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Registration number: 07263489

Komarock Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Komarock Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Komarock Limited

Company Information

Directors

Mr Satishchandra Khimasia

Mr Ankeet Khimasia

Company secretary

Mrs Rakhsika Khimasia

Registered office

3 Hampstead Heights
London
N2 0PX

Accountants

Charter Tax Consulting Limited
8th Floor
1 Southampton Street
London
WC2R 0LR

 

Komarock Limited

(Registration number: 07263489)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,256,366

1,256,366

Current assets

 

Debtors

5

3,887

-

Cash at bank and in hand

 

2,636,106

2,761,689

 

2,639,993

2,761,689

Creditors: Amounts falling due within one year

6

(3,927,084)

(4,064,421)

Net current liabilities

 

(1,287,091)

(1,302,732)

Net liabilities

 

(30,725)

(46,366)

Capital and reserves

 

Called up share capital

7

15,000

15,000

Share premium reserve

35,000

35,000

Retained earnings

(80,725)

(96,366)

Shareholders' deficit

 

(30,725)

(46,366)

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 August 2024 and signed on its behalf by:
 

Mr Satishchandra Khimasia
Director

   
     
 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
3 Hampstead Heights
London
N2 0PX
England

These financial statements were authorised for issue by the Board on 23 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared and presented in UK Pound Sterling (£).

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of rental services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Government grants

A government grant is recognised only when there is reasonable assurance that the company will comply with any conditions attached to the grant and the grant will be received.

Grants are recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate. A grant receivable as compensation for costs already incurred or for immediate financial support, with no future related costs, should be recognised as income in the period in which it is receivable.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the provision of rental services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Investment properties

2023
£

At 1 December

1,256,366

At 30 November

1,256,366

The property has not been valued by an independent valuer at the year end. The directors have reviewed the fair value of the property by observing market prices and have deemed that there is no change to the fair value of the property at the balance sheet date.

5

Debtors

Current

2023
£

2022
£

Prepayments

3,887

-

 

3,887

-

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

2,320

-

Taxation and social security

1,622

-

Accruals and deferred income

4,100

5,370

Other creditors

3,919,042

4,059,051

3,927,084

4,064,421

Creditors: amounts falling due after more than one year

2023
£

2022
£

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

15,000

15,000

15,000

15,000

       
 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Related party transactions

Loans to related parties

2022

Entities with joint control or significant influence
£

Total
£

At start of period

190,000

190,000

Repaid

(190,000)

(190,000)

At end of period

-

-

Terms of loans to related parties

A loan was made to a company under common control. No interest was charged on the loan. The balance of the loan was repayable on demand.
 

Loans from related parties

2023

Entities with joint control or significant influence
£

Key management
£

Other related parties
£

Total
£

At start of period

2,210,000

349,051

1,500,000

4,059,051

Advanced

40,000

19,991

-

59,991

Repaid

-

(200,000)

-

(200,000)

At end of period

2,250,000

169,042

1,500,000

3,919,042

2022

Entities with joint control or significant influence
£

Key management
£

Other related parties
£

Total
£

At start of period

-

69,080

1,500,000

1,569,080

Advanced

2,210,000

300,000

-

2,510,000

Repaid

-

(20,029)

-

(20,029)

At end of period

2,210,000

349,051

1,500,000

4,059,051

 

Komarock Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Terms of loans from related parties

The Company received a loan from a company under common control. No interest was charged on the loan. The balance of the loan is repayable on demand. (Balance at 30 November 2023: £2,250,000)
 The directors have provided loans to the company. The loans are interest free and repayable on demand.
 
A loan payable by the company to a close family member of the Directors. No interest was charged on the loan. (Balance at 30 November 2023: £1,500,000)