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Registered number: 05134968
Korbuild Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Xeinadin South Wales & West Limited
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 05134968
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 110,973 37,707
110,973 37,707
CURRENT ASSETS
Debtors 5 151,849 2,079,830
Cash at bank and in hand 3,787,004 3,988,682
3,938,853 6,068,512
Creditors: Amounts Falling Due Within One Year 6 (506,348 ) (589,160 )
NET CURRENT ASSETS (LIABILITIES) 3,432,505 5,479,352
TOTAL ASSETS LESS CURRENT LIABILITIES 3,543,478 5,517,059
PROVISIONS FOR LIABILITIES
Deferred Taxation (27,743 ) (9,427 )
NET ASSETS 3,515,735 5,507,632
CAPITAL AND RESERVES
Called up share capital 7 2 2
Profit and Loss Account 3,515,733 5,507,630
SHAREHOLDERS' FUNDS 3,515,735 5,507,632
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Page 2
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Dean Evans
Director
Mrs Kelly Dee-Evans
Director
12/11/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 June 2022 2 4,453,427 4,453,429
Profit for the year and total comprehensive income - 1,115,503 1,115,503
Dividends paid - (61,300) (61,300)
As at 31 May 2023 and 1 June 2023 2 5,507,630 5,507,632
Profit for the year and total comprehensive income - 208,103 208,103
Dividends paid - (2,200,000) (2,200,000)
As at 31 May 2024 2 3,515,733 3,515,735
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Page 4
Notes to the Financial Statements
1. General Information
Korbuild Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05134968 . The registered office is Maddison House, Siop y Coed, Tonteg, Pontypridd, CF38 1LN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover comprises the invoiced vale of goods and services supplied by the company, net of Value Added Tax and trade discounts.

2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Straight Line
The depreciation policy on Computer Equipment was changed during the year from reducing balance to the straight line method.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3. Average Number of Employees
Average number of employees, including directors, during the year was:
2024 2023
Office and administration 24 20
24 20
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 90,495 17,995 35,262 143,752
Additions 5,668 94,980 11,935 112,583
Disposals (53,226 ) (17,995 ) - (71,221 )
As at 31 May 2024 42,937 94,980 47,197 185,114
Depreciation
As at 1 June 2023 66,552 10,192 29,301 106,045
Provided during the period 3,888 13,851 4,216 21,955
Disposals (43,667 ) (10,192 ) - (53,859 )
As at 31 May 2024 26,773 13,851 33,517 74,141
Net Book Value
As at 31 May 2024 16,164 81,129 13,680 110,973
As at 1 June 2023 23,943 7,803 5,961 37,707
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 1,088
Prepayments and accrued income 10,422 10,304
VAT 141,427 68,438
Amounts owed by associates - 2,000,000
151,849 2,079,830
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 338,585 165,577
Corporation tax 52,919 281,527
Other taxes and social security 48,837 16,575
Net wages - 50,792
Other creditors 54,088 65,157
Auto enrolment pension control 3,410 4,584
Accrued expenses 5,468 4,919
Directors' loan accounts 3,041 29
506,348 589,160
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Page 6
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
8. Related Party Transactions
At the balance sheet date, the company owed the directors £3,040 (2023 : £29).
The directors and shareholders in Korbuild Limited are also directors and shareholders in Maddie Rae Developments Ltd. 
During the year the directors were voted dividends of £71,385 (£62,300 in 2023).
9. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Kormad Holdings Limited . Kormad Holdings Limited was incorporated in England & Wales. Copies of the group accounts may be obtained from the secretary, . The ultimate controlling party is Kormad Holdings Limited who controls 100% of the shares of Korbuild Limited .
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