Karglen Limited - Accounts to registrar (filleted) - small 23.1.2
Karglen Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Period 1st December 2021 to 31st March 2023 |
| for |
| Karglen Limited |
| Karglen Limited (Registered number: 04283612) |
| Contents of the Financial Statements |
| for the Period 1st December 2021 to 31st March 2023 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 3 |
| Karglen Limited (Registered number: 04283612) |
| Balance Sheet |
| 31st March 2023 |
| 2023 | 2021 |
| Notes | £ | £ | £ | £ |
| Fixed assets |
| Tangible assets | 5 |
| Investment property | 6 |
| Current assets |
| Debtors | 7 |
| Cash at bank and in hand |
| Creditors |
| Amounts falling due within one year | 8 |
| Net current assets/(liabilities) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
9 |
( |
) |
| Provisions for liabilities | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital |
| Retained earnings | 10 |
| The directors acknowledge their 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. |
| Karglen Limited (Registered number: 04283612) |
| Balance Sheet - continued |
| 31st March 2023 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Karglen Limited (Registered number: 04283612) |
| Notes to the Financial Statements |
| for the Period 1st December 2021 to 31st March 2023 |
| 1. | Statutory information |
| Karglen Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | Statement of compliance |
| 3. | Accounting policies |
| Basis of preparing the financial statements |
| The company ceased trade in December 2022 when all of it's assets were sold and is in the process of being wound up. |
| Critical accounting judgements and key sources of estimation uncertainty |
| The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| Karglen Limited (Registered number: 04283612) |
| Notes to the Financial Statements - continued |
| for the Period 1st December 2021 to 31st March 2023 |
| 3. | Accounting policies - continued |
| Financial instruments |
| A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
| 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 future payments discounted at a market rate of interest for a similar debt instrument. |
| Debt instruments are subsequently measured at amortised cost. |
| Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
| For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
| Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
| Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
| Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
| Taxation |
| Taxation for the period 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. |
| Karglen Limited (Registered number: 04283612) |
| Notes to the Financial Statements - continued |
| for the Period 1st December 2021 to 31st March 2023 |
| 3. | Accounting policies - continued |
| 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 period 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
| Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
| 4. | Employees and directors |
| The average number of employees during the period was |
| 5. | Tangible fixed assets |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| Cost |
| At 1st December 2021 |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31st March 2023 |
| Depreciation |
| At 1st December 2021 |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31st March 2023 |
| Net book value |
| At 31st March 2023 |
| At 30th November 2021 |
| Karglen Limited (Registered number: 04283612) |
| Notes to the Financial Statements - continued |
| for the Period 1st December 2021 to 31st March 2023 |
| 6. | Investment property |
| Total |
| £ |
| Fair value |
| At 1st December 2021 |
| Disposals | ( |
) |
| At 31st March 2023 |
| Net book value |
| At 31st March 2023 |
| At 30th November 2021 |
| 7. | Debtors: amounts falling due within one year |
| 2023 | 2021 |
| £ | £ |
| Other debtors |
| 8. | Creditors: amounts falling due within one year |
| 2023 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Taxation and social security |
| Other creditors |
| 9. | Creditors: amounts falling due after more than one year |
| 2023 | 2021 |
| £ | £ |
| Bank loans |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | - | 88,246 |
| Karglen Limited (Registered number: 04283612) |
| Notes to the Financial Statements - continued |
| for the Period 1st December 2021 to 31st March 2023 |
| 10. | Reserves |
| Retained |
| earnings |
| £ |
| At 1st December 2021 |
| Deficit for the period | ( |
) |
| Revaluation adjust on disposal | (254,760 | ) |
| At 31st March 2023 |
| Profit and loss account - This reserve records distributable retained earnings and accumulated losses. |