0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-04-01 Sage Accounts Production Advanced 2024 - FRS102_2024 7,540 7,540 7,540 xbrli:pure xbrli:shares iso4217:GBP OC397477 2023-04-01 2024-03-31 OC397477 2024-03-31 OC397477 2023-03-31 OC397477 2022-04-01 2023-03-31 OC397477 2023-03-31 OC397477 2022-03-31 OC397477 core:PlantMachinery 2023-04-01 2024-03-31 OC397477 core:MotorVehicles 2023-04-01 2024-03-31 OC397477 bus:Director4 2023-04-01 2024-03-31 OC397477 core:LandBuildings 2023-03-31 OC397477 core:PlantMachinery 2023-03-31 OC397477 core:MotorVehicles 2023-03-31 OC397477 core:LandBuildings 2024-03-31 OC397477 core:PlantMachinery 2024-03-31 OC397477 core:MotorVehicles 2024-03-31 OC397477 core:LandBuildings 2023-04-01 2024-03-31 OC397477 core:WithinOneYear 2024-03-31 OC397477 core:WithinOneYear 2023-03-31 OC397477 core:AfterOneYear 2024-03-31 OC397477 core:AfterOneYear 2023-03-31 OC397477 core:CostValuation core:Non-currentFinancialInstruments 2024-03-31 OC397477 core:Non-currentFinancialInstruments 2024-03-31 OC397477 core:Non-currentFinancialInstruments 2023-03-31 OC397477 core:LandBuildings 2023-03-31 OC397477 core:PlantMachinery 2023-03-31 OC397477 core:MotorVehicles 2023-03-31 OC397477 bus:Director1 2023-04-01 2024-03-31 OC397477 bus:SmallEntities 2023-04-01 2024-03-31 OC397477 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 OC397477 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 OC397477 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 OC397477 bus:FullAccounts 2023-04-01 2024-03-31
REGISTERED NUMBER: OC397477
KHONI INVESTMENTS LLP
Filleted Unaudited Financial Statements
31 March 2024
KHONI INVESTMENTS LLP
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
4
4,074,327
3,855,272
Investments
5
7,540
7,540
------------
------------
4,081,867
3,862,812
Current assets
Debtors
6
148,700
Cash at bank and in hand
157,141
143,651
---------
---------
157,141
292,351
Creditors: amounts falling due within one year
7
916,429
661,909
---------
---------
Net current liabilities
759,288
369,558
------------
------------
Total assets less current liabilities
3,322,579
3,493,254
Creditors: amounts falling due after more than one year
8
964,907
1,021,677
------------
------------
Net assets
2,357,672
2,471,577
------------
------------
Represented by:
Loans and other debts due to members
Other amounts
9
2,357,672
2,471,577
------------
------------
Members' other interests
Other reserves
------------
------------
2,357,672
2,471,577
------------
------------
Total members' interests
Loans and other debts due to members
9
2,357,672
2,471,577
Members' other interests
------------
------------
2,357,672
2,471,577
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
KHONI INVESTMENTS LLP
Statement of Financial Position (continued)
31 March 2024
For the year ending 31 March 2024 the LLP 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 LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the members and authorised for issue on 24 November 2024 , and are signed on their behalf by:
Mr RGS Johal
Designated Member
Registered number: OC397477
KHONI INVESTMENTS LLP
Notes to the Financial Statements
Year ended 31 March 2024
1.
General information
The LLP is registered in England and Wales. The address of the registered office is Sovereign House, 184 Nottingham Road, Nottingham, NG7 7BA.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP 2021).
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4.
Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
3,801,975
4,800
93,089
3,899,864
Additions
232,380
232,380
------------
-------
--------
------------
At 31 March 2024
4,034,355
4,800
93,089
4,132,244
------------
-------
--------
------------
Depreciation
At 1 April 2023
2,775
41,817
44,592
Charge for the year
507
12,818
13,325
------------
-------
--------
------------
At 31 March 2024
3,282
54,635
57,917
------------
-------
--------
------------
Carrying amount
At 31 March 2024
4,034,355
1,518
38,454
4,074,327
------------
-------
--------
------------
At 31 March 2023
3,801,975
2,025
51,272
3,855,272
------------
-------
--------
------------
5.
Investments
Shares in group undertakings
£
Cost
At 1 April 2023 and 31 March 2024
7,540
-------
Impairment
At 1 April 2023 and 31 March 2024
-------
Carrying amount
At 31 March 2024
7,540
-------
At 31 March 2023
7,540
-------
6.
Debtors
2024
2023
£
£
Trade debtors
148,700
----
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
78,615
88,494
Trade creditors
60,286
58,919
Social security and other taxes
21,268
20,271
Ajit Finance
422,246
Other creditors
756,260
71,979
---------
---------
916,429
661,909
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
964,907
1,021,677
---------
------------
Bank loans and overdrafts are secured on the freehold properties.
9.
Loans and other debts due to members
2024
2023
£
£
Amounts owed to members in respect of profits
2,357,672
2,471,577
------------
------------
10.
Related party transactions
In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures".