Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-312023-03-312022-04-011falseNo description of principal activity1falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC366334 2022-04-01 2023-03-31 OC366334 2021-04-01 2022-03-31 OC366334 2023-03-31 OC366334 2022-03-31 OC366334 c:FreeholdInvestmentProperty 2022-04-01 2023-03-31 OC366334 c:FreeholdInvestmentProperty 2023-03-31 OC366334 c:FreeholdInvestmentProperty 2022-03-31 OC366334 c:CurrentFinancialInstruments 2023-03-31 OC366334 c:CurrentFinancialInstruments 2022-03-31 OC366334 c:Non-currentFinancialInstruments 2023-03-31 OC366334 c:Non-currentFinancialInstruments 2022-03-31 OC366334 c:CurrentFinancialInstruments c:WithinOneYear 2023-03-31 OC366334 c:CurrentFinancialInstruments c:WithinOneYear 2022-03-31 OC366334 c:Non-currentFinancialInstruments c:AfterOneYear 2023-03-31 OC366334 c:Non-currentFinancialInstruments c:AfterOneYear 2022-03-31 OC366334 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-03-31 OC366334 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2022-03-31 OC366334 d:FRS102 2022-04-01 2023-03-31 OC366334 d:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 OC366334 d:FullAccounts 2022-04-01 2023-03-31 OC366334 d:LimitedLiabilityPartnershipLLP 2022-04-01 2023-03-31 OC366334 d:PartnerLLP3 2022-04-01 2023-03-31 OC366334 c:FurtherSpecificReserve2ComponentTotalEquity 2023-03-31 OC366334 c:FurtherSpecificReserve2ComponentTotalEquity 2022-03-31 OC366334 c:FurtherSpecificReserve3ComponentTotalEquity 2023-03-31 OC366334 c:FurtherSpecificReserve3ComponentTotalEquity 2022-03-31 iso4217:GBP xbrli:pure

Registered number: OC366334









KORAX LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
KORAX LLP
REGISTERED NUMBER: OC366334

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,166,938
1,421,738

  
1,166,938
1,421,738

Current assets
  

Debtors: amounts falling due within one year
 5 
36,939
1,404,163

Cash at bank and in hand
 6 
105,152
213,438

  
142,091
1,617,601

Creditors: Amounts Falling Due Within One Year
 7 
(132,173)
(66,932)

Net current assets
  
 
 
9,918
 
 
1,550,669

Total assets less current liabilities
  
1,176,856
2,972,407

Creditors: amounts falling due after more than one year
 8 
(436,135)
(369,226)

  
740,721
2,603,181

  

Net assets
  
740,721
2,603,181


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
253,271
253,271

Other Amounts
  
(909,278)
943,522

  
(656,007)
1,196,793

Members' other interests
  

Other reserves classified as equity
  
1,396,728
1,406,388

  
 
1,396,728
 
1,406,388

  
740,721
2,603,181


Total members' interests
  

Loans and other debts due to members
 10 
(656,007)
1,196,793

Members' other interests
  
1,396,728
1,406,388

  
740,721
2,603,181


Page 1

 
KORAX LLP
REGISTERED NUMBER: OC366334
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023

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 statement of comprehensive income 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 by: 




J L Davies
Designated member

Date: 1 March 2024

The notes on pages 3 to 7 form part of these financial statements.

Korax 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

 
KORAX LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

Korax LLP is a limited liability partnership incorporated in England and Wales. The registered office is 133 Hammersmith Road, London, W14 0QL.
The financial statements are presented in Sterling, which is the functional currency of the limited liability partnership.

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

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

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.

 
2.4

Borrowing costs

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

Page 3

 
KORAX LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.7

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.

 
2.8

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.

 
2.9

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.


3.


Employees

The entity has no employees.



Page 4

 
KORAX LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 April 2022
1,421,738


Additions at cost
2,200


Disposals
(257,000)



At 31 March 2023
1,166,938

The 2023 valuations were made by the members, on an open market value for existing use basis.




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
303,749
386,557

303,749
386,557


5.


Debtors

2023
2022
£
£


Other debtors
36,939
1,403,545

Prepayments and accrued income
-
618

36,939
1,404,163



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
105,152
213,438

105,152
213,438


Page 5

 
KORAX LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
26,332
32,739

Trade creditors
11
11

Other creditors
54,630
32,982

Accruals and deferred income
51,200
1,200

132,173
66,932



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
436,135
369,226

436,135
369,226



9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
26,332
32,739


26,332
32,739

Amounts falling due 1-2 years

Bank loans
436,135
369,226


436,135
369,226



462,467
401,965


Page 6

 
KORAX LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Loans and other debts due to members


2023
2022
£
£



Members' capital treated as debt
253,271
253,271

Other amounts due to members
(909,278)
943,522

(656,007)
1,196,793

Loans and other debts due to members may be further analysed as follows:

2023
2022
£
£



Falling due within one year
(656,007)
1,196,793

(656,007)
1,196,793

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

 
Page 7