Karrev (Reserve) Ltd 14152200 false 2023-07-01 2023-12-31 2023-12-31 The principal activity of the company is property investment. Digita Accounts Production Advanced 6.30.9574.0 true true 14152200 2023-07-01 2023-12-31 14152200 2023-12-31 14152200 bus:OrdinaryShareClass1 2023-12-31 14152200 core:CurrentFinancialInstruments 2023-12-31 14152200 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14152200 core:Non-currentFinancialInstruments 2023-12-31 14152200 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 14152200 bus:SmallEntities 2023-07-01 2023-12-31 14152200 bus:AuditExemptWithAccountantsReport 2023-07-01 2023-12-31 14152200 bus:FilletedAccounts 2023-07-01 2023-12-31 14152200 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2023-12-31 14152200 bus:RegisteredOffice 2023-07-01 2023-12-31 14152200 bus:Director2 2023-07-01 2023-12-31 14152200 bus:Director3 2023-07-01 2023-12-31 14152200 bus:OrdinaryShareClass1 2023-07-01 2023-12-31 14152200 bus:PrivateLimitedCompanyLtd 2023-07-01 2023-12-31 14152200 core:RevaluationReserve core:LandBuildings 2023-07-01 2023-12-31 14152200 core:LandBuildings 2023-07-01 2023-12-31 14152200 countries:EnglandWales 2023-07-01 2023-12-31 14152200 2023-06-30 14152200 2022-06-06 2023-06-30 14152200 2023-06-30 14152200 bus:OrdinaryShareClass1 2023-06-30 14152200 core:CurrentFinancialInstruments 2023-06-30 14152200 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 14152200 core:Non-currentFinancialInstruments 2023-06-30 14152200 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14152200

Karrev (Reserve) Ltd

Unaudited Filleted Financial Statements

for the Period from 1 July 2023 to 31 December 2023

 

Karrev (Reserve) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Karrev (Reserve) Ltd

Company Information

Directors

Thibault Jean-Francois Marie Jurie Des Camiers

Mr Julien Buronfosse

Registered office

Pavilion Building
96 High Street Kensington
London
W8 4SG

Accountants

SJ Accounts Solutions Limited
Unit 11
Aylsham Business Park
Richard Oakes Road
Aylsham
Norwich
NR11 6FD

 

Karrev (Reserve) Ltd

(Registration number: 14152200)
Balance Sheet as at 31 December 2023

Note

31 December
2023
£

30 June
2023
£

Fixed assets

 

Investment property

4

30,000,000

29,832,656

Current assets

 

Debtors

5

182,108

33,910

Cash at bank and in hand

 

716,055

274,648

 

898,163

308,558

Creditors: Amounts falling due within one year

6

(966,390)

(667,765)

Net current liabilities

 

(68,227)

(359,207)

Total assets less current liabilities

 

29,931,773

29,473,449

Creditors: Amounts falling due after more than one year

6

(21,664,226)

(21,856,930)

Net assets

 

8,267,547

7,616,519

Capital and reserves

 

Called up share capital

7

2,000

2,000

Share premium reserve

7,524,475

7,524,475

Revaluation reserve

167,344

-

Retained earnings

573,728

90,044

Shareholders' funds

 

8,267,547

7,616,519

For the financial period ending 31 December 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 period 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 31 May 2024 and signed on its behalf by:
 

 

Karrev (Reserve) Ltd

(Registration number: 14152200)
Balance Sheet as at 31 December 2023

.........................................
Thibault Jean-Francois Marie Jurie Des Camiers
Director

.........................................
Mr Julien Buronfosse
Director

 

Karrev (Reserve) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 December 2023

1

General information

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

The address of its registered office is:
Pavilion Building
96 High Street Kensington
London
W8 4SG
England

These financial statements were authorised for issue by the Board on 31 May 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.

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 renal income 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.

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.

 

Karrev (Reserve) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 December 2023

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 tenants for rental inome in the ordinary course of business.

Trade debtors are recognised initially per the rental agreement. 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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 period, was 2 (2023 - 2).

 

Karrev (Reserve) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 December 2023

4

Investment properties

31 December
2023
£

At 1 July

29,832,656

Fair value adjustments

167,344

At 31 December

30,000,000

Investment property is valued at fair value being the price for which the property could be exchanged between knowledgable and willing parties in an arm's length transaction. The last valuation was determined by Knight Frank LLP in December 2023.

5

Debtors

Current

31 December
2023
£

30 June
2023
£

Trade debtors

165,334

-

Prepayments

16,774

33,910

 

182,108

33,910

 

Karrev (Reserve) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

31 December
2023
£

30 June
2023
£

Due within one year

Trade creditors

25,004

-

Taxation and social security

257,852

42,027

Accruals and deferred income

11,500

18,789

Other creditors

672,034

606,949

966,390

667,765

Creditors: amounts falling due after more than one year

Note

31 December
2023
£

30 June
2023
£

Due after one year

 

Loans and borrowings

9

21,664,226

21,856,930

7

Share capital

Allotted, called up and fully paid shares

31 December
2023

30 June
2023

No.

£

No.

£

Ordinary Shares of £1 each

2,000

2,000

2,000

2,000

       

8

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property revaluation

167,344

167,344

 

Karrev (Reserve) Ltd

Notes to the Unaudited Financial Statements for the Period from 1 July 2023 to 31 December 2023

9

Loans and borrowings

Non-current loans and borrowings

31 December
2023
£

30 June
2023
£

Other borrowings

21,664,226

21,856,930