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Registration number: OC432504

Kara and Sons (JM) LLP

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 5 April 2024

 

Kara and Sons (JM) LLP

Contents

Limited liability partnership information

1

Members' Report

2

Abridged Financial Statements

3 to 8

Abridged Balance Sheet

3

Notes to the Abridged Financial Statements

5

 

Kara and Sons (JM) LLP

Limited liability partnership information

Designated members

Mr. Manojh Patel

Mr Jeetendra Karsan Kara
 

Registered office

308-310 High Road
Willesden
London
NW102EN

Accountants

Jani Taylor Associates Limited
7 Marsh Close
Mill Hill
London
NW7 4NY

 

Kara and Sons (JM) LLP

Members' Report for the Year Ended 5 April 2024

The members present their report and the unaudited abridged financial statements for the year ended 5 April 2024.

Going concern

The partnership ceased trading on 06 April 2023.
All the assets and liabilities of the partnership have been transferred to Kara Realty Trading Ltd as at 06 April 2023.

Designated members

The members who held office during the year were as follows:

Mr. Manojh Patel

Mr Jeetendra Karsan Kara

Small companies provision statement

This report has 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, as applied to limited liability partnerships.

Approved by the Board on 6 September 2024 and signed on its behalf by:

.........................................
Mr. Manojh Patel
Designated member

.........................................
Mr Jeetendra Karsan Kara
Designated member

 

Kara and Sons (JM) LLP

(Registration number: OC432504)
Abridged Balance Sheet as at 5 April 2024

Note

2024
£

2023
£

Current assets

 

Stocks

-

8,990,000

Debtors

3

-

1,229

Cash and short-term deposits

 

-

120,218

 

-

9,111,447

Creditors: Amounts falling due within one year

-

(46,053)

Total assets less current liabilities

 

-

9,065,394

Creditors: Amounts falling due after more than one year

-

(1,627,177)

Accruals and deferred income

 

-

(6,720)

Net assets attributable to members

 

-

7,431,497

Represented by:

 

Loans and other debts due to members

 

Members' capital classified as a liability

 

-

7,288,443

Members’ other interests

 

Other reserves

 

-

143,054

   

-

7,431,497

Total members' interests

 

Loans and other debts due to members

 

-

7,288,443

Equity

 

-

143,054

   

-

7,431,497

For the year ending 5 April 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships, and the option not to file the Profit and Loss Account has been taken.

 

Kara and Sons (JM) LLP

(Registration number: OC432504)
Abridged Balance Sheet as at 5 April 2024

The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.

The financial statements of Kara and Sons (JM) LLP (registered number OC432504) were approved by the Board and authorised for issue on 6 September 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr. Manojh Patel
Designated member

.........................................
Mr Jeetendra Karsan Kara
Designated member

 

Kara and Sons (JM) LLP

Notes to the Abridged Financial Statements for the Year Ended 5 April 2024

1

Accounting policies

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page. The nature of the limited liability partnership’s operations and its principal activities are given in the members’ report.

These abridged 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.

The functional currency of Kara and Sons (JM) LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

 

Kara and Sons (JM) LLP

Notes to the Abridged Financial Statements for the Year Ended 5 April 2024

other taxes policy

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

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 limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.

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.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

 

Kara and Sons (JM) LLP

Notes to the Abridged Financial Statements for the Year Ended 5 April 2024

Derivative financial instruments and hedging

Derivatives
The limited liability partnership uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The limited liability partnership does not hold or issue derivative financial instruments for speculative purposes.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.


Hedging
The limited liability partnership designates certain derivatives as hedging instruments in respect of variable interest rate risk of the cash flows associated with recognised debt instruments measured at amortised cost and in respect of foreign exchange risk in firm commitments and highly probable forecast transactions.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with the clear identification of the risk in the hedged item that is being hedged by the hedging instrument. Furthermore, at the inception of the hedge and on an ongoing basis, the limited liability partnership assesses whether the hedging instrument is highly effective in offsetting the designated hedged risk.

The effective portion of changes in the fair value of the designated hedging instrument is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss. Amounts previously recognised in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods in which the hedged item affects profit or loss or when the hedging relationship ends.

Hedge accounting is discontinued when the limited liability partnership revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time is reclassified to profit or loss when the hedged item is recognised in profit or loss. When a forecast transaction is no longer expected to occur, any gain or loss that was recognised in other comprehensive income is reclassified immediately to profit or loss.

Current versus non-current classification

Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

In the limited liability partnership balance sheet, investments in subsidiaries and associates are measured at cost less impairment.

Fair value measurement

The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

 

Kara and Sons (JM) LLP

Notes to the Abridged Financial Statements for the Year Ended 5 April 2024

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 2 (2023 - 2).

3

Stocks

2024
£

2023
£

Stocks

-

8,990,000

4

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.