KEENAN & K ENTERTAINMENT LIMITED

Company Registration Number:
SC613520 (Scotland)

Unaudited abridged accounts for the year ended 31 December 2021

Period of accounts

Start date: 01 January 2021

End date: 31 December 2021

KEENAN & K ENTERTAINMENT LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2021

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Balance sheet notes - 12

KEENAN & K ENTERTAINMENT LIMITED

Company Information

for the Period Ended 31 December 2021




Director: John Keenan
Registered office: 1
Southfield Villas
Edinburgh
GB-SCT
EH15 1JL
Company Registration Number: SC613520 (Scotland)

KEENAN & K ENTERTAINMENT LIMITED

Directors' Report Period Ended 31 December 2021

The directors present their report with the financial statements of the company for the period ended 31 December 2021

Principal Activities

The principal activity of the company is the production of a theatrical show known as the "Spirit of Scotland Show".

Political and charitable donations

The company did not make any disclosable political donations in the current year.

Additional information

Statement of director's Responsibilities and Declaration on Unaudited Financial Statements General responsibilities The director is responsible for preparing the Director's Report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: -select suitable accounting policies and apply them consistently; -make judgements and accounting estimates that are reasonable and prudent; -prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Director's declaration on unaudited financial statements In relation to the financial statements comprising the Profit and Loss Account, the Balance Sheet, the Reconciliation of Shareholders' Funds and notes: The director approves these financial statements and confirms that he is responsible for them, including selecting the appropriate accounting policies, applying them consistently and making, on a reasonable and prudent basis, the judgements underlying them. They have been prepared on the going concern basis on the grounds that the company will continue in business. The director confirms that he has made available to David M Breen & Co Ltd, (Chartered Accountants), all the company's accounting records and provided all the information, books and documents necessary for the compilation of the financial statements. Post Balance Sheet events The UK government announced all trading restrictions that were placed on businesses over the period of the pandemic were no longer in effect and that normal pre-pandemic trading could resume. The directors are of the opinion that the company can return to full trading capacity as a result. There have been no significant events affecting the company since the financial year end. Future Developments The directors are not expecting to make any significant changes in the nature of the business in the near future. Special Provisions relating to small companies The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Directors

The directors shown below have held office during the whole of the period from 01 January 2021 to 31 December 2021
John Keenan

This report was approved by the board of directors on 26 August 2022
And Signed On Behalf Of The Board By:

Name: John Keenan
Status: Director

KEENAN & K ENTERTAINMENT LIMITED

Profit and Loss Account

for the Period Ended 31 December 2021


Notes

2021
£

2020
£
Gross Profit or (Loss) ( 5,866 ) ( 9,701 )
Distribution Costs ( 0 ) ( 0 )
Administrative Expenses ( 16,690 ) ( 28,183 )
Operating Profit or (Loss) ( 22,556 ) ( 37,884 )
Profit or (Loss) Before Tax ( 22,556 ) ( 37,884 )
Tax on Profit - 842
Profit or (Loss) for Period ( 22,556 ) ( 37,042 )

The notes form part of these financial statements

KEENAN & K ENTERTAINMENT LIMITED

Balance sheet

As at 31 December 2021


Notes

2021
£

2020
£
Fixed assets
Intangible assets: 4 0 716
Tangible assets: 5 847 1,197
Total fixed assets: 847 1,913
Current assets
Debtors: 1,698 10,150
Cash at bank and in hand: 6,310 18,997
Total current assets: 8,008 29,147
Creditors: amounts falling due within one year: ( 10,042 ) ( 9,691 )
Net current assets (liabilities): ( 2,034 ) 19,456
Total assets less current liabilities: ( 1,187 ) 21,369
Total net assets (liabilities): ( 1,187 ) 21,369

The notes form part of these financial statements

KEENAN & K ENTERTAINMENT LIMITED

Balance sheet continued

As at 31 December 2021


Notes

2021
£

2020
£
Capital and reserves
Called up share capital: 2 2
Profit and loss account: ( 1,189 ) 21,367
Shareholders funds: ( 1,187 ) 21,369

For the year ending 31 December 2021 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 26 August 2022
And Signed On Behalf Of The Board By:

Name: John Keenan
Status: Director

The notes form part of these financial statements

KEENAN & K ENTERTAINMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 1. Accounting policies

    Basis of measurement and preparation

    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 recognised to the extent that the company obtains the right to consideration in exchange for its performance. Turnover comprises the invoice value of services provided by the company, exclusive of value added tax.

    Turnover from the provision of services is recognised in the accouting period in which the services are rendered and the outcome for the contract can be measured reliably.

    Tangible fixed assets depreciation policy

    Tangible assets and depreciation
    Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:

    -Fixtures, fittings and equipment-20% Straight line.

    The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.

    Intangible fixed assets amortisation policy

    Intangible assets are valued at cost less accumulated amortisation.

    Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 5 years.

KEENAN & K ENTERTAINMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 1. Accounting policies (continued)

    Other accounting policies

    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 except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. Cash at bank and in hand Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Balance Sheet bank overdrafts are shown within Creditors. Trade and other Creditors Trade and other Creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. Related Parties The company discloses transactions with related parties which are not wholly owned with the same group. Taxation and deferred taxation Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. Foreign Currencies Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account. Ordinary share capital The ordinary share capital of the company is presented as equity. Going Concern The company made a loss of €22,556 and has net liabilities of €1,187 at the year end. COVID-19 has impacted the company’s trade in 2021 and the Directors have undertaken cost cutting measures and several mitigating actions to preserve cash and reduce costs in order to offset the revenue reduction. The UK government announced that all trading restrictions that were placed on businesses over the period of the pandemic were no longer in effect and that normal pre-pandemic trading could resume. The directors are of the opinion that the company can return to full trading capacity as a result. Based on all information currently available including revised cash flow projection and forecasts., the Directors consider that the company has adequate resources to continue in operation existence for the foreseeable future. The directors continue to adopt the going concern basis in preparing these financial statements.

KEENAN & K ENTERTAINMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 2. Employees


    2021

    2020
    Average number of employees during the period 0 0

KEENAN & K ENTERTAINMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 3. Off balance sheet disclosure

    No

KEENAN & K ENTERTAINMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 4. Intangible assets

    Total
    Cost £
    At 01 January 2021 2,022
    Additions 0
    Disposals (0)
    Revaluations 0
    Transfers 0
    At 31 December 2021 2,022
    Amortisation
    Amortisation at 01 January 2021 1,306
    Charge for year 716
    On disposals (0)
    Other adjustments 0
    Amortisation at 31 December 2021 2,022
    Net book value
    Net book value at 31 December 2021 0
    Net book value at 31 December 2020 716

KEENAN & K ENTERTAINMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

5. Tangible Assets

Total
Cost £
At 01 January 2021 1,751
Additions 0
Disposals (0)
Revaluations 0
Transfers 0
At 31 December 2021 1,751
Depreciation
At 01 January 2021 554
Charge for year 350
On disposals (0)
Other adjustments 0
At 31 December 2021 904
Net book value
At 31 December 2021 847
At 31 December 2020 1,197

KEENAN & K ENTERTAINMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 6. Financial Commitments

    Capital Commitments
    The company had no material capital commitments at the financial year-ended 31 December 2021.

    Contingent Liabilities
    There are no contingent liabilities affecting the company at the year ended 31 December 2021.

KEENAN & K ENTERTAINMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

7.1.Related party disclosures

Name of related party: Keenan Entertainment Consultancy Limited
Description of relationship:
The above company is classed as connected due to having a common director and shareholder and being under common control.
Description of the transaction:
At the year ended 31 December 2021, Keenan Entertainment Consultancy Ltd owed £532 (2020: £532) to Keenan & K Entertainment Limited.
Balance at 01 January 2021 532
Balance at 31 December 2021 532

In the opinion of the directors these amounts arise in the ordinary course of business and the terms of the amounts due are in accordance with the terms ordinarily offered by the company.

KEENAN & K ENTERTAINMENT LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2021

  • 8. Post balance sheet events

    The UK government announced all trading restrictions that were placed on businesses over the period of the pandemic were no longer in effect and that normal pre-pandemic trading could resume. The directors are of the opinion that the company can return to full trading capacity as a result. There have been no significant events affecting the company since the financial year end.