Korpp Ltd - Accounts to registrar (filleted) - small 22.3
Korpp Ltd - Accounts to registrar (filleted) - small 22.3
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2022 |
for |
Korpp Ltd |
Korpp Ltd (Registered number: SC269794) |
Contents of the Financial Statements |
for the Year Ended 30 June 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Korpp Ltd |
Company Information |
for the Year Ended 30 June 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
BUSINESS ADDRESS: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountant |
3 Maryfield Road |
Broughty Ferry |
DUNDEE |
Tayside |
DD5 2JJ |
Korpp Ltd (Registered number: SC269794) |
Balance Sheet |
30 June 2022 |
30.6.22 | 30.6.21 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 7 |
SHAREHOLDERS' FUNDS |
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. |
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 |
Korpp Ltd (Registered number: SC269794) |
Notes to the Financial Statements |
for the Year Ended 30 June 2022 |
1. | STATUTORY INFORMATION |
Korpp Ltd is a |
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 |
Prior to the company ceasing trading on 30 June 2021, turnover represented the gross rental income from the investment properties and sale proceeds from development property.received during that year. |
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 |
Korpp Ltd (Registered number: SC269794) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2022 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Other debtors |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Other creditors |
6. | 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. |
7. | RESERVES |
Due to the sale of all the company's investment properties in the year to 30 June 2021, the funds in the Retained Earnings Reserve may now be fully distributed. |
8. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 June 2022 and 30 June 2021: |
30.6.22 | 30.6.21 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
9. | RELATED PARTY DISCLOSURES |
The company has provided an company which J Koramshai is director and shareholder. (2021 - £ |
During the year, the monies advanced to the director, per note 8, were repaid by Korr Limited, a related company from the monies due to J Koramshai, director and shareholder of Korr Limited.The balance due by Korr Limited at 30 June 2022 was £25,092 (2021 -£0 ) which is repayable on demand and interest free. |