Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-152022-07-1522021-07-16falseNo description of principal activity2falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC428125 2021-07-16 2022-07-15 OC428125 2020-08-01 2021-07-15 OC428125 2022-07-15 OC428125 2021-07-15 OC428125 c:CurrentFinancialInstruments 2022-07-15 OC428125 c:CurrentFinancialInstruments 2021-07-15 OC428125 c:Non-currentFinancialInstruments 2022-07-15 OC428125 c:Non-currentFinancialInstruments 2021-07-15 OC428125 c:CurrentFinancialInstruments c:WithinOneYear 2022-07-15 OC428125 c:CurrentFinancialInstruments c:WithinOneYear 2021-07-15 OC428125 c:Non-currentFinancialInstruments c:AfterOneYear 2022-07-15 OC428125 c:Non-currentFinancialInstruments c:AfterOneYear 2021-07-15 OC428125 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-07-15 OC428125 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2021-07-15 OC428125 d:FRS102 2021-07-16 2022-07-15 OC428125 d:AuditExempt-NoAccountantsReport 2021-07-16 2022-07-15 OC428125 d:FullAccounts 2021-07-16 2022-07-15 OC428125 d:LimitedLiabilityPartnershipLLP 2021-07-16 2022-07-15 OC428125 d:PartnerLLP2 2021-07-16 2022-07-15 OC428125 c:OtherCapitalInstrumentsClassifiedAsEquity 2022-07-15 OC428125 c:OtherCapitalInstrumentsClassifiedAsEquity 2021-07-15 OC428125 c:FurtherSpecificReserve2ComponentTotalEquity 2022-07-15 OC428125 c:FurtherSpecificReserve2ComponentTotalEquity 2021-07-15 iso4217:GBP xbrli:pure

Registered number: OC428125









KRRISH ASSETS LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 15 JULY 2022

 
KRRISH ASSETS LLP
REGISTERED NUMBER: OC428125

BALANCE SHEET
AS AT 15 JULY 2022

2022
2021
Note
£
£

  

Current assets
  

Stocks
  
5,185,948
5,090,012

Debtors: amounts falling due within one year
 4 
349,356
97,640

Cash at bank and in hand
 5 
24,556
3,425

  
5,559,860
5,191,077

Creditors: Amounts Falling Due Within One Year
 6 
(316,714)
(5,264,644)

Net current assets/(liabilities)
  
 
 
5,243,146
 
 
(73,567)

Total assets less current liabilities
  
5,243,146
(73,567)

Creditors: amounts falling due after more than one year
  
(5,950,000)
-

  
(706,854)
(73,567)

  

Net liabilities
  
(706,854)
(73,567)


Represented by:
  

Loans and other debts due to members within one year
  

Members' other interests
  

Members' capital classified as equity
  
194,332
694,332

Other reserves classified as equity
  
(901,186)
(767,899)

  
 
(706,854)
 
(73,567)

  
(706,854)
(73,567)


Total members' interests
  

Members' other interests
  
(706,854)
(73,567)

  
(706,854)
(73,567)


Page 1

 
KRRISH ASSETS LLP
REGISTERED NUMBER: OC428125
    
BALANCE SHEET (CONTINUED)
AS AT 15 JULY 2022

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small LLPs regime.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the profit and loss account in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 14 August 2023.




Kartik Holdings Limited
Designated member

The notes on pages 4 to 7 form part of these financial statements.

Krrish Assets LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.

Page 2

 
KRRISH ASSETS LLP
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 15 JULY 2022





EQUITY
Members' other interests
Members' capital (classified as equity)
Other reserves
Total

£
£
£

Loss for the year available for discretionary division among members
 
-
(434,398)
(434,398)

Members' interests after profit for the year
364,831
(434,398)
(69,567)

Repayment of capital
(4,000)
-
(4,000)

Balance at 15 July 2021
694,332
(767,899)
(73,567)

Loss for the year available for discretionary division among members
 
-
(133,287)
(133,287)

Members' interests after profit for the year
694,332
(901,186)
(206,854)

Repayment of capital
(500,000)
-
(500,000)

Balance at 15 July 2022 
194,332
(901,186)
(706,854)

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

Page 3

 
KRRISH ASSETS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 15 JULY 2022

1.


General information

Krrish Assets LLP is a limited liability partnership registered in England and Wales, registration number OC428125. 

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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".

The following principal accounting policies have been applied:

 
2.2

Going concern

The LLP continues to adopt the going concern basis on the basis of the continued support of the members. The members note that the stock value remains at cost, but the realisable value is more than this.

 
2.3

Revenue

Revenue relates to rental income. This is recongised in the period to which it relates. 

 
2.4

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.

 
2.5

Borrowing costs

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

 
2.6

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense' in.

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense' where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

Page 4

 
KRRISH ASSETS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 15 JULY 2022

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.8

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.

 
2.9

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

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.



 
2.11

Financial instruments

The LLP only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of persons (including members with contracts of employment) employed during the year was as follows:


        2022
        2021
            No.
            No.







Members
2
2

Page 5

 
KRRISH ASSETS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 15 JULY 2022

4.


Debtors

2022
2021
£
£


Other debtors
349,355
97,640

349,355
97,640



5.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
24,556
3,425

24,556
3,425



6.


Creditors: Amounts falling due within one year

2022
2021
£
£

Other loans
-
4,325,720

Other creditors
314,764
938,924

Accruals and deferred income
1,950
-

316,714
5,264,644



7.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Other loans
5,950,001
-

5,950,001
-


Page 6

 
KRRISH ASSETS LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 15 JULY 2022

8.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Other loans
-
4,325,720


-
4,325,720

Amounts falling due 1-2 years

Other loans
5,950,000
-


5,950,000
-



5,950,000
4,325,720


 
Page 7