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COMPANY REGISTRATION NUMBER: 11000965
Krishamee Limited
Unaudited financial statements
31 October 2023
Krishamee Limited
Statement of financial position
31 October 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
934,226
551,360
Current assets
Debtors
6
6,058
10,860
Cash at bank and in hand
7,629
10,712
-------
-------
13,687
21,572
Creditors: Amounts falling due within one year
7
( 549,770)
( 194,936)
---------
---------
Net current liabilities
( 536,083)
( 173,364)
---------
---------
Total assets less current liabilities
398,143
377,996
Creditors: Amounts falling due after more than one year
8
( 349,223)
( 349,223)
---------
---------
Net assets
48,920
28,773
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
9
48,820
28,673
-------
-------
Shareholders funds
48,920
28,773
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Dr U Patel
Director
Company registration number: 11000965
Krishamee Limited
Notes to the financial statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 287a Hills Road, Cambridge, CB2 8RP.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
Estimates and judgements used in preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The resulting accounting estimates will, by definition seldom equal the related actual results. Any subsequent changes are accounted for with an effect on income at the time such updated information is available. The estimates and assumptions that have a significant effect on the carrying amounts of assets and liabilities are as follows: Freehold investment properties Management judgements are required to ascertain the fair value of the freehold investment properties as at the reporting date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of employees during the year was 2 (2022: 2 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Total
£
£
£
Cost
At 1 November 2022
551,360
551,360
Additions
395,542
7,025
402,567
---------
------
---------
At 31 October 2023
946,902
7,025
953,927
---------
------
---------
Depreciation
At 1 November 2022
Charge for the year
18,152
1,549
19,701
---------
------
---------
At 31 October 2023
18,152
1,549
19,701
---------
------
---------
Carrying amount
At 31 October 2023
928,750
5,476
934,226
---------
------
---------
At 31 October 2022
551,360
551,360
---------
------
---------
Tangible assets held at valuation
The directors revalued the freehold investment properties at 31 October 2022 by considering each individual property and estimating their market values based on the asking prices of similar properties for sale at the year end in the immediate vicinity of the freehold investment properties. If freehold investment properties had not been revalued they would have been included in the following amounts: 2023 2022 £ £
Cost 471,995 471,995
--------- ---------
6. Debtors
2023
2022
£
£
Other debtors
6,058
10,860
------
-------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Social security and other taxes
10,941
Other creditors
538,829
194,936
---------
---------
549,770
194,936
---------
---------
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
349,223
349,223
---------
---------
9. Reserves
Profit and loss account - This reserve records retained earnings and accumulated losses. Within this reserve are cumulative unrealised gains on the company's freehold investment properties shown at market value of £38,005 (2022: £38,005).
10. Directors' advances, credits and guarantees
During the year, the company operated an interest free loan account with the director. At the year end the company owed the director £532,778 (2022: £190,099).