of the asset. |
Any revaluation increase in the carrying amount of land and buildings after allowing for deferred tax is |
recognised in other comprehensive income and included in a revaluation reserve in equity. |
On disposal, the difference between the net disposal proceeds and the carrying amount of the item |
sold is recognised in profit or loss, and included in other operating income. |
The use of a policy of revaluation provides more relevant and reliable information about the value of the |
property owned by the company. The effects of the change in accounting policy on the financial statements are |
illustrated in note 5. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable and loans to related parties. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are |
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to |
be paid or received. |
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
though profit or loss. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an asset's carrying amount and the best estimate of the recoverable amount, which is an approximation of the |
amount that the Company would receive for the asset if it were to be sold at the reporting date. |
KARBARON PROPERTIES LIMITED (REGISTERED NUMBER: 02825176) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
£ |
COST OR VALUATION |
At 1 April 2017 |
Disposals | ( |
) |
At 31 March 2018 |
NET BOOK VALUE |
At 31 March 2018 |
At 31 March 2017 |
Cost or valuation at 31 March 2018 is represented by: |
Land and |
buildings |
£ |
Valuation in 2017 | 676,561 |
Cost | 733,438 |
1,409,999 |
The investment properties were valued on the open market basis on 31 March 2017 by Mr Monte Karbaron (Director) |
. |
KARBARON PROPERTIES LIMITED (REGISTERED NUMBER: 02825176) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2018 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
6. | CURRENT ASSET INVESTMENTS |
2018 | 2017 |
£ | £ |
Listed investments | 879,406 | 552,079 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Taxation and social security |
Other creditors |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2017 |
Realised gain or loss on revaluation reserve | (86,684 | ) |
Unrealised gain or loss on revaluation reserve |
32,346 |
At 31 March 2018 |