Korpp Ltd - Accounts to registrar - small 16.3

Korpp Ltd - Accounts to registrar - small 16.3

KORPP LTD. - Company Information

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IRIS Accounts Production v16.3.3.5 SC269794 director 1.7.15 30.6.16 30.6.16 false true false false false Fair value model iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC2697942015-06-30SC2697942016-06-30SC2697942015-07-012016-06-30SC2697942014-06-30SC2697942014-07-012015-06-30SC2697942015-06-30SC269794ns15:Scotland2015-07-012016-06-30SC269794ns14:PoundSterling2015-07-012016-06-30SC269794ns10:Director12015-07-012016-06-30SC269794ns10:PrivateLimitedCompanyLtd2015-07-012016-06-30SC269794ns10:SmallEntities2015-07-012016-06-30SC269794ns10:AuditExempt-NoAccountantsReport2015-07-012016-06-30SC269794ns10:SmallCompaniesRegimeForDirectorsReport2015-07-012016-06-30SC269794ns10:SmallCompaniesRegimeForAccounts2015-07-012016-06-30SC269794ns10:FullAccounts2015-07-012016-06-30SC269794ns10:CompanySecretary12015-07-012016-06-30SC269794ns10:RegisteredOffice2015-07-012016-06-30SC269794ns5:CurrentFinancialInstruments2016-06-30SC269794ns5:CurrentFinancialInstruments2015-06-30SC269794ns5:Non-currentFinancialInstruments2016-06-30SC269794ns5:Non-currentFinancialInstruments2015-06-30SC269794ns5:ShareCapital2016-06-30SC269794ns5:ShareCapital2015-06-30SC269794ns5:RetainedEarningsAccumulatedLosses2016-06-30SC269794ns5:RetainedEarningsAccumulatedLosses2015-06-30SC269794ns5:PlantMachinery2015-06-30SC269794ns5:PlantMachinery2016-06-30SC269794ns5:PlantMachinery2015-06-30SC269794ns5:CurrentFinancialInstrumentsns5:WithinOneYear2016-06-30SC269794ns5:CurrentFinancialInstrumentsns5:WithinOneYear2015-06-30SC269794ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2016-06-30SC269794ns5:MoreThanFiveYearsns5:Non-currentFinancialInstruments2015-06-30SC269794ns5:Secured2016-06-30SC269794ns5:Secured2015-06-30
REGISTERED NUMBER: SC269794 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2016

for

Korpp Ltd

Korpp Ltd (Registered number: SC269794)






Contents of the Financial Statements
for the Year Ended 30 June 2016




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Korpp Ltd

Company Information
for the Year Ended 30 June 2016







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
Page 1
Korpp Ltd (Registered number: SC269794)

Balance Sheet
30 June 2016

30.6.16 30.6.15
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 33 33
Investment property 4 190,042 190,042
190,075 190,075

CURRENT ASSETS
Debtors 5 22,000 30,000
Cash at bank and in hand 1,122 1,179
23,122 31,179
CREDITORS
Amounts falling due within one year 6 1,261 986
NET CURRENT ASSETS 21,861 30,193
TOTAL ASSETS LESS CURRENT
LIABILITIES
211,936
220,268

CREDITORS
Amounts falling due after more than one
year
7
(160,512
)
(160,512
)

PROVISIONS FOR LIABILITIES (9,400 ) (9,400 )
NET ASSETS 42,024 50,356

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 42,022 50,354
SHAREHOLDERS' FUNDS 42,024 50,356

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2016 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 notes form part of these financial statements

Page 2 continued...
Korpp Ltd (Registered number: SC269794)

Balance Sheet - continued
30 June 2016


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 Income Statement has not been delivered.

The financial statements were approved by the director on 31 March 2017 and were signed by:





J Koramshai - Director


The notes form part of these financial statements

Page 3
Korpp Ltd (Registered number: SC269794)

Notes to the Financial Statements
for the Year Ended 30 June 2016

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 certain assets.

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
In accordance with the Financial Reporting Standard for Smaller Entities the investments are valued on an open
market value and therefore no depreciation or amortisation is provided in respect of these properties. This
treatment is a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed
assets. However these properties are held for investment and the director considers that systematic annual
depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial
statements to give a true and fair view.

Deferred tax
The charge for taxation takes into account taxation deferred as a result of timing differences between certain
items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing
differences that have originated but not reversed at the balance sheet date. Also included is the deferred tax on
the unrecognised gain on valuation of the investment properties to fair value as required by FRS102. Deferred
tax is measured on a non discounted basis at the average tax rates that would apply when the timing differences
are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

Page 4 continued...
Korpp Ltd (Registered number: SC269794)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2016

3. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2015
and 30 June 2016 11,917
DEPRECIATION
At 1 July 2015
and 30 June 2016 11,884
NET BOOK VALUE
At 30 June 2016 33
At 30 June 2015 33

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2015
and 30 June 2016 190,042
NET BOOK VALUE
At 30 June 2016 190,042
At 30 June 2015 190,042

Cost or valuation at 30 June 2016 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:

30.6.16 30.6.15
£    £   
Cost 143,042 143,042

The investment properties were valued on an open market basis on 30 June 2016 by the director, J Koramshai .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.16 30.6.15
£    £   
Other debtors 22,000 30,000

Page 5 continued...
Korpp Ltd (Registered number: SC269794)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2016

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.16 30.6.15
£    £   
Taxation and social security 417 209
Other creditors 844 777
1,261 986

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.16 30.6.15
£    £   
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

8. SECURED DEBTS

The following secured debts are included within creditors:

30.6.16 30.6.15
£    £   
Bank loans 160,512 160,512

Standard securities exist over each property to which the mortgage relates

9. RELATED PARTY DISCLOSURES

During the year, total dividends of £5,000 (2015 - £23,500) were paid to the director .

10. ULTIMATE CONTROLLING PARTY

Mr J Koramshai and Mrs L W Koramshai each beneficially own 50% of the issued share capital and therefore
there is no ultimate controlling party.

Page 6