Karman Ltd FILLETED ACCOUNTS COVER
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Company No. 06394640
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Karman Ltd DIRECTORS REPORT REGISTRAR
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The Directors present their report and the accounts for the year ended 30 September 2017.
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Principal activities
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Directors
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The Directors who served at any time during the year were as follows:
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K.J. Griffin
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N.R. Griffin
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Signed on behalf of the board
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K.J. Griffin
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Director
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30 June 2018
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Karman Ltd BALANCE SHEET REGISTRAR
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at
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Company No.
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Notes
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2017
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2016
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£
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£
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Fixed assets
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Tangible assets
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3
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Investment property
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4
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Current assets
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Debtors
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5
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Investments
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6
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Cash at bank and in hand
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Creditors: Amount falling due within one year
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7
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(
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(
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Net current assets
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Total assets less current liabilities
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Creditors: Amounts falling due after more than one year
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8
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(
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(
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Net assets
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Capital and reserves
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Called up share capital
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Profit and loss account
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9
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(
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(
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Total equity
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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.
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Approved by the board on 30 June 2018
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And signed on its behalf by:
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K.J. Griffin
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Director
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Karman Ltd NOTES TO THE ACCOUNTS REGISTRAR
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for the year ended 30 September 2017
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1
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Accounting policies
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Basis of preparation
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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.
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Turnover
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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. |
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Taxation
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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. |
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Tangible fixed assets and depreciation
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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. |
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Furniture, fittings and equipment
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Freehold investment property
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No depreciation is provided in respect of investment properties. |
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Investments
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Trade and other debtors
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Trade and other creditors
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2
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Employees
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2017
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2016
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Number
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Number
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The average number of persons employed during the year :
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3
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Tangible fixed assets
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Fixtures, fittings and equipment
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Total
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£
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£
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Cost or revaluation
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At 1 October 2016
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Additions
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At 30 September 2017
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Depreciation
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At 1 October 2016
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Charge for the year
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At 30 September 2017
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Net book values
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At 30 September 2017
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At 30 September 2016
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4
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Investment property
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Freehold Investment Property
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£
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Valuation
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At 1 October 2016
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Additions
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Disposals
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(
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At 30 September 2017
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5
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Debtors
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2017
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2016
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£
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£
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VAT recoverable
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Loans to directors
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Other debtors
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Prepayments and accrued income
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6
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Current asset investments
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2017
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2016
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£
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£
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Unlisted investments
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7
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Creditors:
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amounts falling due within one year
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2017
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2016
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£
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£
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Other loans
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Trade creditors
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Amounts owed to group undertakings
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Other creditors
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Accruals and deferred income
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8
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Creditors:
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amounts falling due after more than one year
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2017
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2016
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£
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£
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Other creditors
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9
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Reserves
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10
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Advances and credits to directors
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Included within Other debtors are the following loans to directors:
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Director
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Description
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At 1 October 2016
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Advanced
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Repaid
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At 30 September 2017
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£
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£
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£
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£
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(
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(
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(
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11
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Related party disclosures
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2017
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2016
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Transactions with related parties
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£
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£
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Name of related party
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Description of relationship between the parties
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Companies under common control.
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Description of transaction and general amounts involved
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Amount due from/(to) the related party
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Name of related party
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Description of relationship between the parties
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Karman Limited owns 97% of the share capital.
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Description of transaction and general amounts involved
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Amount due from/(to) the related party
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(
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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.
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Controlling party
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Immediate controlling party
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12
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Additional information
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Its registered number is:
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Its registered office is:
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