Registration number:
Karm Property Investments Limited
for the Period from 30 June 2023 to 30 June 2024
Karm Property Investments Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Karm Property Investments Limited
Company Information
Directors |
B Webster S Webster C T Philippou |
Registered office |
|
Accountants |
|
Karm Property Investments Limited
(Registration number: 14971991)
Balance Sheet as at 30 June 2024
Note |
2024 |
|
Fixed assets |
||
Investment property |
|
|
Current assets |
||
Debtors |
|
|
Cash at bank and in hand |
|
|
|
||
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Total assets less current liabilities |
|
|
Creditors: Amounts falling due after more than one year |
( |
|
Net assets |
|
|
Capital and reserves |
||
Called up share capital |
100 |
|
Retained earnings |
26,988 |
|
Shareholders' funds |
27,088 |
For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
......................................... |
Karm Property Investments Limited
Notes to the Unaudited Financial Statements for the Period from 30 June 2023 to 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
These financial statements were authorised for issue by the
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 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 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.
Revenue recognition
Turnover represents amounts derived from rents charged to tenants during the year, and is recognised at the date the rental period occured. This is stated after trade discounts and other sales taxes.
Tax
The tax expense for the period comprises current and deferred 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.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Karm Property Investments Limited
Notes to the Unaudited Financial Statements for the Period from 30 June 2023 to 30 June 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.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and
subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and
installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction
over their estimated useful lives, as follows:
Investment property
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.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade debtors represent amounts due from tenants in respect of rents for the occupation of land and property.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade
debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Borrowings
Karm Property Investments Limited
Notes to the Unaudited Financial Statements for the Period from 30 June 2023 to 30 June 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as
operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and
the company has no legal or constructive obligation to pay further contributions even if the fund does not hold
sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If
contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Investment properties |
2024 |
|
Additions |
|
At 30 June |
|
There has been no valuation of investment property by an independent valuer.
Karm Property Investments Limited
Notes to the Unaudited Financial Statements for the Period from 30 June 2023 to 30 June 2024
Debtors |
Current |
2024 |
Other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
|
Due within one year |
||
Loans and borrowings |
|
|
Taxation and social security |
|
|
Accruals and deferred income |
|
|
Other creditors |
|
|
|
Creditors: amounts falling due after more than one year
Note |
2024 |
|
Due after one year |
||
Loans and borrowings |
|
The loan is secured by way of a fixed and floating charge over the companys assets.
Share capital |
Allotted, called up and fully paid shares
2024 |
||
No. |
£ |
|
|
|
100 |
Karm Property Investments Limited
Notes to the Unaudited Financial Statements for the Period from 30 June 2023 to 30 June 2024
Loans and borrowings |
Non-current loans and borrowings
2024 |
|
Bank borrowings |
|
Current loans and borrowings
2024 |
|
Other borrowings |
|
Related party transactions |
Included in other creditors is an amount of £174,900 owed to Jigsaw Living Limited, a company in which B & S Webster have a controlling interest.
Included in loans and borrowings within one year is an amount of £500 owed to the directors of the company.