Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01truefalseNo description of principal activity22true 13429789 2023-01-01 2023-12-31 13429789 2021-09-01 2022-12-31 13429789 2023-12-31 13429789 2022-12-31 13429789 c:Director1 2023-01-01 2023-12-31 13429789 d:CurrentFinancialInstruments 2023-12-31 13429789 d:CurrentFinancialInstruments 2022-12-31 13429789 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13429789 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13429789 d:ShareCapital 2023-12-31 13429789 d:ShareCapital 2022-12-31 13429789 d:RetainedEarningsAccumulatedLosses 2023-12-31 13429789 d:RetainedEarningsAccumulatedLosses 2022-12-31 13429789 d:TaxLossesCarry-forwardsDeferredTax 2023-12-31 13429789 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 13429789 c:FRS102 2023-01-01 2023-12-31 13429789 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13429789 c:FullAccounts 2023-01-01 2023-12-31 13429789 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13429789 2 2023-01-01 2023-12-31 13429789 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

13429789







KOVAI HOLDINGS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023


































KOVAI HOLDINGS LIMITED
REGISTERED NUMBER:13429789

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
3,166,108
2,031,315

  
3,166,108
2,031,315

Current assets
  

Debtors: amounts falling due within one year
 5 
1,193,858
12,298

Bank and cash balances
  
8,276,674
5,960,663

  
9,470,532
5,972,961

Creditors: amounts falling due within one year
  
(3,990)
(2,290)

Net current assets
  
 
 
9,466,542
 
 
5,970,671

Total assets less current liabilities
  
12,632,650
8,001,986

Provisions for liabilities
  

Deferred tax
 6 
(35,066)
(9,644)

  
 
 
(35,066)
 
 
(9,644)

Net assets
  
12,597,584
7,992,342


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
12,597,484
7,992,242

  
12,597,584
7,992,342


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
Page 1

KOVAI HOLDINGS LIMITED
REGISTERED NUMBER:13429789
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




M. V. Saravana-Kumar
Director

Date: 29 August 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

KOVAI HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Kovai Holdings Limited (the "Company") is a private company, limited by shares, and is registered in England and Wales. The address of the Company's registered office is Unit 2 White Oak Square, London Road, Swanley, Kent, England, BR8 7AG.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
Monetary amounts in these financial statements are stated in pounds sterling and are rounded to  the nearest whole £1, except where otherwise indicated.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.3

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 3

KOVAI HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in listed company shares are remeasured to market value at each balance sheet     date. Gains and losses on remeasurement are recognised in the Statement of comprehensive  income for the period.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.8

Creditors

Short-term creditors are measured at the transaction price.

 
2.9

 Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition   of financial assets and liabilities like trade and other debtors and creditors and loans to related parties and investments in ordinary shares.

Page 4

KOVAI HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Fixed asset investments





Investments in subsidiary companies
Listed investments
Total

£
£
£



Cost or valuation


At 1 January 2023
100
2,031,215
2,031,315


Additions
100
1,029,552
1,029,652


Revaluations
-
105,141
105,141



At 31 December 2023
200
3,165,908
3,166,108




Page 5

KOVAI HOLDINGS LIMITED
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
527,934
100

Other debtors
616,719
-

Prepayments and accrued income
49,205
12,198

1,193,858
12,298



6.


Deferred taxation




2023


£






At beginning of year
(9,644)


Charged to profit or loss
(25,422)



At end of year
(35,066)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Potential tax on gain on listed investments
(35,066)
(9,644)


7.


Related party transactions

The company paid total dividends of £1,372,000 to M V Saravana-Kumar, a director of the company.


8.


Controlling party

M V Saravana-Kumar is the controlling party by virtue of his majority interest in the company.

 
Page 6