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

REGISTERED NUMBER: SC269794 (Scotland)

Unaudited Financial Statements for the Year Ended 30 June 2021

for

Korpp Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J Koramshai

SECRETARY:

Ms K Koramshai Richmond

REGISTERED OFFICE:

3 Maryfield Road

Broughty Ferry

Dundee

Tayside

DD5 2JJ

BUSINESS ADDRESS:

Green Acres

The Street

Poynings

West Sussex

BN45 7AQ

REGISTERED NUMBER:

SC269794 (Scotland)

ACCOUNTANTS:

Angela Campbell

Chartered Accountant

3 Maryfield Road

Broughty Ferry

DUNDEE

Tayside

DD5 2JJ

FIXED ASSETS

Investment property

4

-

97,651

CURRENT ASSETS

Stocks

-

68,790

Debtors

5

40,329

17,000

Cash at bank

2,100

33,952

42,429

119,742

CREDITORS

Amounts falling due within one year

6

289

183,838

NET CURRENT ASSETS/(LIABILITIES)

42,140

(64,096

)

TOTAL ASSETS LESS CURRENT LIABILITIES

42,140

33,555

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

9

42,138

33,553

SHAREHOLDERS' FUNDS

42,140

33,555

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2021 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 31 March 2022 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 from the investment properties and sale proceeds from development property.received during the year.

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.

Stocks

Development property stock is valued at cost including refurbishment costs incurred to the balance sheet dat.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 July 2020

97,651

Disposals

(97,651

)

At 30 June 2021

-

NET BOOK VALUE

At 30 June 2021

-

At 30 June 2020

97,651

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Other debtors

40,329

17,000

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.6.21

30.6.20

£

£

Bank loans and overdrafts

-

80,891

Trade creditors

-

604

Other creditors

289

102,343

289

183,838

7.	SECURED DEBTS

The following secured debts are included within creditors:

30.6.21

30.6.20

£

£

Bank loans

-

80,891

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.

8.	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.

9.

RESERVES

Due to the sale of all the company's investment properties,the funds in the Retained Earnings Reserve may now be fully distributed. In the year ended 30 June 2020 £12,000 included in the Retained Earnings Reserve of £33,553 related to the asset revaluation and fair value movements on assets and was not available for distribution.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2021 and 30 June 2020:

30.6.21

30.6.20

£

£

J Koramshai

Balance outstanding at start of year

-

-

Amounts advanced

23,329

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

23,329

-

The company has advanced an loan of £23,329 to the director after the sale of the properties. This has been repaid after the year end but before the signing of the accounts by the dividend and capital distribution declared by the company.

11.	RELATED PARTY DISCLOSURES