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Registration number: 07263489

Komarock Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2022

 

Komarock Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Komarock Limited

Company Information

Directors

Mr Satishchandra Khimasia

Mr Ankeet Khimasia

Company secretary

Mrs Rakhsika Khimasia

Registered office

3 Hampstead Heights
London
N2 0PX

Accountants

Charter Tax Consulting Limited
8th Floor
1 Southampton Street
London
WC2R 0LR

 

Komarock Limited

(Registration number: 07263489)
Balance Sheet as at 30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Investment property

4

1,256,366

-

Current assets

 

Stocks

5

-

689,724

Debtors

6

-

190,000

Cash at bank and in hand

 

2,761,689

613,109

 

2,761,689

1,492,833

Creditors: Amounts falling due within one year

7

(4,064,421)

(3,790)

Net current (liabilities)/assets

 

(1,302,732)

1,489,043

Total assets less current liabilities

 

(46,366)

1,489,043

Creditors: Amounts falling due after more than one year

7

-

(1,568,169)

Net liabilities

 

(46,366)

(79,126)

Capital and reserves

 

Called up share capital

8

15,000

15,000

Share premium reserve

35,000

35,000

Retained earnings

(96,366)

(129,126)

Shareholders' deficit

 

(46,366)

(79,126)

For the financial year ending 30 November 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Komarock Limited

(Registration number: 07263489)
Balance Sheet as at 30 November 2022

Approved and authorised by the Board on 20 November 2023 and signed on its behalf by:
 


Mr Satishchandra Khimasia
Director

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Hampstead Heights
London
N2 0PX
England

These financial statements were authorised for issue by the Board on 20 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared and presented in UK Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of rental services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

4

Investment properties

2022
£

Additions

546,366

Transfers to and from stocks

710,000

At 30 November

1,256,366


Property has been transferred from stock and recognised as investment property based on its market value at the end of the period.

5

Stocks

2022
£

2021
£

Other inventories

-

689,724

6

Debtors

Current

2022
£

2021
£

Other debtors

-

190,000

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

7

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Accruals and deferred income

5,370

2,880

Other creditors

4,059,051

910

4,064,421

3,790

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

-

1,568,169

8

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Shares of £1 each

15,000

15,000

15,000

15,000

         

9

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

-

1,568,169

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

10

Related party transactions

Transactions with directors

2022

At 1 December 2021
£

Advances to director
£

Repayments by director
£

At 30 November 2022
£

Mr Ankeet Khimasia

Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand.

(1,304)

-

(75,000)

(76,304)

         
       

Mrs Rakhsika Khimasia

Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand.

(910)

-

-

(910)

         
       

Mr Satishchandra Khimasia

Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand.

(66,866)

20,029

(225,000)

(271,837)

         
       

 

2021

At 1 December 2020
£

At 30 November 2021
£

Mr Ankeet Khimasia

Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand.

(1,304)

(1,304)

     
   

Mrs Rakhsika Khimasia

Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand.

(910)

(910)

     
   

Mr Satishchandra Khimasia

Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand.

(66,866)

(66,866)

     
   

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

 

Loans to related parties

2022

Entities with joint control or significant influence
£

Total
£

At start of period

190,000

190,000

Repaid

(190,000)

(190,000)

At end of period

-

-

2021

Entities with joint control or significant influence
£

Total
£

At start of period

170,000

170,000

Advanced

20,000

20,000

At end of period

190,000

190,000

Terms of loans to related parties

A loan was made to a company under common control. No interest was charged on the loan. The balance of the loan was repayable on demand.
 

Loans from related parties

2022

Entities with joint control or significant influence
£

Other related parties
£

Total
£

At start of period

-

1,500,000

1,500,000

Advanced

2,210,000

-

2,210,000

At end of period

2,210,000

1,500,000

3,710,000

2021

Other related parties
£

Total
£

At start of period

1,500,000

1,500,000

At end of period

1,500,000

1,500,000

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Terms of loans from related parties

The Company received a loan from a company under common control. No interest was charged on the loan. The balance of the loan is repayable on demand. (Balance at 30 November 2022: £2,210,000)
 
A loan payable by the company to a close family member of the Directors. No interest was charged on the loan. The loan is repayable in March 2023. (Balance at 30 November 2022: £1,500,000)

11

Transition to FRS 102

The Directors have taken the decision to prepare the Company's financial statements under FRS102 in the current period as opposed to FRS105 used in prior periods.

There have been no reclassifications or remeasurements required in prior periods as a result of the transition from FRS105 to FRS102.