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REGISTERED NUMBER: SC328815 (Scotland)












Financial Statements

for the Year Ended 31 August 2023

for

Khanna Homes Ltd.

Khanna Homes Ltd. (Registered number: SC328815)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Khanna Homes Ltd.

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mr M Khanna





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC328815 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Khanna Homes Ltd. (Registered number: SC328815)

Statement of Financial Position
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,307 3,891
Investment property 5 1,205,000 944,062
1,208,307 947,953

CURRENT ASSETS
Debtors 6 1,527 2,296
Cash at bank 1,001 55,671
2,528 57,967
CREDITORS
Amounts falling due within one year 7 306,478 274,160
NET CURRENT LIABILITIES (303,950 ) (216,193 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

904,357

731,760

CREDITORS
Amounts falling due after more than one year 8 (493,648 ) (506,307 )

PROVISIONS FOR LIABILITIES (66,061 ) (973 )
NET ASSETS 344,648 224,480

CAPITAL AND RESERVES
Called up share capital 1,100 1,100
Other reserves 195,704 -
Retained earnings 147,844 223,380
SHAREHOLDERS' FUNDS 344,648 224,480

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Khanna Homes Ltd. (Registered number: SC328815)

Statement of Financial Position - continued
31 August 2023


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 director and authorised for issue on 16 December 2023 and were signed by:





Mr M Khanna - Director


Khanna Homes Ltd. (Registered number: SC328815)

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

1. STATUTORY INFORMATION

Khanna Homes Ltd. is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

Going concern
The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Khanna Homes Ltd. (Registered number: SC328815)

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

2. ACCOUNTING POLICIES - continued

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.

Turnover
Revenure represents the amounts received from the rental of housing properties, excluding value added tax.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 September 2022
and 31 August 2023 6,336
DEPRECIATION
At 1 September 2022 2,445
Charge for year 584
At 31 August 2023 3,029
NET BOOK VALUE
At 31 August 2023 3,307
At 31 August 2022 3,891

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 944,062
Revaluations 260,938
At 31 August 2023 1,205,000
NET BOOK VALUE
At 31 August 2023 1,205,000
At 31 August 2022 944,062

Khanna Homes Ltd. (Registered number: SC328815)

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

5. INVESTMENT PROPERTY - continued

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2023 260,938
Cost 944,062
1,205,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,527 2,296

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 15,700 18,740
Taxation and social security 20,182 19,275
Other creditors 270,596 236,145
306,478 274,160

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 493,648 506,307

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 430,848 431,348

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 509,348 525,047

Shawbrook bank holds a security charge over the assets of the company.

10. RELATED PARTY DISCLOSURES

There is a balance owed to the directors of £82,430 (2022 - £56,381) as at 31st August 2023. No interest was charged on this balance and there are no formal repayment terms.