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Registration number: 14656948

Kara Realty Trading Ltd

Unaudited Filleted Abridged Financial Statements

for the Period from 13 February 2023 to 31 March 2024

 

Kara Realty Trading Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Kara Realty Trading Ltd

Company Information

Directors

Mr Jeetendra Karsan Kara

Mr. Manojh Patel

Registered office

308-310 High Road
Willesden
London
NW10 2EN

Accountants

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

 

Kara Realty Trading Ltd

(Registration number: 14656948)
Abridged Balance Sheet as at 31 March 2024

Note

2024
£

Fixed assets

 

Investments

4

4

Current assets

 

Stocks

5

9,813,095

Cash at bank and in hand

 

94,613

 

9,907,708

Creditors: Amounts falling due within one year

(7,527,687)

Net current assets

 

2,380,021

Total assets less current liabilities

 

2,380,025

Creditors: Amounts falling due after more than one year

(1,607,257)

Net assets

 

772,768

Capital and reserves

 

Called up share capital

6

2

Revaluation reserve

275,000

Retained earnings

497,766

Shareholders' funds

 

772,768

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Kara Realty Trading Ltd

(Registration number: 14656948)
Abridged Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 7 November 2024 and signed on its behalf by:
 

.........................................
Mr Jeetendra Karsan Kara
Director

.........................................
Mr. Manojh Patel
Director

 

Kara Realty Trading Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 13 February 2023 to 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
308-310 High Road
Willesden
London
NW10 2EN
United Kingdom

These financial statements were authorised for issue by the Board on 7 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Kara Realty Trading Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 13 February 2023 to 31 March 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress 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. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Kara Realty Trading Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 13 February 2023 to 31 March 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Investments

Total
£

Cost or valuation

Additions

4

Provision

Carrying amount

At 31 March 2024

4

2024
£

5

Stocks

2024
£

Other inventories

9,813,095

6

Share capital

Allotted, called up and fully paid shares

 

Kara Realty Trading Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 13 February 2023 to 31 March 2024

2024

No.

£

Ordinary of £1 each

2

2

   

7

Reserves

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

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

275,000

275,000

8

Related party transactions

 

Kara Realty Trading Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 13 February 2023 to 31 March 2024

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

Remuneration

24,000

Expenditure with and payables to related parties

2024

Other related parties
£

Rendering of services

33,500

Loans from related parties

2024

Key management
£

Other related parties
£

Total
£

Advanced

7,568,285

70,000

7,638,285

Repaid

(249,753)

-

(249,753)

At end of period

7,318,532

70,000

7,388,532

Terms of loans from related parties

Sums advanced by both directors/shareholders in lieu of properties transferred to the company. The sums are interest free and repayable on demand.The company has sufficient assets to repay the loans.
 
Sums advanced by Kara Double Glazing Ltd (CRN 02403408) of £70,000 during the period. The loan is interest free and repayable on demand.