Registration number:
Kulriya Ltd
for the Year Ended 31 August 2020
Kulriya Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Kulriya Ltd
Company Information
Director |
Mr DS Juttla |
Registered office |
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Accountants |
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Kulriya Ltd
for the Year Ended 31 August 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kulriya Ltd for the year ended 31 August 2020 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.
This report is made solely to the director of Kulriya Ltd in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Kulriya Ltd and state those matters that we have agreed to state to the director of Kulriya Ltd, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kulriya Ltd and its director for our work or for this report.
It is your duty to ensure that Kulriya Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kulriya Ltd. You consider that Kulriya Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kulriya Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
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Chartered Accountants
Champions Way
Hendon
London
NW4 1PX
Kulriya Ltd
(Registration number: 07996915)
Balance Sheet as at 31 August 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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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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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
( |
( |
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Shareholders' funds/ (deficit) |
( |
( |
For the financial year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The statement of income and the director's report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
Approved and authorised for issue by the
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Mr DS Juttla
Director
Kulriya Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
General information |
The company is a company limited by share capital incorporated in England. The registered office is shown on page 1.
The principal place of business is:
23 Priors Garden
South Ruislip
Middlesex
HA4 6UG
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except where otherwise disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Going concern
Since March 2020, economic activity in the UK has been severely restricted by measures put in place by Public Health England and the UK Government to control the spread of Covid-19.
However, the director is of the opinion that the preparation of the financial statements on a going concern basis is justified on the grounds that assurance has been received from the shareholders that the company will be supported financially for at least a year from the date of signing these financial statements.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A Small Entities may require the use of certain critical accounting estimates. It may also require the director to exercise judgement in applying the accounting policies. |
In preparing these financial statements the director has had to make the following significant judgements: |
- The director has made an assumption in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is further described in note 3 together with the valuation of the property at the reporting date. |
- There were no other significant judgements or areas of estimation uncertainty. |
Kulriya Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Turnover
Turnover consists of rent receivable from letting of an investment property.
Tax
The tax expense for the period comprises current and, where applicable deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Investment property
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, on a straight line basis, over their estimated useful lives as follows:
Asset |
Asset life |
Fixtures & fittings |
4 years |
Cash at bank and in hand
Cash comprises cash at bank and in hand and includes deposits repayable on demand.
Kulriya Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Financial instruments
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Tangible assets |
Investment property |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 September 2019 |
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At 31 August 2020 |
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Depreciation |
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At 1 September 2019 |
- |
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At 31 August 2020 |
- |
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Carrying amount |
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At 31 August 2020 |
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- |
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At 31 August 2019 |
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- |
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The investment property was internally valued at 31 August 2020 by D S Juttla, the director of the company, at fair value, supported by reference to market evidence of transaction prices for similar properties. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and takes into account the state of the rental market in the area where the property is situated.
Kulriya Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Debtors |
2020 |
2019 |
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Trade debtors |
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Other debtors |
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Prepayments |
250 |
250 |
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Creditors |
2020 |
2019 |
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Due within one year |
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Shareholder's loans |
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Other creditors |
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Director's loans |
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VAT payable |
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Accruals |
1,250 |
1,750 |
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Due after one year |
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Other loan |
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The other loan due after one year of £200,000 (2018: £200,000) is at arm's length on commercial terms and unsecured.
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Kulriya Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2020
Related party transactions |
Loans from related parties
2020 |
Director's loans |
Shareholder's loans |
At start of year |
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Repaid during the year |
( |
- |
At end of year |
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2019 |
Director's loans |
Shareholder's loans |
At start of year |
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Advanced during the year |
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- |
At end of year |
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Terms of loans from related parties
Employee information |
Including the director, the company had
Control |