NKANA INVESTMENTS LIMITED |
Registered number: |
07190643 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,716,616 |
|
|
1,916,616 |
Investments |
4 |
|
|
60 |
|
|
60 |
|
|
|
|
1,716,676 |
|
|
1,916,676 |
|
Current assets |
Debtors |
5 |
|
438,519 |
|
|
432,435 |
Cash at bank and in hand |
|
|
53,947 |
|
|
61,619 |
|
|
|
492,466 |
|
|
494,054 |
|
Creditors: amounts falling due within one year |
6 |
|
(27,818) |
|
|
(48,366) |
|
Net current assets |
|
|
|
464,648 |
|
|
445,688 |
|
Total assets less current liabilities |
|
|
|
2,181,324 |
|
|
2,362,364 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(1,241,427) |
|
|
(1,246,427) |
|
Provisions for liabilities |
|
|
|
(173,590) |
|
|
(213,590) |
|
|
Net assets |
|
|
|
766,307 |
|
|
902,347 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
1 |
|
|
1 |
Revaluation reserve |
8 |
|
|
867,948 |
|
|
1,067,948 |
Profit and loss account |
|
|
|
(101,642) |
|
|
(165,602) |
|
Shareholder's funds |
|
|
|
766,307 |
|
|
902,347 |
|
|
|
|
|
|
|
|
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The member has not required the company to obtain an audit in accordance with section 476 of the Act. |
The director acknowledges his 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. |
|
|
|
|
S V Devalia |
Director |
Approved by the board on 27 March 2024 |
|
NKANA INVESTMENTS LIMITED |
Notes to the Accounts |
for the year ended 31 March 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: |
|
|
Freehold buildings |
Not depreciated |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
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. |
|
|
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. |
|
Investment property |
|
Investment properties are those which are held either to earn rental income or for capital appreciation or for both. Investment properties are measured at cost, including related transaction costs. After initial recognition at cost, investment properties are carried at their fair values based on market value determined by Directors annually and by professional independent valuers every three years. The difference between the fair value of an investment at the reporting date and its carrying amount prior to re-measurement is included in the income statement as a valuation surplus or deficit. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
1 |
|
1 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 April 2022 |
1,916,616 |
|
Surplus on revaluation |
(200,000) |
|
At 31 March 2023 |
1,716,616 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 31 March 2023 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
1,716,616 |
|
At 31 March 2022 |
1,916,616 |
|
The investment property has been revalued as at 18 December 2023 by the managing agents Properties Actually Limited, 113 Shirland Road, Maida Vale, London W9 2EW at the lower of market value and net realisable value. |
|
|
4 |
Investments |
Investments in |
subsidiary |
undertakings |
£ |
|
Cost |
|
At 1 April 2022 |
60 |
|
|
At 31 March 2023 |
60 |
|
|
5 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
437,295 |
|
431,295 |
|
Other debtors |
1,224 |
|
1,140 |
|
|
|
|
|
|
438,519 |
|
432,435 |
|
|
|
|
|
|
|
|
|
|
Amounts due after more than one year included above |
431,295 |
|
431,295 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Taxation and social security costs |
9,817 |
|
17,028 |
|
Other creditors |
18,001 |
|
31,338 |
|
|
|
|
|
|
27,818 |
|
48,366 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Other creditors |
1,241,427 |
|
1,246,427 |
|
|
|
|
|
|
|
|
|
|
8 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 April 2022 |
1,067,948 |
|
1,067,948 |
|
Loss on revaluation of land and buildings |
(200,000) |
|
- |
|
|
At 31 March 2023 |
867,948 |
|
1,067,948 |
|
|
|
|
|
|
|
|
|
|
9 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
S V Devalia |
|
Directors loan account |
(19,072) |
|
30,859 |
|
(21,978) |
|
(10,191) |
|
|
|
(19,072) |
|
30,859 |
|
(21,978) |
|
(10,191) |
|
|
|
|
|
|
|
|
|
|
The company has charged with full title guarantee by way of a fixed and floating debenture, dated 22 March 2022 over the assets of the company in favour of the Director, Mr Sunil Devalia, for payment and discharge of other secured loan obligations, all of its right, title and interest from time to time (both present and future). |
|
The Director, Mr Sunil Devalia, has provided additional services to the Company for which he may be due remuneration at some point in the future but this is conditional and not currently due or payable |
|
10 |
Related party transactions |
|
|
The director of the company is also a director of Carynx (London) Limited (Carynx). At 31 March 2023 £437,295 was due from Carynx (2022 - £431,295), included in debtors. |
|
|
11 |
Controlling party |
|
|
The Director is the ultimate controlling party of the company. |
|
|
12 |
Other information |
|
|
NKANA INVESTMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
|
311 Regents Park Road |
|
LONDON |
|
N3 1DP |