Company registration number 12024085 (England and Wales)
KRIS DEVELOPMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
KRIS DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
Mr Aman Kasewa
Mr Sanjiv Sangar
Mr Kushal Pal Singh
Company number
12024085
Registered office
Second Floor, De Burgh House
Market Road
Wickford
Essex
SS12 0FD
Auditor
Grunberg & Co Limited
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
KRIS DEVELOPMENTS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Income statement
6
Group statement of financial position
7
Company statement of financial position
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Notes to the financial statements
11 - 21
KRIS DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2024.

Principal activities

The principal activity of the company and group continued to be that of holding and renting of an investment property.

Results and dividends

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr Aman Kasewa
Mr Sanjiv Sangar
Mr Kushal Pal Singh
PTR Thornton
(Resigned 6 April 2023)
Auditor

The auditors, Grunberg & Co Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

KRIS DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
Mr Aman Kasewa
Mr Sanjiv Sangar
Director
Director
25 September 2024
KRIS DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KRIS DEVELOPMENTS LIMITED
- 3 -
Opinion

We have audited the financial statements of Kris Developments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the group income statement, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

KRIS DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KRIS DEVELOPMENTS LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit procedures performed included the reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; discussions with the directors' on their own assessment of the risks that irregularities may occur either as a result of fraud or error, their assessment of compliance with laws and regulations and whether they were aware of any instances of non-compliance, including any potential litigation or claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; inspection of relevant legal correspondence and board minutes; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

KRIS DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KRIS DEVELOPMENTS LIMITED
- 5 -

As a result of our assessment, it is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business. However, laws and regulations considered to have a direct effect on the financial statements included the UK Companies Act, Tax legislation, GDPR as well as Building Regulations and Health & Safety legislation covering both employees and site workers and attendees where the investment property is being developed.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. There is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with the ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Gedalia Waldman BA FCA
For and on behalf of
1 October 2024
Grunberg & Co Limited
Chartered Accountants
Statutory Auditor
5 Technology Park
Colindeep Lane
Colindale
London
United Kingdom
NW9 6BX
KRIS DEVELOPMENTS LIMITED
GROUP INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2024
2023
Notes
Turnover
1,002,315
-
Administrative expenses
(1,950,260)
(1,540,972)
Other operating income
8,786
382,230
Operating loss
(939,159)
(1,158,742)
Interest receivable and similar income
4
380,265
7,107
Interest payable and similar expenses
(419,806)
(16,917)
Amounts written off investments
5
-
5,936,944
(Loss)/profit before taxation
(978,700)
4,768,392
Tax on (loss)/profit
5,899
(577,619)
(Loss)/profit for the financial year
15
(972,801)
4,190,773
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
KRIS DEVELOPMENTS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 7 -
2024
2023
Notes
Fixed assets
Intangible assets
-
-
Tangible assets
7
1,358,553
1,472,649
Investment property
8
44,980,208
44,877,000
Investments
9
9,748,499
-
0
56,087,260
46,349,649
Current assets
Debtors
10
818,862
695,449
Cash at bank and in hand
896,804
3,480,488
1,715,666
4,175,937
Creditors: amounts falling due within one year
11
(888,720)
(605,283)
Net current assets
826,946
3,570,654
Total assets less current liabilities
56,914,206
49,920,303
Creditors: amounts falling due after more than one year
12
(8,303,161)
(7,872,700)
Provisions for liabilities
(571,720)
(571,720)
Net assets
48,039,325
41,475,883
Capital and reserves
Called up share capital
14
45,694,523
38,158,280
Other reserves
15
5,365,224
5,365,224
Profit and loss reserves
15
(3,020,422)
(2,047,621)
Total equity
48,039,325
41,475,883

These financial statements have been prepared in accordance with the provisions applicable to groups and 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:
25 September 2024
Mr Aman Kasewa
Mr Sanjiv Sangar
Director
Director
Company registration number 12024085 (England and Wales)
KRIS DEVELOPMENTS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024
31 March 2024
- 8 -
2024
2023
Notes
Fixed assets
Tangible assets
7
1,969
1,969
Investments
9
10,014,687
999
10,016,656
2,968
Current assets
Debtors
10
35,140,133
35,380,812
Cash at bank and in hand
515,132
3,128,959
35,655,265
38,509,771
Creditors: amounts falling due within one year
11
(27,777)
(20,358)
Net current assets
35,627,488
38,489,413
Net assets
45,644,144
38,492,381
Capital and reserves
Called up share capital
14
45,694,523
38,158,280
Profit and loss reserves
15
(50,379)
334,101
Total equity
45,644,144
38,492,381

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was €384,480 (2023 - €27,714 profit).

 

These financial statements have been prepared 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:
25 September 2024
Mr Aman Kasewa
Mr Sanjiv Sangar
Director
Director
Company registration number 12024085 (England and Wales)
KRIS DEVELOPMENTS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Share capital
Fair value reserve
Profit and loss reserves
Total
Notes
Balance at 1 April 2022
32,360,513
-
(873,170)
31,487,343
Year ended 31 March 2023:
Profit and total comprehensive income
-
-
4,190,773
4,190,773
Issue of share capital
14
5,797,767
-
-
5,797,767
Transfers
-
5,365,224
(5,365,224)
-
Balance at 31 March 2023
38,158,280
5,365,224
(2,047,621)
41,475,883
Year ended 31 March 2024:
Loss and total comprehensive income
-
-
(972,801)
(972,801)
Issue of share capital
14
7,536,243
-
-
7,536,243
Balance at 31 March 2024
45,694,523
5,365,224
(3,020,422)
48,039,325
KRIS DEVELOPMENTS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
Share capital
Profit and loss reserves
Total
Notes
Balance at 1 April 2022
32,360,513
306,387
32,666,900
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
27,714
27,714
Issue of share capital
14
5,797,767
-
5,797,767
Balance at 31 March 2023
38,158,280
334,101
38,492,381
Year ended 31 March 2024:
Profit and total comprehensive income
-
(384,480)
(384,480)
Issue of share capital
14
7,536,243
-
7,536,243
Balance at 31 March 2024
45,694,523
(50,379)
45,644,144
KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
1
Accounting policies
Company information

Kris Developments Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Norland Place, London , United Kingdom, W11 4QG.

 

The group consists of Kris Developments Limited and its subsidiary.

1.1
Accounting convention

These financial statements have been prepared in accordance 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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Kris Developments Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.3
Turnover

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial

direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased

asset and recognised on a straight line basis over the lease term.

KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.4
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:

Furniture and fittings
5,7 and 10 years straight line
Computers
4 years straight line
Motor vehicles
5 years straight line

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
Investment property

Investment property under construction are recorded at accumulated cost. After completion, these are recorded at fair value and any changes in fair value are recognised in the income statement.

 

Deferred tax is recognised on the timing differences that have originated due to any fair value gains recognised through the income statement.

The fair value at year end has been determined by a valuation expert with reference to market conditions.

1.6
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the group 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -

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.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. 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.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and 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.

1.9
Financial instruments

The group 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 group's statement of financial position when the group 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 term investment bonds, debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.12
Foreign exchange

Transactions in currencies other than Euros 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.

1.13

Exemption from preparing a cash flow statement and strategic report

Exemption has been taken from preparing a cash flow statement and strategic report on the grounds that the group qualifies as a small group.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There are no material items in the financial statements where these judgement and estimates have been made, which have not been disclosed in these accounting policies.

KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
3
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Total
3
3
3
3
4
Interest receivable and similar income
2024
2023
Other interest receivable and similar income
380,265
7,107
5
Amounts written off investments
2024
2023
Fair value gains/(losses)
Gain on investment properties
-
5,936,944
6
Deferred tax

At the balance sheet date, the group has unutilised tax losses of 4,684,745 (2023: 3,426,337), resulting in a potential deferred tax asset of 1,171,186 (2023: 856,584). As it cannot be forseen with any underlying certainty as to when these tax losses can be utilised in the near future, it has not been recognised in the accounts.

KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
7
Tangible fixed assets
Group
Furniture and fittings
Computers
Motor vehicles
Total
Cost
At 1 April 2023
1,312,646
25,405
202,626
1,540,677
Additions
-
0
84,392
-
0
84,392
At 31 March 2024
1,312,646
109,797
202,626
1,625,069
Depreciation and impairment
At 1 April 2023
13,037
15,202
39,789
68,028
Depreciation charged in the year
146,965
11,734
39,789
198,488
At 31 March 2024
160,002
26,936
79,578
266,516
Carrying amount
At 31 March 2024
1,152,644
82,861
123,048
1,358,553
At 31 March 2023
1,299,609
10,203
162,837
1,472,649
Company
Furniture and fittings
Cost
At 1 April 2023 and 31 March 2024
1,988
Depreciation and impairment
At 1 April 2023 and 31 March 2024
19
Carrying amount
At 31 March 2024
1,969
At 31 March 2023
1,969
8
Investment property
Group
Company
2024
2024
Fair value
At 1 April 2023 and 31 March 2024
44,877,000
-
Additions
103,208
-
At 31 March 2024
44,980,208
-
KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
9
Fixed asset investments
Group
Company
2024
2023
2024
2023
Shares in group undertakings and participating interests
57,286
-
8,333,286
999
Other investments other than loans
9,691,213
-
1,681,401
-
9,748,499
-
0
10,014,687
999
Movements in fixed asset investments
Group
Shares in joint ventures
Other investments
Total
Cost or valuation
At 1 April 2023
-
-
-
Additions
57,286
1,681,401
1,738,687
-
8,009,812
8,009,812
At 31 March 2024
57,286
9,691,213
9,748,499
Carrying amount
At 31 March 2024
57,286
9,691,213
9,748,499
At 31 March 2023
-
-
-
Movements in fixed asset investments
Company
Shares in subsidiaries and joint ventures
Other investments
Total
Cost or valuation
At 1 April 2023
999
-
999
Additions
8,332,287
1,681,401
10,013,688
At 31 March 2024
8,333,286
1,681,401
10,014,687
Carrying amount
At 31 March 2024
8,333,286
1,681,401
10,014,687
At 31 March 2023
999
-
999
KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
10
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
Trade debtors
102,364
77,309
-
0
-
0
Corporation tax recoverable
5,899
-
0
5,899
-
0
Amounts owed by group undertakings
-
-
-
209,254
Other debtors
82,113
35,496
32,150
1
Prepayments and accrued income
101,220
582,644
78,705
582,644
291,596
695,449
116,754
791,899
Amounts falling due after more than one year:
Amounts owed by group undertakings
-
-
34,496,113
34,588,913
Amounts owed by undertakings in which the company has a participating interest
527,266
-
527,266
-
527,266
-
35,023,379
34,588,913
Total debtors
818,862
695,449
35,140,133
35,380,812

During the year, no impairment provisions have been made against any class of debtors.

 

Included within amounts falling due after more than one year is a balance owed by a jointly controlled entity, totalling 527,266 at the year-end, with interest at 5% per annum.

11
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Bank loans
13
15,186
56,597
-
0
-
0
Trade creditors
809,047
430,150
6,032
-
0
Corporation tax payable
-
0
5,899
-
0
5,899
Other taxation and social security
36,898
15,493
-
-
Other creditors
5,844
74,674
-
0
-
0
Accruals and deferred income
21,745
22,470
21,745
14,459
888,720
605,283
27,777
20,358
KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
12
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
Bank loans and overdrafts
13
8,303,161
7,872,700
-
0
-
0
13
Loans and overdrafts
Group
Company
2024
2023
2024
2023
Bank loans
8,318,347
7,929,297
-
0
-
0
Payable within one year
15,186
56,597
-
-
Payable after one year
8,303,161
7,872,700
-
0
-
0

The bank loan is secured by way of a legal charge over the investment property.

14
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
Issued and fully paid
of €1 each
38,800,000
32,300,000
45,694,523
38,158,280

6,500,000 Ordinary shares of £1 each were allotted and fully paid for in cash at par during the year.

15
Reserves
Profit and loss reserves

Called -up share capital represents the nominal value of shares that have been issued.

 

Foreign exchange reserve comprises translation differences arising from the translation of financial statements of the Groups foreign entities into Sterling.

 

Retained earnings includes accumulated retained profits and losses, all of which are distributable reserves.

 

Fair value reserve comprises the fair value gain on investment property net of deferred tax. This reserve is not distributable.

16
Operating lease commitments
KRIS DEVELOPMENTS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
16
Operating lease commitments
(Continued)
- 21 -
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
350,000
800,000
-
-
17
Related party transactions
Transactions with related parties

During the year, the group received rental income totalling 941,667 from a related party.

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