Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-312022-07-31false2021-08-01No description of principal activity22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09701312 2021-08-01 2022-07-31 09701312 2020-08-01 2021-07-31 09701312 2022-07-31 09701312 2021-07-31 09701312 c:Director3 2021-08-01 2022-07-31 09701312 d:LeaseholdInvestmentProperty 2021-08-01 2022-07-31 09701312 d:LeaseholdInvestmentProperty 2022-07-31 09701312 d:LeaseholdInvestmentProperty 2021-07-31 09701312 d:LeaseholdInvestmentProperty 2 2021-08-01 2022-07-31 09701312 d:CurrentFinancialInstruments 2022-07-31 09701312 d:CurrentFinancialInstruments 2021-07-31 09701312 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 09701312 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-31 09701312 d:ShareCapital 2022-07-31 09701312 d:ShareCapital 2021-07-31 09701312 d:OtherMiscellaneousReserve 2022-07-31 09701312 d:OtherMiscellaneousReserve 2021-07-31 09701312 d:RetainedEarningsAccumulatedLosses 2022-07-31 09701312 d:RetainedEarningsAccumulatedLosses 2021-07-31 09701312 c:FRS102 2021-08-01 2022-07-31 09701312 c:AuditExempt-NoAccountantsReport 2021-08-01 2022-07-31 09701312 c:FullAccounts 2021-08-01 2022-07-31 09701312 c:PrivateLimitedCompanyLtd 2021-08-01 2022-07-31 09701312 d:OtherDeferredTax 2022-07-31 09701312 d:OtherDeferredTax 2021-07-31 iso4217:GBP xbrli:pure

Registered number: 09701312









KORASSETS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2022

 
KORASSETS LIMITED
REGISTERED NUMBER: 09701312

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2022

2022
2021
Note
£
£

Fixed assets
  

Investment property
 4 
32,131,258
37,489,640

  
32,131,258
37,489,640

Current assets
  

Cash at bank and in hand
 5 
404,181
106,675

  
404,181
106,675

Creditors: amounts falling due within one year
 6 
(32,561,079)
(31,105,843)

Net current liabilities
  
 
 
(32,156,898)
 
 
(30,999,168)

Total assets less current liabilities
  
(25,640)
6,490,472

Provisions for liabilities
  

Deferred tax
 7 
-
(1,238,088)

  
 
 
-
 
 
(1,238,088)

Net (liabilities)/assets
  
(25,640)
5,252,384


Capital and reserves
  

Called up share capital 
  
101
101

Other reserves
  
-
5,278,165

Profit and loss account
  
(25,741)
(25,882)

  
(25,640)
5,252,384


Page 1

 
KORASSETS LIMITED
REGISTERED NUMBER: 09701312
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2022

The directors consider 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 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 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: 




George Norman
Director

Date: 10 October 2023

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
KORASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

1.


General information

Korassets Limited is a private company limited by shares incorporated in England & Wales (registered number: 09701312). The registered office is 101 New Cavendish Street, First Floor South, London, W1W 6XH. 
The financial statements are presented in Sterling, which is the functional currency of the company.

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. Information on the impact of first-time adoption of FRS 102 is given in note 10.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the directors and shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements.
As at 31 July 2022, the company had net liabilities of £25,640. The directors and shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence, and on this basis the directors considers it appropriate to prepare the financial statements on the going concern basis.
The financial statements do not reflect any adjustments that would result from a withdrawal of inancial support by the directors and shareholders.

 
2.3

Investment property

Investment property is carried at fair value determined annually 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.

 
2.4

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.

 
2.5

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.

Page 3

 
KORASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

2.Accounting policies (continued)

 
2.6

Borrowing costs

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

 
2.7

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.

 
2.8

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2021 - 2).

Page 4

 
KORASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 August 2021
37,489,640


Additions at cost
1,157,872


Surplus on revaluation
(6,516,254)



At 31 July 2022
32,131,258





The fair values of the investment properties at 31 July 2022 have been arrived at on the basis of a valuation carried out at that date by the beneficial owners. The beneficial owners of the Company are not professionally qualified valuers. The valuation, which differs from the valuation at the previous reporting period, was arrived at by reference to market evidence. 



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

2022
2021
£
£


Historic cost
32,131,258
30,973,386

32,131,258
30,973,386


5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
404,181
106,675

Less: bank overdrafts
(1,247,247)
(584,004)

(843,066)
(477,329)


Page 5

 
KORASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2022

6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
1,247,247
584,004

Bank loans
13,011,225
15,469,902

Other creditors
18,297,607
15,046,937

Accruals and deferred income
5,000
5,000

32,561,079
31,105,843


Secured loans
The bank loan of £13,011,225 (2021: £15,469,902) is secured by way of a fixed charge over the assets of the Company.


7.


Deferred taxation




2022


£






At beginning of year
(1,238,088)


Charged to profit or loss
1,238,088



At end of year
-

The deferred taxation balance is made up as follows:

2022
2021
£
£


Fair value surplus of investment property
-
(1,238,088)

-
(1,238,088)

 
Page 6