Acorah Software Products - Accounts Production 15.0.600 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 11076042 R Kapoor S Kapoor iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 11076042 2022-11-30 11076042 2023-11-30 11076042 2022-12-01 2023-11-30 11076042 frs-core:CurrentFinancialInstruments 2023-11-30 11076042 frs-core:Non-currentFinancialInstruments 2023-11-30 11076042 frs-core:InvestmentPropertyIncludedWithinPPE 2023-11-30 11076042 frs-core:InvestmentPropertyIncludedWithinPPE 2022-11-30 11076042 frs-core:SharePremium 2023-11-30 11076042 frs-core:ShareCapital 2023-11-30 11076042 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 11076042 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 11076042 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 11076042 frs-bus:SmallEntities 2022-12-01 2023-11-30 11076042 frs-bus:AuditExempt-NoAccountantsReport 2022-12-01 2023-11-30 11076042 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 11076042 frs-bus:OrdinaryShareClass1 2022-12-01 2023-11-30 11076042 frs-bus:OrdinaryShareClass1 2023-11-30 11076042 frs-bus:OrdinaryShareClass3 2022-12-01 2023-11-30 11076042 frs-bus:OrdinaryShareClass3 2023-11-30 11076042 frs-bus:OrdinaryShareClass4 2022-12-01 2023-11-30 11076042 frs-bus:OrdinaryShareClass4 2023-11-30 11076042 frs-bus:OrdinaryShareClass5 2022-12-01 2023-11-30 11076042 frs-bus:OrdinaryShareClass5 2023-11-30 11076042 frs-bus:Director1 2022-12-01 2023-11-30 11076042 frs-bus:Director2 2022-12-01 2023-11-30 11076042 frs-core:Non-currentFinancialInstruments 1 2023-11-30 11076042 frs-countries:EnglandWales 2022-12-01 2023-11-30 11076042 2021-11-30 11076042 2022-11-30 11076042 2021-12-01 2022-11-30 11076042 frs-core:CurrentFinancialInstruments 2022-11-30 11076042 frs-core:Non-currentFinancialInstruments 2022-11-30 11076042 frs-core:SharePremium 2022-11-30 11076042 frs-core:ShareCapital 2022-11-30 11076042 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30 11076042 frs-bus:OrdinaryShareClass1 2021-12-01 2022-11-30 11076042 frs-bus:OrdinaryShareClass3 2021-12-01 2022-11-30 11076042 frs-bus:OrdinaryShareClass4 2021-12-01 2022-11-30 11076042 frs-bus:OrdinaryShareClass5 2021-12-01 2022-11-30 11076042 frs-core:Non-currentFinancialInstruments 1 2022-11-30
Registered number: 11076042
KRS Lettings Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11076042
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 4,566,740 4,566,740
4,566,740 4,566,740
CURRENT ASSETS
Cash at bank and in hand 11,693 15,250
11,693 15,250
Creditors: Amounts Falling Due Within One Year 4 (41,374 ) (56,560 )
NET CURRENT ASSETS (LIABILITIES) (29,681 ) (41,310 )
TOTAL ASSETS LESS CURRENT LIABILITIES 4,537,059 4,525,430
Creditors: Amounts Falling Due After More Than One Year 5 (2,208,392 ) (2,225,093 )
NET ASSETS 2,328,667 2,300,337
CAPITAL AND RESERVES
Called up share capital 7 2,065,986 2,065,986
Share premium account 9,780 9,780
Profit and Loss Account 252,901 224,571
SHAREHOLDERS' FUNDS 2,328,667 2,300,337
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
R Kapoor
Director
28/08/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 2)
2 2
3. Tangible Assets
Investment Properties
£
Cost
As at 1 December 2022 4,566,740
As at 30 November 2023 4,566,740
Net Book Value
As at 30 November 2023 4,566,740
As at 1 December 2022 4,566,740
4. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 9,000 9,000
Corporation tax 32,374 25,823
Other creditors - 21,737
41,374 56,560
5. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
BBL Due > 1 years 21,732 30,750
Other creditors 37,000 37,000
Other loans more 5yrs 1,665,630 1,648,642
Directors loan account 484,030 508,701
2,208,392 2,225,093
The bank loan is part of the BBL Scheme that was launched on 27 April 2020. The scheme is 100% government backed. The interest rate is 2.5% per year and the term of the loan is 5 years, and early repayment is possible without additional charges.
6. Secured Creditors
Of the creditors the following amounts are secured.
2023 2022
£ £
Other Creditors 1,665,632 1,670,380
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7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2,065,986 2,065,986
Value Number 2023 2022
Allotted, called up and fully paid £ £ £
Ordinary Shares 0.01 206,581,000 2,065,810 2,065,810
Ordinary B shares 0.01 4,366 44 44
Ordinary C shares 0.01 4,366 44 44
Ordinary D shares 0.01 4,366 44 44
Ordinary E shares 0.01 4,366 44 44
206,598,464 2,065,986 2,065,986
8. Related Party Transactions
At the year end the company owed £37,000 (2022: £37,000) to the directors' family.
At the year end the directors, were owed £484,030 (2022: £508,701).
The ultimate controlling party is R Kapoor.
9. General Information
KRS Lettings Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11076042 . The registered office is Ground Floor Marlborough House, 298 Regents Park Road, London, N3 2SZ.
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