Khalsmith Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 05282501 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

KHALSMITH LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

9

DIRECTORS:

M Khalastchi

D F Khalastchi

REGISTERED OFFICE:

20 York Place

Leeds

West Yorkshire

LS1 2EX

REGISTERED NUMBER:

05282501 (England and Wales)

ACCOUNTANTS:

Momentum Taxation and Accountancy Ltd

Harelands Courtyard Offices

Moor Road

Melsonby

Richmond

North Yorkshire

DL10 5NY

FIXED ASSETS

Property, plant and equipment

4

1,378

346

Investments

5

150,002

150,002

Investment property

6

567,500

567,500

718,880

717,848

CURRENT ASSETS

Debtors

7

54,699

15,331

Cash at bank

5,763

12,574

60,462

27,905

CREDITORS

Amounts falling due within one year

8

197,838

59,204

NET CURRENT LIABILITIES

(137,376

)

(31,299

)

TOTAL ASSETS LESS CURRENT LIABILITIES

581,504

686,549

CREDITORS

Amounts falling due after more than one year

9

(264,765

)

(349,770

)

PROVISIONS FOR LIABILITIES

(36,445

)

(36,445

)

NET ASSETS

280,294

300,334

CAPITAL AND RESERVES

Called up share capital

4

4

Revaluation reserve

10

34,714

34,714

Fair value reserve

10

200,000

200,000

Retained earnings

45,576

65,616

SHAREHOLDERS' FUNDS

280,294

300,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:

M Khalastchi - Director

1.	STATUTORY INFORMATION

Khalsmith Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investments in subsidiaries and associates

Investments in subsidiary and associate undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2022

4,881

Additions

1,468

At 31 March 2023

6,349

DEPRECIATION

At 1 April 2022

4,535

Charge for year

436

At 31 March 2023

4,971

NET BOOK VALUE

At 31 March 2023

1,378

At 31 March 2022

346

5.	FIXED ASSET INVESTMENTS

Shares in

Interest

group

in

Other

undertakings

associate

investments

Totals

£

£

£

£

COST

At 1 April 2022

and 31 March 2023

1

1

150,000

150,002

NET BOOK VALUE

At 31 March 2023

1

1

150,000

150,002

At 31 March 2022

1

1

150,000

150,002

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

and 31 March 2023

567,500

NET BOOK VALUE

At 31 March 2023

567,500

At 31 March 2022

567,500

Fair value at 31 March 2023 is represented by:

£

Valuation in 2014

34,714

Valuation in 2017

23,620

Valuation in 2020

102,500

Cost

406,666

567,500

If investment property had not been revalued it would have been included at the following historical cost:

2023

2022

£

£

Cost

406,666

406,666

Investment properties were valued on an open market basis on 31 March 2022 by The Directors .

7.

DEBTORS

2023

2022

£

£

Amounts falling due within one year:

Trade debtors

-

960

Other debtors

44,382

14,371

44,382

15,331

Amounts falling due after more than one year:

Other debtors

10,317

-

Aggregate amounts

54,699

15,331

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

-

336

Taxation and social security

9,478

13,574

Other creditors

188,360

45,294

197,838

59,204

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

178,496

183,218

Other creditors

86,269

166,552

264,765

349,770

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

178,496

183,218

10.

RESERVES

Fair

Revaluation

value

reserve

reserve

Totals

£

£

£

At 1 April 2022

and 31 March 2023

34,714

200,000

234,714

11.	ULTIMATE CONTROLLING PARTY

The company was controlled by its directors throughout the year.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Khalsmith Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the Board of Directors of Khalsmith Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Khalsmith Limited and state those matters that we have agreed to state to the Board of Directors of Khalsmith Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Khalsmith Limited 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 loss of Khalsmith Limited. You consider that Khalsmith Limited 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 Khalsmith Limited. 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.

Momentum Taxation and Accountancy Ltd

Harelands Courtyard Offices

Moor Road

Melsonby

Richmond

North Yorkshire

DL10 5NY

Date: .............................................