Registration number:
Komarock Limited
for the Year Ended 30 November 2022
Komarock Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Komarock Limited
Company Information
Directors |
Mr Satishchandra Khimasia Mr Ankeet Khimasia |
Company secretary |
Mrs Rakhsika Khimasia |
Registered office |
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Accountants |
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Komarock Limited
(Registration number: 07263489)
Balance Sheet as at 30 November 2022
Note |
2022 |
2021 |
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Fixed assets |
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Investment property |
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- |
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Current assets |
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Stocks |
- |
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Debtors |
- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Retained earnings |
( |
( |
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Shareholders' deficit |
( |
( |
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:
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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
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Komarock Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2022 |
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Additions |
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Transfers to and from stocks |
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At 30 November |
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Property has been transferred from stock and recognised as investment property based on its market value at the end of the period.
Stocks |
2022 |
2021 |
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Other inventories |
- |
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Debtors |
Current |
2022 |
2021 |
Other debtors |
- |
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Komarock Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
- |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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15,000 |
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15,000 |
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Other borrowings |
- |
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Komarock Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Related party transactions |
Transactions with directors |
2022 |
At 1 December 2021 |
Advances to director |
Repayments by director |
At 30 November 2022 |
Mr Ankeet Khimasia |
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Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand. |
( |
- |
( |
( |
Mrs Rakhsika Khimasia |
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Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand. |
( |
- |
- |
( |
Mr Satishchandra Khimasia |
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Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand. |
( |
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( |
( |
2021 |
At 1 December 2020 |
At 30 November 2021 |
Mr Ankeet Khimasia |
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Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand. |
( |
( |
Mrs Rakhsika Khimasia |
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Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand. |
( |
( |
Mr Satishchandra Khimasia |
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Loan payable by the Company to the Director. No interest was charged on the loan. The loan is repayable on demand. |
( |
( |
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 |
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Repaid |
( |
( |
At end of period |
- |
- |
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2021 |
Entities with joint control or significant influence |
Total |
At start of period |
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Advanced |
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At end of period |
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Terms of loans to related parties
Loans from related parties
2022 |
Entities with joint control or significant influence |
Other related parties |
Total |
At start of period |
- |
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Advanced |
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- |
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At end of period |
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2021 |
Other related parties |
Total |
At start of period |
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At end of period |
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Komarock Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022
Terms of loans from related parties
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)
Transition to FRS 102 |
There have been no reclassifications or remeasurements required in prior periods as a result of the transition from FRS105 to FRS102.