Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31falsetrue22023-01-01No description of principal activity2trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13435678 2023-01-01 2023-12-31 13435678 2021-09-01 2022-12-31 13435678 2023-12-31 13435678 2022-12-31 13435678 c:Director1 2023-01-01 2023-12-31 13435678 d:CurrentFinancialInstruments 2023-12-31 13435678 d:CurrentFinancialInstruments 2022-12-31 13435678 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 13435678 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 13435678 d:ShareCapital 2023-12-31 13435678 d:ShareCapital 2022-12-31 13435678 d:RetainedEarningsAccumulatedLosses 2023-12-31 13435678 d:RetainedEarningsAccumulatedLosses 2022-12-31 13435678 c:FRS102 2023-01-01 2023-12-31 13435678 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 13435678 c:FullAccounts 2023-01-01 2023-12-31 13435678 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13435678 2 2023-01-01 2023-12-31 13435678 6 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

13435678







KOVAI LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2023

































KOVAI LIMITED
REGISTERED NUMBER:13435678

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 4 
200
200

Current assets
  

Debtors: amounts falling due within one year
 5 
385,453
100

Cash at bank and in hand
  
164,707
-

Creditors: amounts falling due within one year
 6 
(581,778)
(200)

Net current liabilities
  
 
 
(31,618)
 
 
(100)

Total assets less current liabilities
  
(31,418)
100

  

Net (liabilities)/assets
  
(31,418)
100


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(31,518)
-

  
(31,418)
100


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.

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

Page 1

KOVAI LIMITED
REGISTERED NUMBER:13435678
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The notes on pages 3 to 5 form part of these financial statements.

Page 2

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

1.


General information

Kovai Limited (the "Company") is a private company limited by shares, registered and incorporated in England and Wales. The address of the Company's registered office and principal place of business 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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.3

Investment income

Investment income reprsents dividends receivable from investments held in subsidiaries.  

 
2.4

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

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

2.Accounting policies (continued)

 
2.5

Debtors

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

 
2.6

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. 

 
2.8

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, loans to related parties and investments in ordinary shares.

 
2.9

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

£



Cost or valuation


At 1 January 2023
200



At 31 December 2023
200




Page 4

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

5.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
385,453
100



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
579,378
200

Accruals and deferred income
2,400
-

581,778
200



7.


Controlling party

The ultimate parent company is Kovai Holdings Limited, which is a private company limited by shares domiciled and incorporated in England and Wales. The address of its registered office and principle place of business is Unit 2 White Oak Square, London Road, Swanley, Kent, England, BR8 7AG. The ultimate controlling party is M. V. Saravana-Kumar by virtue of their shareholding in Kovai Holdings Limited.


8.


Illegal dividends

During the year dividends of £6m were received from a subsidiary company and the equivalent amount paid to the parent company. This has resulted in negative reserves in the Company due to the costs incurred during the year not being considered when the dividend was paid. The majority of the costs were pertaining to the foreign exchange loss suffered on receiving dividend income and then paying the dividend.  
No further dividends will be declared until such time as there are sufficient reserves available.  

 
Page 5