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Registered number: 09701312 KORASSETS LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 JULY 2025
KORASSETS LIMITED REGISTERED NUMBER: 09701312 STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 5 |  | 34,790,416 |  | 33,883,331
|  |  | 34,790,416 |  | 33,883,331
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | - |  | 11,183 |
Cash at bank and in hand | 7 | 35,741 |  | 106,058 |
|  | 35,741 |  | 117,241 |
Creditors: amounts falling due within one year | 8 | (33,271,567) |  | (32,357,322) |
Net current liabilities |  |  | (33,235,826) |  | (32,240,081)
Total assets less current liabilities |  |  | 1,554,590 |  | 1,643,250
Net assets |  |  | 1,554,590 |  | 1,643,250
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 101 |  | 101
Profit and loss account |  |  | 1,554,489 |  | 1,643,149
|  |  | 1,554,590 |  | 1,643,250
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KORASSETS LIMITED REGISTERED NUMBER: 09701312 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 JULY 2025 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 2026
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 2025
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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.5 | 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. Page 3
KORASSETS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 2.Accounting policies (continued)
| 2.6 | 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.
| 2.7 | 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.
| 2.8 | 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.
| 2.9 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.10 | 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.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
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KORASSETS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
4. | Fixed asset investments
|  | Unlisted investments
|  | £
| Additions | 412,000
| Disposals | (412,000)
| At 31 July 2025 | -
5. | Investment property
|  | Long term leasehold investment property
|  | £
| Valuation |
| At 1 August 2024 | 33,883,331
| Additions at cost | 907,085
| At 31 July 2025 | 34,790,416
The 2025 valuations were made by the directors, on an open market value basis.
| The fair values of the investment properties at 31 July 2025 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:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Historic cost | 34,782,400 | 33,883,332
|  | 34,782,400 | 33,883,332
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KORASSETS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Prepayments and accrued income | - | 11,183
|  | - | 11,183
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 35,741 | 106,058
| Less: bank overdrafts | - | (1)
|  | 35,741 | 106,057
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | - | 1
| Bank loans | 13,327,744 | 13,333,890
| Other creditors | 19,886,800 | 19,019,160
| Accruals and deferred income | 57,023 | 4,271
|  | 33,271,567 | 32,357,322
| Secured loans The bank loan of £13,327,744 (2024: £13,333,890) is secured by way of a fixed charge over the assets of the Company.
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