Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29No description of principal activity2023-03-01false11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 02793048 2023-03-01 2024-02-29 02793048 2022-03-01 2023-02-28 02793048 2024-02-29 02793048 2023-02-28 02793048 c:Director1 2023-03-01 2024-02-29 02793048 d:LeaseholdInvestmentProperty 2024-02-29 02793048 d:LeaseholdInvestmentProperty 2023-02-28 02793048 d:CurrentFinancialInstruments 2024-02-29 02793048 d:CurrentFinancialInstruments 2023-02-28 02793048 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 02793048 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 02793048 d:ShareCapital 2024-02-29 02793048 d:ShareCapital 2023-02-28 02793048 d:RevaluationReserve 2023-03-01 2024-02-29 02793048 d:RevaluationReserve 2024-02-29 02793048 d:RevaluationReserve 2023-02-28 02793048 d:RetainedEarningsAccumulatedLosses 2024-02-29 02793048 d:RetainedEarningsAccumulatedLosses 2023-02-28 02793048 c:FRS102 2023-03-01 2024-02-29 02793048 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 02793048 c:FullAccounts 2023-03-01 2024-02-29 02793048 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 02793048 5 2023-03-01 2024-02-29 02793048 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 02793048









KULWIN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
KULWIN LIMITED
02793048

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
1,421,180
1,421,180

  
1,421,180
1,421,180

Current assets
  

Cash at bank and in hand
 5 
168,866
151,483

  
168,866
151,483

Creditors: amounts falling due within one year
 6 
(417,092)
(425,866)

Net current liabilities
  
 
 
(248,226)
 
 
(274,383)

Total assets less current liabilities
  
1,172,954
1,146,797

Provisions for liabilities
  

Deferred tax
  
(163,419)
(163,419)

  
 
 
(163,419)
 
 
(163,419)

Net assets
  
1,009,535
983,378

Page 1

 
KULWIN LIMITED
02793048
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 7 
857,056
857,056

Profit and loss account
 7 
152,379
126,222

  
1,009,535
983,378


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2024.


Kamran Fardshisheh
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
KULWIN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Kulwin Limited is a company limited by share capital. The Company is incorporate in England and Wales, company number 02793048. The Company's registered office is located at 1 The Green, Richmond, Surrey TW9 1PL.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

Kulwin Limited is reliant on support from the company's director. It is the intention of the director to continue to provide support as needed for the foreseeable future. The accounts have therefore been prepared on the basis that the company is a going concern.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
KULWIN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4

 
KULWIN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

2024
2023
£
£

Wages and salaries
9,096
9,096

9,096
9,096


The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 5

 
KULWIN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Investment property





Long term leasehold investment property

£



Valuation


At 1 March 2023
1,421,180



At 29 February 2024
1,421,180

The 2024 valuations were made by the Director, on an open market value for existing use basis.





5.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
168,866
151,483

168,866
151,483



6.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Corporation tax
6,136
3,167

Other creditors
409,666
421,409

Accruals and deferred income
1,290
1,290

417,092
425,866



7.


Reserves

Fair value reserve

This reserve has arisen from the revaluation of investment properties in prior years. 

Page 6

 
KULWIN LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

8.


Related party transactions

The Company benefited during the year from a loan previously provided by the director Mr Kamran Fardshisheh. The loan was provided interest free to the Company. The balance owed to Mr Fardshisheh as at 29 February 2024 was £409,065 (28 February 2023 £420,809).

 
Page 7