Karman Ltd Accounts






Karman Ltd
	Company No. 06394640
		Information for Filing with The Registrar
		30 September 2017

The Directors present their report and the accounts for the year ended 30 September 2017.

Principal activities
The principal activity of the company during the year under review was that of buying and selling of own real estate.




Directors

The Directors who served at any time during the year were as follows:

K.J. Griffin
N.R. Griffin


































































The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006.

Signed on behalf of the board

K.J. Griffin
Director
30 June 2018

at	30 September 2017

Company No.		06394640	Notes	2017	2016
				£	£
Fixed assets

	Tangible assets		3	20,877	24,264
	Investment property		4	2,548,425	2,455,757

				2,569,302	2,480,021
Current assets

	Debtors		5	1,059,524	1,122,871
	Investments		6	55,000	30,000
	Cash at bank and in hand			7,854	56,708
				1,122,378	1,209,579
Creditors: Amount falling due within one year			7	(833,919)	(763,220)
Net current assets				288,459	446,359
Total assets less current liabilities				2,857,761	2,926,380
Creditors: Amounts falling due after more than one year			8	(2,433,800)	(2,114,500)



Net assets				423,961	811,880

Capital and reserves
	Called up share capital			1,435,000	1,435,000



	Profit and loss account		9	(1,011,039)	(623,120)

Total equity				423,961	811,880


These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.
For the year ended 30 September 2017 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 30 June 2018

And signed on its behalf by:

K.J. Griffin
Director

for the year ended 30 September 2017

Accounting policies

Basis of preparation

The accounts have been prepared in accordance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard) and the Companies Act 2006 . There were no material departures from that standard.

The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets and in accordance with the accounting policies set out below.

These are the first financial statements after transitioning to FRS from the previous financial reporting framework. The transition had no affect on the financial position or performance of the company, only disclosure. No reconciliations are required of its equity at the date of transition or for the end of the latest period presented in the company's most recent financial statements determined in accordance with its previous financial reporting framework. No reconciliation of the profit determined in accordance with its previous financial reporting framework for the latest period in the company's most recent annual financial statements to its profit determined in accordance with FRS reporting for the same period is required.

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Furniture, fittings and equipment

15/33% reducing balance

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.
No depreciation is provided in respect of investment properties.

Investments

Unlisted investments are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, any changes in fair value are recognised in profit and loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2	Employees
			2017	2016
			Number	Number
		The average number of persons employed during the year :	2	2

3	Tangible fixed assets
			Fixtures, fittings and equipment	Total
			£	£
		Cost or revaluation
		At 1 October 2016	72,835	72,835
		Additions	2,048	2,048



		At 30 September 2017	74,883	74,883
		Depreciation
		At 1 October 2016	48,571	48,571
		Charge for the year	5,435	5,435



		At 30 September 2017	54,006	54,006
		Net book values
		At 30 September 2017	20,877	20,877
		At 30 September 2016	24,264	24,264

4	Investment property
			Freehold Investment Property
			£
		Valuation
		At 1 October 2016	2,455,757
		Additions	142,668

		Disposals	(50,000)
		At 30 September 2017	2,548,425

5	Debtors
			2017	2016
			£	£




		VAT recoverable	6,566	35,645
		Loans to directors	-	12,788
		Other debtors	1,028,460	1,042,270
		Prepayments and accrued income	24,498	32,168
			1,059,524	1,122,871

6	Current asset investments
			2017	2016
			£	£

		Unlisted investments	55,000	30,000
			55,000	30,000

7	Creditors:
		amounts falling due within one year
			2017	2016
			£	£


		Other loans	692,532	661,949

		Trade creditors	-	1,583
		Amounts owed to group undertakings	10,001	-



		Other creditors	45,451	22,840
		Accruals and deferred income	85,935	76,848
			833,919	763,220

8	Creditors:
		amounts falling due after more than one year
			2017	2016
			£	£






		Other creditors	2,433,800	2,114,500

			2,433,800	2,114,500

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

10	Advances and credits to directors
		Included within Other debtors are the following loans to directors:

		Director	Description	At 1 October 2016	Advanced	Repaid	At 30 September 2017
				£	£	£	£
		K.J. Griffin	Overdrawn DLA	6,394	51,794	(58,188)	-
		N.R. Griffin	Overdrawn DLA	6,394	51,793	(58,187)	-






































				12,788	103,587	(116,375)	-

Related party disclosures

2017

2016

Transactions with related parties

Name of related party

Alexander James (Properties) Limited

Description of relationship between the parties

Companies under common control.

Description of transaction and general amounts involved

The companies run an inter company account.

Amount due from/(to) the related party

899,761

814,291

Name of related party

Waterfields Hotel Limited

Description of relationship between the parties

Karman Limited owns 97% of the share capital.

Description of transaction and general amounts involved

The companies run an inter company loan account.

Amount due from/(to) the related party

(10,001)

During 2012 the company received a loan amounting to £30,000 from the Griffin SSAS, of which Karman Limited is the sponsoring employer in addition to which, Mr. N. Griffin and Mrs. K. Griffin are the scheme trustees. Interest paid on the loan during the year amounted to £nil (2016 £559). At the balance sheet date £4,699 (2016 £8,199) was still outstanding. This amount is included within other creditors and is all due within one year.

Controlling party

Immediate controlling party

No single party controls the company.

Additional information

Its registered number is:

06394640

Its registered office is:

First Floor Offices

County House

Dunswell Road

Cottingham

HU16 4JT