Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-01falseNo description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00555318 2022-04-01 2023-03-31 00555318 2021-04-01 2022-03-31 00555318 2023-03-31 00555318 2022-03-31 00555318 2021-04-01 00555318 5 2022-04-01 2023-03-31 00555318 5 2021-04-01 2022-03-31 00555318 d:Director1 2022-04-01 2023-03-31 00555318 e:FurnitureFittings 2022-04-01 2023-03-31 00555318 e:FurnitureFittings 2023-03-31 00555318 e:FurnitureFittings 2022-03-31 00555318 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2022-04-01 2023-03-31 00555318 e:FreeholdInvestmentProperty 2023-03-31 00555318 e:FreeholdInvestmentProperty 2022-03-31 00555318 e:CurrentFinancialInstruments 2023-03-31 00555318 e:CurrentFinancialInstruments 2022-03-31 00555318 e:Non-currentFinancialInstruments 2023-03-31 00555318 e:Non-currentFinancialInstruments 2022-03-31 00555318 e:CurrentFinancialInstruments e:WithinOneYear 2023-03-31 00555318 e:CurrentFinancialInstruments e:WithinOneYear 2022-03-31 00555318 e:Non-currentFinancialInstruments e:AfterOneYear 2023-03-31 00555318 e:Non-currentFinancialInstruments e:AfterOneYear 2022-03-31 00555318 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-03-31 00555318 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2022-03-31 00555318 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-03-31 00555318 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2022-03-31 00555318 e:ShareCapital 2022-04-01 2023-03-31 00555318 e:ShareCapital 2023-03-31 00555318 e:ShareCapital 2021-04-01 2022-03-31 00555318 e:ShareCapital 2022-03-31 00555318 e:ShareCapital 2021-04-01 00555318 e:SharePremium 2022-04-01 2023-03-31 00555318 e:SharePremium 2023-03-31 00555318 e:SharePremium 2021-04-01 2022-03-31 00555318 e:SharePremium 2022-03-31 00555318 e:SharePremium 2021-04-01 00555318 e:RevaluationReserve 2022-04-01 2023-03-31 00555318 e:RevaluationReserve 2023-03-31 00555318 e:RevaluationReserve 5 2022-04-01 2023-03-31 00555318 e:RevaluationReserve 2021-04-01 2022-03-31 00555318 e:RevaluationReserve 2022-03-31 00555318 e:RevaluationReserve 2021-04-01 00555318 e:RevaluationReserve 5 2021-04-01 2022-03-31 00555318 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 00555318 e:RetainedEarningsAccumulatedLosses 2023-03-31 00555318 e:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 00555318 e:RetainedEarningsAccumulatedLosses 2022-03-31 00555318 e:RetainedEarningsAccumulatedLosses 2021-04-01 00555318 d:FRS102 2022-04-01 2023-03-31 00555318 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 00555318 d:FullAccounts 2022-04-01 2023-03-31 00555318 d:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 00555318 2 2022-04-01 2023-03-31 00555318 5 2022-04-01 2023-03-31 00555318 6 2022-04-01 2023-03-31 00555318 e:AcceleratedTaxDepreciationDeferredTax 2023-03-31 00555318 e:AcceleratedTaxDepreciationDeferredTax 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 00555318










KARFAB PROPERTIES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
KARFAB PROPERTIES LIMITED
REGISTERED NUMBER: 00555318

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,019
4,025

Investments
 5 
1,838
1,838

Investment property
 6 
4,945,000
4,945,000

  
4,949,857
4,950,863

Current assets
  

Debtors: amounts falling due within one year
 7 
133,059
57,267

Cash at bank and in hand
  
61,855
48,827

  
194,914
106,094

Creditors: amounts falling due within one year
 8 
(138,693)
(111,165)

Net current assets/(liabilities)
  
 
 
56,221
 
 
(5,071)

Total assets less current liabilities
  
5,006,078
4,945,792

Creditors: amounts falling due after more than one year
 9 
(479,599)
(524,324)

Provisions for liabilities
  

Deferred tax
 11 
(573,286)
(735,404)

  
 
 
(573,286)
 
 
(735,404)

Net assets
  
3,953,193
3,686,064


Capital and reserves
  

Called up share capital 
  
20,000
20,000

Share premium account
 12 
59,195
59,195

Revaluation reserve
 12 
2,368,330
2,206,213

Profit and loss account
 12 
1,505,668
1,400,656

  
3,953,193
3,686,064


Page 1

 
KARFAB PROPERTIES LIMITED
REGISTERED NUMBER: 00555318
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




I Kon
Director

Date: 11 September 2023

The notes on pages 4 to 11 form part of these financial statements.

Page 2

 
KARFAB PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 April 2021
20,000
59,195
2,331,145
1,445,781
3,856,121


Comprehensive income for the year

Profit for the year
-
-
-
26,741
26,741

Deficit on revaluation of freehold property
-
-
(124,932)
-
(124,932)


Other comprehensive income for the year
-
-
(124,932)
-
(124,932)


Total comprehensive income for the year
-
-
(124,932)
26,741
(98,191)


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
(71,866)
(71,866)


Total transactions with owners
-
-
-
(71,866)
(71,866)



At 1 April 2022
20,000
59,195
2,206,213
1,400,656
3,686,064


Comprehensive income for the year

Profit for the year
-
-
-
105,012
105,012

Surplus on revaluation of freehold property
-
-
162,117
-
162,117


Other comprehensive income for the year
-
-
162,117
-
162,117


Total comprehensive income for the year
-
-
162,117
105,012
267,129


Total transactions with owners
-
-
-
-
-


At 31 March 2023
20,000
59,195
2,368,330
1,505,668
3,953,193


The notes on pages 4 to 11 form part of these financial statements.

Page 3

 
KARFAB PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Karfab Properties Limited is a private company limited by shares, incorporated in England, registered number 00555318. The registered office is situated at 6th Floor, 2 London Wall Place, London, EC2Y 5AU. The principal activity of the company continued to be renting and operating of real estate.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 
 
The financial statements are presented in sterling, the functional currency, rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
KARFAB PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25% Reducing Balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.5

Investment properties

Investment properties are carried at fair value determined annually by external valuers or by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss, net of relevant taxation.

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

Page 5

 
KARFAB PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.7

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.

  
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 Hours. cash equivalents are highly liquid investment that mature in no more than three months from the date of aquisition and that are readily covertible to known amounts of cash with insignificant risk of chnage in value. 

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

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 in the Statement of Comprehensive Income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and 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.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

Creditors

Short-term 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.

 
2.12

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
KARFAB PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

 
2.17

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 7

 
KARFAB PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2022
53,987



At 31 March 2023

53,987



Depreciation


At 1 April 2022
49,962


Charge for the year
1,006



At 31 March 2023

50,968



Net book value



At 31 March 2023
3,019



At 31 March 2022
4,025


5.


Fixed asset investments





Listed investments

£



Cost or valuation


At 1 April 2022
1,838



At 31 March 2023
1,838




Listed Investments
The market value of the listed investments at 31 March 2023 was £15,476 (2022: £12,916).

Page 8

 
KARFAB PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.


Investment properties


Freehold investment properties

£



Valuation


At 1 April 2022
4,945,000



At 31 March 2023
4,945,000

Investment properties are carried at fair value, determined annually by external valuers or by the directors, and derived from current market rents and investment peroperty yields for commparable real estate, adjusted if neessary for any differences in the nature, location or condition of the properties. No depreciation is provided. Changes in fair value are recognised in profit or loss, together with related deferred taxation.




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,003,383
2,003,383


7.


Debtors

2023
2022
£
£


Other debtors
125,303
42,246

Prepayments and accrued income
7,756
15,021

133,059
57,267


Page 9

 
KARFAB PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
47,295
45,816

Trade creditors
8,363
-

Corporation tax
24,823
6,514

Other taxation and social security
793
1,290

Other creditors
14,859
16,359

Accruals and deferred income
42,560
41,186

138,693
111,165



9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
479,599
524,324


The bank loans are secured by the company.  


10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
47,295
45,816

Amounts falling due 2-5 years

Bank loans
99,947
147,613

Amounts falling due after more than 5 years

Bank loans
379,652
376,711

526,894
570,140


Page 10

 
KARFAB PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

11.


Deferred taxation




2023


£






At beginning of year
(735,404)


Charged to profit or loss
162,117



At end of year
(573,287)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation
(573,287)
(735,404)


12.


Reserves

Revaluation reserve

This reserve contains all fair value revaluation adjustments to investment properties. 


13.


Related party transactions

Following advances of £88,892 and repayments of £47 in the year, at 31 March 2023, an amount of £90,579 (2022: £1,734) was owed by the estate of Michael Fabian. This loan is unsecured, interest free and repayable on demand.

 
Page 11