Registered number
04770465
Krishna Nair Associates Limited
Unaudited Filleted Accounts
31 May 2023
Krishna Nair Associates Limited
Registered number: 04770465
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 225 342
Current assets
Debtors 5 4,440 3,552
Cash at bank and in hand 214 22
4,654 3,574
Creditors: amounts falling due within one year 6 (9,886) (8,746)
Net current liabilities (5,232) (5,172)
Net liabilities (5,007) (4,830)
Capital and reserves
Called up share capital 2 2
Profit and loss account (5,009) (4,832)
Shareholders' funds (5,007) (4,830)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K Nair
Director
Approved by the board on 14 February 2024
Krishna Nair Associates Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Going Concern
The directors have assessed the company’s ability to continue as a going concern for a period of 12 months from the date of approval of the financial statements.The directors have confirmed that they will continue to give financial support to the company until such time as its position improves. The directors are not aware of any material uncertainties related to events or conditions which may cast significant doubt upon the entity’s ability to continue as a going concern.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 355
At 31 May 2023 355
Depreciation
At 1 June 2022 13
Charge for the year 117
At 31 May 2023 130
Net book value
At 31 May 2023 225
At 31 May 2022 342
5 Debtors 2023 2022
£ £
Trade debtors 980 -
S455 Tax 3,062 3,062
Other debtors 398 490
4,440 3,552
6 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 144 -
Director control account 9,142 8,146
Accruals 600 600
9,886 8,746
7 Other information
Krishna Nair Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
Woodlands
112 Manor Road North
Esher, Surrey
KT10 0AG
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