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REGISTERED NUMBER: 03379422 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

KARIS DEVELOPMENTS LIMITED

KARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03379422)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KARIS DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: J Arghiros
K Arghiros
I Arghiros
C Arghiros
R Arghiros





REGISTERED OFFICE: Atlas Chambers
33 West Street
Brighton
BN1 2RE





REGISTERED NUMBER: 03379422 (England and Wales)





ACCOUNTANTS: Galloways Accounting
Atlas Chambers
33 West Street
Brighton
East Sussex
BN1 2RE

KARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03379422)

BALANCE SHEET
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,601 15,170
Investments 5 1 1
Investment property 6 10,384,352 10,946,613
10,389,954 10,961,784

CURRENT ASSETS
Stocks 596,545 596,545
Debtors 7 3,409,543 3,457,287
Cash at bank 398,027 29,221
4,404,115 4,083,053
CREDITORS
Amounts falling due within one year 8 607,448 182,453
NET CURRENT ASSETS 3,796,667 3,900,600
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,186,621

14,862,384

CREDITORS
Amounts falling due after more than one
year

9

(9,662,329

)

(10,314,113

)

PROVISIONS FOR LIABILITIES 11 (296,911 ) (300,804 )
NET ASSETS 4,227,381 4,247,467

CAPITAL AND RESERVES
Called up share capital 362,002 362,002
Revaluation reserve 1,770,365 2,360,487
Retained earnings 2,095,014 1,524,978
SHAREHOLDERS' FUNDS 4,227,381 4,247,467

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

KARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03379422)

BALANCE SHEET - continued
30 SEPTEMBER 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 Board of Directors and authorised for issue on 23 April 2024 and were signed on its behalf by:





J Arghiros - Director


KARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03379422)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023


1. STATUTORY INFORMATION

Karis Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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
Based on the directors' review of the company's expected performance and projected cash flows, the directors have concluded that these financial statements should be prepared on a going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Karis Developments Limited as an individual company and do not contain consolidated financial information as the intermediate parent of a group. The company has taken the option under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Turnover
Turnover is measured at the fair value of consideration received or receivable, excluding value added tax, where applicable.

Sales of property are recognised on the date of legal exchange.

Rental income represents income receivable from property lettings and is included as part of turnover.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Website - 33% straight line
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% straight line

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Government grants
Government grants are recognised over the period to which they relate or as performance obligations are met, depending on the terms of the grant.

Investments in subsidiaries
Investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately to profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Investment property
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes purchase cost and directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss.


KARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03379422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES

The average number of employees during the year was 6 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery Website fittings equipment Totals
£    £    £    £    £   
COST
At 1 October 2022 34,093 1,013 31,147 6,492 72,745
Disposals (32,332 ) (1,013 ) (20,316 ) (4,143 ) (57,804 )
At 30 September 2023 1,761 - 10,831 2,349 14,941
DEPRECIATION
At 1 October 2022 26,056 1,013 24,014 6,492 57,575
Charge for year 303 - 1,564 - 1,867
Eliminated on disposal (25,506 ) (1,013 ) (19,440 ) (4,143 ) (50,102 )
At 30 September 2023 853 - 6,138 2,349 9,340
NET BOOK VALUE
At 30 September 2023 908 - 4,693 - 5,601
At 30 September 2022 8,037 - 7,133 - 15,170

5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST OR VALUATION
At 1 October 2022
and 30 September 2023 1
NET BOOK VALUE
At 30 September 2023 1
At 30 September 2022 1

KARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03379422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 September 2023 is represented by:

Shares in
group
undertaking
£   
Cost 1

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022 10,946,613
Disposals (612,261 )
Revaluations 50,000
At 30 September 2023 10,384,352
NET BOOK VALUE
At 30 September 2023 10,384,352
At 30 September 2022 10,946,613

Fair value at 30 September 2023 is represented by:
£   
Valuation in 2023 1,804,761
Cost 8,579,591
10,384,352

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 8,679,591 9,383,925

Investment property was valued on an open market basis on 30 September 2023 by the directors .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 38,224 29,471
Amounts owed by group undertakings 3,042,582 3,000,000
Other debtors 13,880 25,687
Directors' current accounts 187,385 136,745
Tax 95,234 49,082
VAT - 172
Prepayments and accrued income 32,238 216,130
3,409,543 3,457,287

KARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03379422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 368,200 -
Trade creditors 55,104 15,361
Tax 92,641 45,014
Social security and other taxes - 3,713
VAT 134 -
Other creditors 29,268 6,915
Accruals and deferred income 62,101 111,450
607,448 182,453

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 991,468 -
Bank loans - 2-5 years 2,583,916 5,022,174
Bank loans more 5 yrs non-inst 795,006 -
Other creditors 5,291,939 5,291,939
9,662,329 10,314,113

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 795,006 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 4,738,590 5,022,174

West One Secured Loans Limited and Close Brothers hold fixed and floating charges over specific investment property and current and future property and assets of the company.

11. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 296,911 300,804

Deferred
tax
£   
Balance at 1 October 2022 300,804
Provided during year (3,893 )
Balance at 30 September 2023 296,911

KARIS DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03379422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023


12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2023 and 30 September 2022:

2023 2022
£    £   
J Arghiros
Balance outstanding at start of year 136,745 12,518
Amounts advanced 117,697 213,963
Amounts repaid (67,057 ) (89,736 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 187,385 136,745

13. RELATED PARTY DISCLOSURES

At the period end, a balance of £4,380 (2022: £4,380) was owed to the company by a close family member of a director. This balance is included within other debtors and is interest free and repayable on demand.