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REGISTERED NUMBER: 05112316 (England and Wales)

















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

KERAI PROPERTY INVESTMENTS LIMITED

KERAI PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 05112316)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


KERAI PROPERTY INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr R B Kerai
Mr. R M Pindoria



SECRETARY: Mr R B Kerai



REGISTERED OFFICE: 505 Pinner Road
Harrow
Middlesex
HA2 6EH



REGISTERED NUMBER: 05112316 (England and Wales)



ACCOUNTANTS: STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH



BANKERS: National Westminister Bank plc
567 Kingsbury Road
London
NW9 9EP



SOLICITORS: Percy Short & Cuthbert
Solicitors
Second Floor
402 Holloway Road
London
N7 6PZ

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
KERAI PROPERTY INVESTMENTS LIMITED


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kerai Property Investments Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Kerai Property Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kerai Property Investments Limited and state those matters that we have agreed to state to the Board of Directors of Kerai Property Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kerai Property Investments Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Kerai Property Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kerai Property Investments Limited. You consider that Kerai Property Investments 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 financial statements of Kerai Property Investments 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 financial statements.






STGCA LLP t/a Sterling
Chartered Accountants
505 Pinner Road
Harrow
Middlesex
HA2 6EH


5 October 2023

KERAI PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 05112316)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,744,990 6,705,000

CURRENT ASSETS
Debtors 5 541,089 190,252
Cash at bank 39,723 89,080
580,812 279,332
CREDITORS
Amounts falling due within one year 6 60,281 40,883
NET CURRENT ASSETS 520,531 238,449
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,265,521

6,943,449

CREDITORS
Amounts falling due after more than one year 7 (3,454,921 ) (3,272,891 )

PROVISIONS FOR LIABILITIES 10 (288,502 ) (225,299 )
NET ASSETS 3,522,098 3,445,259

CAPITAL AND RESERVES
Called up share capital 11 100,000 100,000
Retained earnings 12 3,422,098 3,345,259
SHAREHOLDERS' FUNDS 3,522,098 3,445,259

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

KERAI PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 05112316)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 5 October 2023 and were signed on its behalf by:





Mr R B Kerai - Director


KERAI PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 05112316)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Kerai Property Investments Limited is a private company, limited by shares , registered in England and Wales. The 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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue recognition
Revenue from commercial and residential property is recognised on a rent receivable basis to the balance sheet date.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost.

Subsequent to initial recognition:

investment properties whose fair value can be measured reliably without undue cost or effort are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise.

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.

KERAI PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 05112316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Interest receivable and interest payable
Interest receivable and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - NIL ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 6,705,000
Additions 39,990
At 31 March 2023 6,744,990
NET BOOK VALUE
At 31 March 2023 6,744,990
At 31 March 2022 6,705,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2009 103,551
Valuation in 2011 345,000
Valuation in 2012 83,419
Valuation in 2014 290,000
Valuation in 2015 231,119
Valuation in 2016 255,167
Valuation in 2017 350,000
Valuation in 2018 (461,632 )
Valuation in 2021 899,716
Valuation in 2022 433,150
Cost 4,215,500
6,744,990

The valuations for the investment properties for the year ending 31 March 2023 were updated by the directors based on advice from their property agent and their knowledge of the local property and rental markets.

KERAI PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 05112316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by connected company 530,000 180,000
Other debtors 11,089 10,252
541,089 190,252

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 9,932 10,648
Amounts owed to connected company 13,500 -
Tax 32,849 26,235
Accrued expenses 4,000 4,000
60,281 40,883

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 1,944,158 2,037,975
Other loans (see note 8) 1,510,763 1,234,916
3,454,921 3,272,891

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,920,884 2,005,732

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,932 10,648

Amounts falling due between one and two years:
Bank loans - 1-2 years 10,183 10,648

KERAI PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 05112316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


8. LOANS - continued
2023 2022
£    £   
Amounts falling due between two and five years:
Bank loans - 2-5 years 13,091 21,595
Other loans 1,510,763 1,234,916
1,523,854 1,256,511

Amounts falling due in more than five years:
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,920,884 2,005,732

The company had an agreement with National Westminster Bank plc related to bounce back loan of £50,000. The loan term is 5 years. The interest rate is fixed at 2.5 per cent per annum. The loan is 100% guaranteed by HM Government and 12 months of interest paid by HM Government.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,005,732 2,005,732

The bank loans are secured by a fixed charge over the buy to let properties. The loans are repayable between 15 to 18 years from the year end and are subject to interest rate ranging from 0.39% to 2.95% per annum above the Bank Base Rate.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 288,502 225,299

Deferred
tax
£   
Balance at 1 April 2022 225,299
Provided during year 63,203
Movement
Balance at 31 March 2023 288,502

KERAI PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 05112316)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

12. RESERVES
Retained
earnings
£   

At 1 April 2022 3,345,259
Profit for the year 76,839
At 31 March 2023 3,422,098

Retained earnings is made of undistributable profit and loss reserves of £2,021,315 (2022: £2,084,518).

13. RELATED PARTY DISCLOSURES

During the year, the company paid rent of £3,500 (2022: £1,000) to Regal Asset Managers Ltd. for the use of the premises owned by Regal Asset Managers Ltd.

At the year end, the company owed £13,500 (2022: £NIL) to Regal Health and Wellbeing Ltd, a company in which Mr R B Kerai has a beneficial interest. The amount owed is payable on demand.

At the year end, the company is owed £530,000 (2022: £180,000) by Residential Properties Funds Limited, a company in which Mr R B Kerai has a beneficial interest. The amount is receivable on demand.

At the year end, the company owed £1,510,763 (2022: £1,234,916) to the director, Mr R B Kerai.