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Registered number: 08974504 (England and Wales)














KARLIN REAL ESTATE UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023


 
KARLIN REAL ESTATE UK LIMITED
 

 
COMPANY INFORMATION


Directors
D A Cohen 
M B Schwab 




Company secretary
Dentons Secretaries Limited



Registered number
08974504



Registered office
3rd Floor
43 - 45 Dorset Street

London

England

W1U 7NA




Independent auditors
ZEDRA Corporate Reporting Services (UK) Limited






 
KARLIN REAL ESTATE UK LIMITED
 


CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 4



 
KARLIN REAL ESTATE UK LIMITED
REGISTERED NUMBER:08974504


BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,185,402
1,159,265

Cash at bank and in hand
  
70,330
90,700

  
1,255,732
1,249,965

Creditors: amounts falling due within one year
 5 
(1,168,595)
(1,163,948)

Net current assets
  
 
 
87,137
 
 
86,017

Total assets less current liabilities
  
87,137
86,017

  

Net assets
  
87,137
86,017


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
87,136
86,016

  
87,137
86,017


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 comprehensive income 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 by: 



M B Schwab
Director

Date: 20 February 2025

The notes on pages 2 to 4 form part of these financial statements.

Page 1


 
KARLIN REAL ESTATE UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
1.2

Going concern

The directors have considered the strategic importance of the Company and its role in holding guarantees for other companies in the Karlin group. They do not believe that the Company will be required in the near future and as a result, they have decided to discontinue operating activities whilst they consider alternative methods of maintaining guarantees.
For this reason, these financial statements are prepared on a basis other than going concern.

 
1.3

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the ultimate parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the intercompany service agreement;
the costs incurred under the intercompany service agreement can be measured reliably.

 
1.4

Taxation

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.

 
1.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Amounts owed by group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.

Page 2


 
KARLIN REAL ESTATE UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions.

  
1.7

Creditors

Short term creditors are measured at the transaction price. Amounts owed to group undertakings are intercompany loans measured at cost. These loans are unsecured, interest free and repayable on demand.


2.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.
In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 1.2 to the financial statements which explains that the directors have discontinued operating activities and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Therefore, the directors have prepared the financial statements on a basis other than going concern.

The audit report was signed on 27 February 2025 by Dominic King FCA (Senior Statutory Auditor) on behalf of ZEDRA Corporate Reporting Services (UK) Limited.


3.


Employees

The average monthly number of employees during the year was 0 (2022 - 0).


4.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
1,185,402
1,159,265

1,185,402
1,159,265


Page 3


 
KARLIN REAL ESTATE UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
10,200
-

Amounts owed to group undertakings
1,111,119
1,111,119

Corporation tax
1,366
258

Accruals and deferred income
45,910
52,571

1,168,595
1,163,948



6.


Controlling party

Karlin Asset Management, Inc. is the parent of the smallest group for which consolidated financial statements are drawn up of which the Company is a member. The registered office of the ultimate parent company is 11755 Wilshire Blvd., Suite 1400, Los Angeles, CA 90025 USA. 


7.


Post balance sheet events

There were no adjusting or non-adjusting events occurring between the end of the reporting period and the date these financial statements were approved.

 
Page 4