Korpp Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC269794 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2018

for

Korpp Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J Koramshai

SECRETARY:

Mrs L W Koramshai

REGISTERED OFFICE:

3 Maryfield Road

Broughty Ferry

Dundee

Tayside

DD5 2JJ

REGISTERED NUMBER:

SC269794 (Scotland)

ACCOUNTANTS:

Angela Campbell

Chartered Accountant

3 Maryfield Road

Broughty Ferry

DUNDEE

Tayside

DD5 2JJ

FIXED ASSETS

Tangible assets

4

33

33

Investment property

5

190,042

190,042

190,075

190,075

CURRENT ASSETS

Debtors

6

22,000

22,000

Cash at bank

153

461

22,153

22,461

CREDITORS

Amounts falling due within one year

7

2,690

1,685

NET CURRENT ASSETS

19,463

20,776

TOTAL ASSETS LESS CURRENT LIABILITIES

209,538

210,851

CREDITORS

Amounts falling due after more than one year

8

(160,512

)

(160,512

)

PROVISIONS FOR LIABILITIES

11

(9,278

)

(9,278

)

NET ASSETS

39,748

41,061

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

12

39,746

41,059

SHAREHOLDERS' FUNDS

39,748

41,061

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 5 March 2019 and were signed by:

J Koramshai - Director

1.	STATUTORY INFORMATION

Korpp Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and

registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities"

of Financial Reporting Standard 102 " The Financial Reporting Standard applicable in the UK and Republic of

Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost

convention. as modified by the revaluation of investment property measured at fair value through profit and loss.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgments, estimates and assumptions

that effect the amounts reported. These estimates and judgments are continually reviewed and are based on

experience and other factors, including expectations of future events that are believed to be reasonable under the

circumstances.

Turnover

Turnover represents the gross rental income received from the investment properties during the year.

Tangible fixed assets

Tangible assets held for the company's own use are stated at cost less accumulated depreciation and accumulated

impairment losses. Depreciation is provided at a rate calculated to write off the cost of the fixed assets, less the

estimated residual value on a straight line basis.

At each balance sheet date, the company reviews the carrying amount of its tangible assets to determine whether

there is any indication of impairment loss. In the director's opinion, the value of the tangible assets as shown in

the balance sheet reflect the estimated recoverable value of the assets and therefore no further depreciation

requires to be accumulated.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable

expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value

are recognised in profit or loss. This is in accordance with the FRS 102 1A which, unlike the Companies Act

2006, does not require depreciation of investment properties. Investment properties are held for investment

potential and not for use by the company so their current value is of prime importance. the departure from the

provision of the Companies Act 2006 is required in order to give a true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The director anticipates the properties will continue to be available for rent for the foreseeable future and the

rental income will cover the annual costs of maintaining the properties. Thus he has continued to adopt the going

concern basis for preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 July 2017

and 30 June 2018

11,917

DEPRECIATION

At 1 July 2017

and 30 June 2018

11,884

NET BOOK VALUE

At 30 June 2018

33

At 30 June 2017

33

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2017

and 30 June 2018

190,042

NET BOOK VALUE

At 30 June 2018

190,042

At 30 June 2017

190,042

Fair value at 30 June 2018 is represented by:

£

Valuation in 2006

79,500

Valuation in 2007

38,750

Valuation in 2008

(40,250

)

Valuation in 2009

(31,000

)

Cost

143,042

190,042

If the investment properties had not been revalued they would have been included at the following historical

cost:

30.6.18

30.6.17

£

£

Cost

143,042

143,042

The investment properties were valued on an open market basis on 30 June 2018 by the director, J Koramshai .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Other debtors

22,000

22,000

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.18

30.6.17

£

£

Taxation and social security

-

225

Other creditors

2,690

1,460

2,690

1,685

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.6.18

30.6.17

£

£

Bank loans

160,512

160,512

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

160,512

160,512

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.18

30.6.17

£

£

Bank loans

160,512

160,512

The loans are secured by standard securities over the assets to which the loan relates and also a floating charge

over the company's assets.

10.	FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a

financing transaction, where it is recognised at the present value of the futures payments discounted at a market

rate of interest for a similar debt instrument.

11.	PROVISIONS FOR LIABILITIES

30.6.18

30.6.17

£

£

Deferred tax

Other timing differences

9,278

9,278

Deferred

tax

£

Balance at 1 July 2017

9,278

Balance at 30 June 2018

9,278

Included in this deferred tax provision is the tax due on estimated gain on the revaluation of the investment

properties at fair value. The net gain is included in the Retained Earnings account. (Note 11).

12.

RESERVES

The Retained Earnings account records the retained earnings and accumulated losses and also the value of asset

revaluations and fair value movements on assets recognised in other comprehensive income. The Retained

Earnings Reserve of £39,746 includes £37,722 ( 2017 - £37,722 ) relating to the asset revaluation and fair value

movements on assets and is not available for distribution.

13.	RELATED PARTY DISCLOSURES