Karic Investments Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 12459345 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2023

for

KARIC INVESTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

J R Christie

K L Christie

Registered office:

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Registered number:

12459345 (England and Wales)

Accountants:

Haines Watts Manchester Limited

Northern Assurance Buildings

9-21 Princess Street

Manchester

M2 4DN

Fixed assets

Tangible assets

5

1,670

2,441

Investments

6

84

84

Investment property

7

145,516

145,516

147,270

148,041

Current assets

Debtors

8

245,673

385,303

Cash at bank

51,985

101,674

297,658

486,977

Creditors

Amounts falling due within one year

9

4,239

3,781

Net current assets

293,419

483,196

Total assets less current liabilities

440,689

631,237

Creditors

Amounts falling due after more than one year

10

102,050

102,050

Net assets

338,639

529,187

Capital and reserves

Called up share capital

12

8

8

Retained earnings

338,631

529,179

Shareholders' funds

338,639

529,187

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2023 and were signed on its behalf by:

J R Christie - Director

1.	Statutory information

Karic Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

4.	Employees and directors

The average number of employees during the year was 2 (2022 - 2 ) .

5.	Tangible fixed assets

Plant and

machinery

£

Cost

At 1 April 2022

and 31 March 2023

3,084

Depreciation

At 1 April 2022

643

Charge for year

771

At 31 March 2023

1,414

Net book value

At 31 March 2023

1,670

At 31 March 2022

2,441

6.	Fixed asset investments

Shares in

group

undertakings

£

Cost

At 1 April 2022

and 31 March 2023

84

Net book value

At 31 March 2023

84

At 31 March 2022

84

7.	Investment property

Total

£

Fair value

At 1 April 2022

and 31 March 2023

145,516

Net book value

At 31 March 2023

145,516

At 31 March 2022

145,516

8.

Debtors: amounts falling due within one year

2023

2022

£

£

Trade debtors

25,915

15,411

Other debtors

219,758

369,892

245,673

385,303

9.

Creditors: amounts falling due within one year

2023

2022

£

£

Corporation tax

39

39

Other creditors

-

84

Accruals and deferred income

4,200

3,658

4,239

3,781

10.

Creditors: amounts falling due after more than one year

2023

2022

£

£

Bank loans more 5 yr by instal

102,050

102,050

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

102,050

102,050

11.	Secured debts

The following secured debts are included within creditors:

2023

2022

£

£

Bank loans

102,050

102,050

The loan is secured by a charge over the property.

12.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

2

Ordinary

£1

2

2

2

A Redeemable

£1

2

2

1

B Redeemable

£1

1

1

2

C Redeemable

£1

2

2

1

D Redeemable

£1

1

1

8

8

13.	Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the year ended 31 March 2023 and the period ended 31 March 2022:

2023

2022

£

£

J R Christie and K L Christie

Balance outstanding at start of year

215,302

9,802

Amounts advanced

220,000

215,302

Amounts repaid

(216,000

)

(9,802

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

219,302

215,302

The above loan is interest free and repayable on demand.