Company Registration No. SC713933 (Scotland)
KARMA SCOTTISH HOLDINGS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
THE A9 PARTNERSHIP LIMITED
Chartered Accountants
Abercorn School
Newton
West Lothian
EH52 6PZ
KARMA SCOTTISH HOLDINGS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 13
KARMA SCOTTISH HOLDINGS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
Non-current assets
Property, plant and equipment
5
663,013
703,089
Current assets
Inventories
6
31,368
21,872
Trade and other receivables
7
238,474
142,936
Cash and cash equivalents
11,834
13,846
281,676
178,654
Current liabilities
Trade and other payables
9
1,212,326
708,343
Lease liabilities
10
55,501
50,449
1,267,827
758,792
Net current liabilities
(986,151)
(580,138)
Non-current liabilities
Lease liabilities
10
514,483
540,575
Net liabilities
(837,621)
(417,624)
Equity
Called up share capital
12
100
100
Retained earnings
13
(837,721)
(417,724)
Total equity
(837,621)
(417,624)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 September 2024 and are signed on its behalf by:
Mr R F Laycock
Director
Company registration number SC713933 (Scotland)
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Karma Scottish Holdings Limited is a private company limited by shares incorporated in Scotland. The registered office is Karma Lake of Menteith, Port of Menteith, Stirlingshire, FK8 3RA. The company's principal activities and nature of its operations are disclosed in the directors' report.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. However, the directors are aware of certain material uncertainties which may cast doubt on the company's ability to continue as a going concern. Specifically, the company incurred a net loss during the year ended 31st December 2023 and as of that date, the company's current liabilities exceeded its total assets. The company is also reliant on other group companies and companies under common control to provide working capital loans, as required.
1.3
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The company recognises revenue when it transfers control of a product or service to a customer.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The company recognises revenue from the following major sources:
Food and beverage
Accommodation
The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:
Food and beverage
Food and beverage income is recognised upon transfer of goods to the customer based on predetermined menu prices. All goods are paid for prior to customers leaving the venue. There are no obligations for returns or warranties after the customers have left the venue. Customers may use gift certificates to pay for goods. Any unexpired gift certificates are recognised as Other Creditors.
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Accommodation
Accommodation income is recognised upon customer check out based on predetermined overnight stay prices. All hotel stays are paid for prior to customers leaving the venue. There are no obligations for refunds after the customers have left the venue. Customers may use gift certificates to pay for overnight stays. Any unexpired gift certificates are recognised as Other Creditors.
Customers may also use entitlements from their Karma Club Membership to pay for overnight stays. Karma Club membership income is recognised on a straight line basis over the length of the customers' membership contract, typically 3 years. If members use entitlements from memberships paid to other group companies the venue is reimbursed by a monthly calculation and recharge to other group companies.
For future event bookings, deposits are billed monthly in advance at an agreed price up until the event occurs. Thus the even is fully paid for prior to it occurring. Such deposit income is recorded in Other Creditors until the event has happened and then the income is released to the Income Statement.
1.4
Property, plant and equipment
Property, plant and equipment 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:
Right-of-use buildings
lease term
Fixtures and fittings
15% reducing balance
Office equipment
15% reducing balance and 3 years straight line
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 income statement.
1.5
Impairment of tangible and intangible assets
At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial assets
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.
Impairment of financial assets
Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.
The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.9
Financial liabilities
The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the company's estimate of the amount expected to be payable under a residual value guarantee; or the company's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
When the company acts as a lessor, leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees, over the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains lease and non-lease components, the company applies IFRS 15 to allocate the consideration in the contract. When the company is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately, classifying the sub-lease with reference to the right-of-use asset arising from the head lease instead of the underlying asset.
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 7 -
1.14
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Adoption of new and revised standards and changes in accounting policies
Standards which are in issue but not yet effective
At the year end date of these financial statements, the following Standards and Interpretations, which have not yet been applied in these financial statements, were in issue but not yet effective (and in some cases had not yet been adopted by the EU):
Amendments to IAS 1
Classification of Liabilities and Non-current liabilities with covenants
Amendment to IFRS 16
Lease liability in a sale and leaseback
Amendment to IAS 7 and IFRS 7
Supplier finance arrangements
Amendments to IAS 21
Lack of Exchangeability
It is not anticipated that the application of the above amendments to IAS and IFRS will have a material impact on the company's financial statements.
3
Critical accounting estimates and judgements
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Critical judgements
Asset Useful Lives
Fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Critical accounting estimates and judgements
(Continued)
- 8 -
Lease Accounting
Leases entered into by the company are accounted for under IFRS16 and the stated accounting policy. Various judgements must be made in accounting for such leases including the selection of the appropriate discount rate to calculate lease liabilities. The directors consider the interest rate implicit in the lease, incremental company borrowing costs and other group discount rates used.
4
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
30
33
5
Property, plant and equipment
Right-of-use buildings
Fixtures and fittings
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 2 November 2021
-
Additions
727,964
44,469
3,988
3,560
779,981
At 31 December 2022
727,964
44,469
3,988
3,560
779,981
Additions
31,258
4,449
5,233
40,940
At 31 December 2023
759,222
48,918
9,221
3,560
820,921
Accumulated depreciation and impairment
At 2 November 2021
-
-
Charge for the year
69,606
5,448
948
890
76,892
At 31 December 2022
69,606
5,448
948
890
76,892
Charge for the year
71,182
6,521
2,645
668
81,016
At 31 December 2023
140,788
11,969
3,593
1,558
157,908
Carrying amount
At 31 December 2023
618,434
36,949
5,628
2,002
663,013
At 31 December 2022
658,358
39,021
3,040
2,670
703,089
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
6
Inventories
2023
2022
£
£
Finished goods
31,368
21,872
7
Trade and other receivables
2023
2022
£
£
Trade receivables
14,160
Amount owed by parent undertaking
100
100
Amounts owed by fellow group undertakings
49,699
73,900
Amounts owed by related parties
117,423
9,849
Prepayments
57,092
59,087
238,474
142,936
8
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.
No significant receivable balances are impaired at the reporting end date.
9
Trade and other payables
2023
2022
£
£
Trade payables
62,682
57,882
Amounts owed to fellow group undertakings
368,191
157,024
Amounts owed to related parties
291,786
121,981
Accruals
284,716
285,212
Social security and other taxation
76,414
68,579
Other payables
128,537
17,665
1,212,326
708,343
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
10
Lease liabilities
2023
2022
Maturity analysis
£
£
Within one year
84,000
80,000
In two to five years
630,000
680,000
Total undiscounted liabilities
714,000
760,000
Future finance charges and other adjustments
(144,016)
(168,976)
Lease liabilities in the financial statements
569,984
591,024
Lease liabilities are classified based on the amounts that are expected to be settled within the next 12 months and after more than 12 months from the reporting date, as follows:
2023
2022
£
£
Current liabilities
55,501
50,449
Non-current liabilities
514,483
540,575
569,984
591,024
2023
2022
Amounts recognised in profit or loss include the following:
£
£
Interest on lease liabilities
29,702
31,953
The company is party to a 25 year lease for a hotel property. The lease has approximately 9.5 years until expiry in 2032. The lease has provision for upward only rent reviews at periodic intervals. There are also provisions to reimburse the landlord for various other costs incurred. There are no arrangements for contingent rentals. The payment of lease liabilities to the landlord are guaranteed by the parent company.
Other leasing information is included in note 15.
11
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
5,811
5,305
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
12
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regards to the company's residual assets.
13
Retained earnings
The retained earnings reserve records accumulated profits net of accumulated losses.
14
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified and included the below.
Material Uncertainty Related to Going Concern
We draw attention to Note 1.2 in the financial statements, which indicates that the company incurred a net loss during the year ended 31st December 2023 and as of that date, the company's current liabilities exceeded its total assets. The company is also reliant on other group companies and companies under common control to provide working capital loans, as required. As stated in note 1.2, these events and conditions indicate that a material uncertainty exists that may cast significant doubt on the company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
Mr Grant Thomson
Date of audit report:
25 September 2024
15
Other leasing information
Lessee
Amounts recognised in profit or loss as an expense during the period in respect of lease arrangements are as follows:
2023
2022
£
£
Expense relating to short-term leases
5,652
3,532
Information relating to lease liabilities is included in note 10.
16
Capital risk management
The company is not subject to any externally imposed capital requirements.
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
17
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.
2023
2022
£
£
Short-term employee benefits
50,108
35,691
Other transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of services and recharges
Purchase of goods, services and recharges
2023
2022
2023
2022
£
£
£
£
Other related parties
427,872
287,352
94,061
60,867
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Other related parties
659,977
279,005
The amounts owed to related parties were the following:
IVO (Europe) PTE Ltd - under common control 291,786
St Martin's Management
("Isles of Scilly") Ltd - group company 271,519
Karma Bavaria - group company 41,837
Karma Resorts PTE Ltd - group company 27,839
Royal Resorts Singapore PTE Ltd - group company 26,996
659,977
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due from related parties
£
£
Parent company
100
100
Other related parties
167,222
83,749
167,322
83,849
KARMA SCOTTISH HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Related party transactions
(Continued)
- 13 -
The amounts owed by related parties were the following:
Karma Assets Holding PTE Ltd. - immediate parent company 100
Karma Holdings (UK) Limited - group company 16,700
IVO PTE Ltd - group company 16,181
International Vacation Ownership Ltd - group company 16,819
KRG Marketing Ltd - other related party 117,423
167,322
Other information
The immediate parent company has provided a guarantee to the landlord for the payment of the property lease liabilities.
The above amounts are: unsecured, interest free and there are no fixed terms for repayment.
18
Controlling party
The company's immediate parent company is Karma Assets Holding PTE Ltd and its registered office is: 160 Robinson Road, 18-07, Singapore, 068914.
The ultimate parent company is International Vacation Ownership Ltd. The ultimate controlling party is Mr John Andrew Spence.
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