Registered number
10915711
KARTIK PROPERTIES LTD
Filleted Accounts
31 August 2023
KARTIK PROPERTIES LTD
Registered number: 10915711
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,276 15,258
Investments 4 8,495,301 8,495,301
8,507,577 8,510,559
Current assets
Debtors 5 928,966 497,996
Cash at bank and in hand 27,170 35,759
956,136 533,755
Creditors: amounts falling due within one year 6 (34,380) (5,370,887)
Net current assets/(liabilities) 921,756 (4,837,132)
Total assets less current liabilities 9,429,333 3,673,427
Creditors: amounts falling due after more than one year 7 (5,817,938) (10,596)
Provisions for liabilities (687,975) (687,975)
Net assets 2,923,420 2,974,856
Capital and reserves
Called up share capital 1 1
Non Distributable Reserve 8 2,949,311 2,949,311
Profit and loss account (25,892) 25,544
Shareholders' funds 2,923,420 2,974,856
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.
0
Director
Approved by the board on 22 July 2024
KARTIK PROPERTIES LTD
Notes to the Accounts
for the year ended 31 August 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 20% on reducing balance
Fixtures, fittings, tools and equipment 20% on reducing balance
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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2022 30,574
Additions 85
At 31 August 2023 30,659
Depreciation
At 1 September 2022 15,316
Charge for the year 3,067
At 31 August 2023 18,383
Net book value
At 31 August 2023 12,276
At 31 August 2022 15,258
4 Investments
Other
investments
£
Cost
At 1 September 2022 8,495,301
At 31 August 2023 8,495,301
5 Debtors 2023 2022
£ £
Trade debtors - (100)
Other debtors 928,966 498,096
928,966 497,996
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 5,329,467
Taxation and social security costs 16,203 16,203
Other creditors 18,177 25,217
34,380 5,370,887
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 5,817,938 -
Other creditors - 10,596
5,817,938 10,596
8 Non Distributable Reserve 2023 2022
£ £
At 1 September 2022 2,949,311 2,949,311
At 31 August 2023 2,949,311 2,949,311
9 Related party transactions
At the year end, the Company was owed £ 30,240 from Krrish Assets LLP, and owed £ 7,000 to Krrish Court Ltd. Both entities are under the control of Mr N Handa.
10 Other information
KARTIK PROPERTIES LTD is a private company limited by shares and incorporated in England. Its registered office is:
Third Floor, Grove House
55 Lowlands Road
Harrow
HA1 3AW
KARTIK PROPERTIES LTD 10915711 false 2022-09-01 2023-08-31 2023-08-31 VT Final Accounts April 2024 0 No description of principal activity 10915711 2021-09-01 2022-08-31 10915711 core:WithinOneYear 2022-08-31 10915711 core:AfterOneYear 2022-08-31 10915711 core:ShareCapital 2022-08-31 10915711 core:OtherReservesSubtotal 2022-08-31 10915711 core:RetainedEarningsAccumulatedLosses 2022-08-31 10915711 core:RevaluationReserve 2021-08-31 10915711 2022-09-01 2023-08-31 10915711 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 10915711 bus:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 10915711 bus:Director40 2022-09-01 2023-08-31 10915711 1 2022-09-01 2023-08-31 10915711 2 2022-09-01 2023-08-31 10915711 core:PlantMachinery 2022-09-01 2023-08-31 10915711 countries:England 2022-09-01 2023-08-31 10915711 bus:FRS102 2022-09-01 2023-08-31 10915711 bus:FilletedAccounts 2022-09-01 2023-08-31 10915711 2023-08-31 10915711 core:WithinOneYear 2023-08-31 10915711 core:AfterOneYear 2023-08-31 10915711 core:ShareCapital 2023-08-31 10915711 core:OtherReservesSubtotal 2023-08-31 10915711 core:RetainedEarningsAccumulatedLosses 2023-08-31 10915711 core:PlantMachinery 2023-08-31 10915711 core:RevaluationReserve 2023-08-31 10915711 2022-08-31 10915711 core:PlantMachinery 2022-08-31 10915711 core:RevaluationReserve 2022-08-31 iso4217:GBP xbrli:pure