CLUB KARMA (UK) LIMITED

CLUB KARMA (UK) LIMITED

CLUB KARMA (UK) LIMITED - Company Information

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CLUB KARMA (UK) LIMITED

Company Registration Number:
07046225 (England and Wales)

Unaudited abridged accounts for the year ended 31 October 2017

Period of accounts

Start date: 01 November 2016

End date: 31 October 2017

CLUB KARMA (UK) LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2017

Balance sheet
Notes

CLUB KARMA (UK) LIMITED

Balance sheet

As at 31 October 2017


Notes
2017
2016


£
£
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 540,601 33,515
Investments:   0 0
Total fixed assets: 540,601 33,515
Current assets
Stocks: 0 0
Debtors:   477,913 509,088
Cash at bank and in hand: 22 0
Total current assets: 477,935 509,088
Creditors: amounts falling due within one year: 4 (877,493) (848,995)
Net current assets (liabilities): (399,558) (339,907)
Total assets less current liabilities: 141,043 (306,392)
Provision for liabilities: 0 0
Total net assets (liabilities): 141,043 (306,392)
Capital and reserves
Called up share capital: 100 100
Share premium account: 0 0
Revaluation reserve:5500,0000
Other reserves: 0 0
Profit and loss account: (359,057) (306,492)
Shareholders funds: 141,043 (306,392)

The notes form part of these financial statements

CLUB KARMA (UK) LIMITED

Balance sheet statements

For the year ending 31 October 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 Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 28 September 2018
and signed on behalf of the board by:

Name: DS Rai
Status: Director

The notes form part of these financial statements

CLUB KARMA (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

CLUB KARMA (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

2. Employees

2017 2016
Average number of employees during the period 12 14

CLUB KARMA (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

3. Tangible Assets

Total
Cost £
At 01 November 2016 98,033
Additions 15,591
Disposals 0
Revaluations 500,000
Transfers 0
At 31 October 2017 613,624
Depreciation
At 01 November 2016 64,518
Charge for year 8,505
On disposals 0
Other adjustments 0
At 31 October 2017 73,023
Net book value
At 31 October 2017 540,601
At 31 October 2016 33,515

Tangible fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Tangible fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:Tangible fixed assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Short Leasehold Property- 5% Straight line Furniture fixture & equipment- 25% Reducing balance

CLUB KARMA (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

4. Creditors: amounts falling due within one year note

Included in other creditors is am amount £ 297,501 owed to Flava Enterprises Limited which is a related party by virtue of common shareholding.

CLUB KARMA (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

5. Revaluation reserve

2017
£
Balance at 01 November 2016 0
Surplus or deficit after revaluation 500,000
Balance at 31 October 2017 500,000

As per FRS 102 the director has revalued the leasehold property on the basis of current market value which is represented on the financial statement. The gain or loss is provided to revaluation reserve.

CLUB KARMA (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

6. Loans to directors

The director has provided an interest free loan to the company £21,523.

CLUB KARMA (UK) LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2017

7. Related party transactions

Name of the related party: Flava Enterprises Limited
Relationship:
Common Shareholders
Description of the Transaction: Included in other creditors is an amount £ 297,501 owed to Flava Enterprises Limited which is a related party by virtue of common shareholding.
£
Balance at 01 November 2016 617,447
Balance at 31 October 2017 297,500