Limited Liability Partnership registration number OC442997 (England and Wales)
KRISHNA INTERNATIONAL LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KRISHNA INTERNATIONAL LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KRISHNA INTERNATIONAL LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
28,468
-
Investment property
5
3,631,305
3,631,305
Investments
6
61,600
61,600
3,721,373
3,692,905
Current assets
Debtors
7
12,337
3,360
Creditors: amounts falling due within one year
8
(3,874)
(3,360)
Net current assets
8,463
-
Total assets less current liabilities and net assets attributable to members
3,729,836
3,692,905
Represented by:
Loans and other debts due to members within one year
9
Other amounts
3,726,836
3,689,905
Members' other interests
9
Members' capital classified as equity
3,000
3,000
3,729,836
3,692,905
Total members' interests
9
Amounts due from members
(11,220)
(3,360)
Loans and other debts due to members
3,726,836
3,689,905
Members' other interests
3,000
3,000
3,718,616
3,689,545

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

KRISHNA INTERNATIONAL LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 18 September 2024 and are signed on their behalf by:
18 September 2024
P Agarwal
Designated member
Limited Liability Partnership registration number OC442997 (England and Wales)
KRISHNA INTERNATIONAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Krishna International LLP is a limited liability partnership incorporated in England and Wales. The registered office is 166 College Road, Harrow, Middlesex, HA1 1RA.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts receivable for property rental services.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the limited liability partnership. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

KRISHNA INTERNATIONAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement

constitutes a financing transaction, where the debt instrument is measured at the present value of the future

payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are

not amortised.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was: Nil.

3
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
3
3
KRISHNA INTERNATIONAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023
-
Additions
36,931
At 31 March 2024
36,931
Depreciation and impairment
At 1 April 2023
-
Depreciation charged in the year
8,463
At 31 March 2024
8,463
Carrying amount
At 31 March 2024
28,468
At 31 March 2023
-
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
3,631,305

In the opinion of the members, the fair value of the investment properties has not materially changed between the acquisition date and the balance sheet date. The historical cost of the investment properties amounts to £3,631,305 (2022: £3,631,305)

6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
61,600
61,600
7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by members
11,220
3,360
Other debtors
1,117
-
12,337
3,360
KRISHNA INTERNATIONAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Other creditors
3,874
3,360
KRISHNA INTERNATIONAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Amounts due to members
3,689,905
Amounts due from members
(3,360)
Members' interests at 1 April 2023
3,000
-
3,000
3,686,545
3,686,545
3,689,545
Profit for the financial year available for discretionary division among members
-
11,086
11,086
-
-
11,086
Members' interests after profit for the year
3,000
11,086
14,086
3,686,545
3,686,545
3,700,631
Allocation of profit for the financial year
-
(11,086)
(11,086)
11,086
11,086
-
Introduced by members
-
-
-
36,931
36,931
36,931
Other movements
-
-
-
(18,946)
(18,946)
(18,946)
Members' interests at 31 March 2024
3,000
-
3,000
3,715,616
3,715,616
3,718,616
Amounts due to members
3,726,836
Amounts due from members, included in debtors
(11,220)
3,715,616
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