Caseware UK (AP4) 2024.0.164 2024.0.164 2024-07-312024-07-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-08-01No description of principal activity22truetruefalse 09701312 2023-08-01 2024-07-31 09701312 2022-08-01 2023-07-31 09701312 2024-07-31 09701312 2023-07-31 09701312 c:Director2 2023-08-01 2024-07-31 09701312 d:LeaseholdInvestmentProperty 2023-08-01 2024-07-31 09701312 d:LeaseholdInvestmentProperty 2024-07-31 09701312 d:LeaseholdInvestmentProperty 2023-07-31 09701312 d:CurrentFinancialInstruments 2024-07-31 09701312 d:CurrentFinancialInstruments 2023-07-31 09701312 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 09701312 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 09701312 d:ShareCapital 2024-07-31 09701312 d:ShareCapital 2023-07-31 09701312 d:RetainedEarningsAccumulatedLosses 2024-07-31 09701312 d:RetainedEarningsAccumulatedLosses 2023-07-31 09701312 c:FRS102 2023-08-01 2024-07-31 09701312 c:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 09701312 c:FullAccounts 2023-08-01 2024-07-31 09701312 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 09701312 4 2023-08-01 2024-07-31 09701312 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 09701312









KORASSETS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
KORASSETS LIMITED
REGISTERED NUMBER: 09701312

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
33,883,332
32,896,645

  
33,883,332
32,896,645

Current assets
  

Debtors: amounts falling due within one year
 5 
11,183
-

Cash at bank and in hand
 6 
106,058
386,068

  
117,241
386,068

Creditors: amounts falling due within one year
 7 
(32,357,323)
(31,608,157)

Net current liabilities
  
 
 
(32,240,082)
 
 
(31,222,089)

Total assets less current liabilities
  
1,643,250
1,674,556

  

Net assets
  
1,643,250
1,674,556


Capital and reserves
  

Called up share capital 
  
101
101

Profit and loss account
  
1,643,149
1,674,455

  
1,643,250
1,674,556


Page 1

 
KORASSETS LIMITED
REGISTERED NUMBER: 09701312
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

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 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: 




Paul Norman
Director

Date: 24 July 2025

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
KORASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Korassets Limited is a private company limited by shares incorporated in England & Wales (registered number: 09701312). The registered office is 101 New Cavendish Street, First Floor South, London, W1W 6XH. 
The financial statements are presented in Sterling, which is the functional currency of the company.

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

In assessing the ability of the company to operate as a going concern, management have evaluated current and forecasted operational results, and the solvency of the company. The shareholders have provided assurances that they will continue to provide adequate funds to meet its obligations, and not to demand repayment of any funds due to them, until the company is in a financial position to do so. As a result, the members consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the directors 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.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

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.

 
2.6

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.

Page 3

 
KORASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.9

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 reporting date in the countries where the Company operates and generates income.


 
2.10

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 4

 
KORASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Investment property


Long term leasehold investment property

£



Valuation


At 1 August 2023
32,896,645


Additions at cost
986,687



At 31 July 2024
33,883,332

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



The fair values of the investment properties at 31 July 2024 have been arrived at on the basis of a valuation carried out at that date by the beneficial owners. The beneficial owners of the Company are not professionally qualified valuers. The valuation, which differs from the valuation at the previous reporting period, was arrived at by reference to market evidence. 



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
33,883,332
32,841,334

33,883,332
32,841,334


5.


Debtors

2024
2023
£
£


Prepayments and accrued income
11,183
-

11,183
-


Page 5

 
KORASSETS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
106,058
386,068

Less: bank overdrafts
(1)
-

106,057
386,068



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
1
-

Bank loans
13,333,890
13,337,267

Other creditors
19,019,160
18,265,890

Accruals and deferred income
4,272
5,000

32,357,323
31,608,157


Secured loans
The bank loan of £13,333,890 (2023: £13,337,267) is secured by way of a fixed charge over the assets of the Company.

 
Page 6