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REGISTERED NUMBER: 11365171 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 May 2023

for

Khal Limited

Khal Limited (Registered number: 11365171)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Khal Limited

Company Information
for the Year Ended 31 May 2023







DIRECTORS: Mrs N Virdi
J S Virdi





REGISTERED OFFICE: 313 Cranbrook Road
Ilford
Essex
IG1 4UD





REGISTERED NUMBER: 11365171 (England and Wales)





ACCOUNTANTS: Prestons
Chartered Accountants
364-368 Cranbrook Road
Gants Hill
Ilford
Essex
IG2 6HY

Khal Limited (Registered number: 11365171)

Balance Sheet
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 49,397 3,784
Investment property 5 579,620 579,620
629,017 583,404

CURRENT ASSETS
Debtors 6 2,246 1,950
Cash at bank 10,792 7,915
13,038 9,865
CREDITORS
Amounts falling due within one year 7 177,089 113,503
NET CURRENT LIABILITIES (164,051 ) (103,638 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

464,966

479,766

CREDITORS
Amounts falling due after more than one
year

8

336,320

336,320
NET ASSETS 128,646 143,446

Khal Limited (Registered number: 11365171)

Balance Sheet - continued
31 May 2023

31.5.23 31.5.22
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 128,644 143,444
128,646 143,446

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

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

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 6 November 2023 and were signed on its behalf by:





J S Virdi - Director


Khal Limited (Registered number: 11365171)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Khal 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets 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.
Depreciation is charged so as to allocate the costs of assets less their residual value over their estimated useful lives, using reducing balance method, as indicated below.
Depreciation is provided on the following basis:

Plant and Machinery - 33%

Furniture and fittings - 33%

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.

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.


Khal Limited (Registered number: 11365171)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022 9,911
Additions 62,034
At 31 May 2023 71,945
DEPRECIATION
At 1 June 2022 6,127
Charge for year 16,421
At 31 May 2023 22,548
NET BOOK VALUE
At 31 May 2023 49,397
At 31 May 2022 3,784

Khal Limited (Registered number: 11365171)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022
and 31 May 2023 579,620
NET BOOK VALUE
At 31 May 2023 579,620
At 31 May 2022 579,620

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Other debtors 2,246 1,950

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.23 31.5.22
£    £   
Bank loans and overdrafts 669 -
Other creditors 176,420 113,503
177,089 113,503

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.23 31.5.22
£    £   
Bank loans 336,320 336,320

Khal Limited (Registered number: 11365171)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022:

31.5.23 31.5.22
£    £   
J S Virdi
Balance outstanding at start of year (110,102 ) (180,805 )
Amounts advanced 2,000 101,500
Amounts repaid (64,257 ) (30,797 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (172,359 ) (110,102 )