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Registration number: 13471077

Karrev (Martins) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Karrev (Martins) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Karrev (Martins) Limited

Company Information

Directors

Mr Julien Buronfosse

Mr Guillaume Xavier Marie De Kermabon

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 (Martins) Limited

(Registration number: 13471077)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

6,575,000

9,500,000

Current assets

 

Debtors

5

342,909

112,874

Cash at bank and in hand

 

1,196,210

2,245,813

 

1,539,119

2,358,687

Creditors: Amounts falling due within one year

6

(198,360)

(196,684)

Net current assets

 

1,340,759

2,162,003

Total assets less current liabilities

 

7,915,759

11,662,003

Creditors: Amounts falling due after more than one year

6

(18,008,694)

(13,420,581)

Net liabilities

 

(10,092,935)

(1,758,578)

Capital and reserves

 

Called up share capital

2,000

2,000

Share premium reserve

5,458,692

4,248,000

Revaluation reserve

(11,993,852)

(4,249,161)

Retained earnings

(3,559,775)

(1,759,417)

Shareholders' deficit

 

(10,092,935)

(1,758,578)

For the financial year 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 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.

 

Karrev (Martins) Limited

(Registration number: 13471077)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 31 May 2024 and signed on its behalf by:
 

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

.........................................
Mr Guillaume Xavier Marie De Kermabon
Director

 

Karrev (Martins) Limited

Notes to the Unaudited Financial Statements for the Year Ended 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
United Kingdom

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 rental income received or receivable from tenants. 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 (Martins) Limited

Notes to the Unaudited Financial Statements for the Year Ended 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 income due.

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.

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 year, was 5 (2022 - 5).

 

Karrev (Martins) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investment properties

2023
£

Investment Property

13,749,161

Additions

4,819,691

Fair value adjustments

(11,993,852)

At 31 December

6,575,000

Investment property is valued at fair value being the price for which the property could be exchanged
between knowledgeable and willing parties in an arm's length transaction. The last valuation was
determined externally by Jones Lang LaSalle in December 2023.

5

Debtors

Current

2023
£

2022
£

Prepayments

114,196

68,346

Other debtors

228,713

44,528

 

342,909

112,874

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

141,975

192,222

Amounts owed to group undertakings and undertakings in which the company has a participating interest

4,255

2,283

Accruals and deferred income

 

49,356

-

Other creditors

 

2,774

2,179

 

198,360

196,684

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

18,008,694

13,420,581

7

Reserves

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

 

Karrev (Martins) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Revaluation reserve
£

Total
£

Surplus/deficit on property revaluation

(7,744,691)

(7,744,691)

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

Revaluation reserve
£

Total
£

Surplus/deficit on property revaluation

(4,249,161)

(4,249,161)

 

Karrev (Martins) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

18,008,694

13,420,581