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REGISTERED NUMBER: 08433290 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 31 December 2021

for

Kin Partners Ltd

Kin Partners Ltd (Registered number: 08433290)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Balance Sheet 7

Notes to the Financial Statements 8


Kin Partners Ltd

Company Information
for the Year Ended 31 December 2021







DIRECTORS: Mr Timucin Kaan
Mr Simon Jason Oliveira
Mr Onur Yegenoglu



REGISTERED OFFICE: 5th Floor, Kings Court
2-16 Goodge Street
Fitzrovia
London
W1T 2QA



REGISTERED NUMBER: 08433290 (England and Wales)



AUDITORS: BLS Burnells LLP
First Floor
Top- Op House
5 Garland Road
Stanmore
HA7 1NR



ACCOUNTANTS: ADPL LLP
Chartered Certified Accountants
293 Green Lanes
Palmers Green
London
N13 4XS

Kin Partners Ltd (Registered number: 08433290)

Report of the Directors
for the Year Ended 31 December 2021

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

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2021 to the date of this report.

Mr Timucin Kaan
Mr Simon Jason Oliveira
Mr Onur Yegenoglu

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:

-select suitable accounting policies and then 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 directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, BLS Burnells LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr Timucin Kaan - Director


6 September 2022

Report of the Independent Auditors to the Members of
Kin Partners Ltd

Opinion
We have audited the financial statements of Kin Partners Ltd (the 'company') for the year ended 31 December 2021 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2021 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
Without qualifying our opinion, we draw your attention to note 2 of the financial statement headed GOING CONCERN. The company is dependent on the support from its parent company and its ultimate shareholders, as they have provided loans and working capital funds to the company. During our finalisation meetings and discussion, we were provided necessary forecast and comfort that the demand for payment of these outstanding loans would not be requested and further working capital funds will be available if required.

We have seen that necessary restructuring cost cutting procedures are in place to bring the company into profitability and these procedures were put into action and the impact of these was visible. However, it is very difficult to predict future events or conditions impacting the parent company and the shareholders situation and funding availability and hence we do feel that if events or circumstances changes it can lead to material uncertainty which may cast significant doubt on the company's ability to continue as a going concern.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Kin Partners Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Kin Partners Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We exercise professional judgement and maintain professional scepticism throughout the audit.

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risk, such procedures include examining, on a sample basis, evidence regarding the amounts and disclosures in the financial statements, holding discussions with management or those charged with governance to identify instances of fraud and non-compliance with laws and regulations, testing journal entries for appropriateness and carrying out analytical review to identify anomalies for further testing.

We obtain understanding of internal controls relevant to the audit and design audit procedures that are appropriate in the circumstances.

We evaluate the appropriateness of accounting policies used and the reasonableness of any significant accounting estimates made by management as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgement, there are conditions or events which could affect the ability of the company to continue as a going concern for the foreseeable future, being a period of at least 12 months following the approval of the financial statements.

Because of inherent limitations of an audit, there is a risk we will not detect all irregularities, including those which result in material misstatement in the financial statements or non -compliance with laws and regulations. The risk is greater where the irregularity is due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Vishal Bhatt (Senior Statutory Auditor)
for and on behalf of BLS Burnells LLP
First Floor
Top- Op House
5 Garland Road
Stanmore
HA7 1NR

6 September 2022

Kin Partners Ltd (Registered number: 08433290)

Income Statement
for the Year Ended 31 December 2021

31.12.21 31.12.20
Notes £    £   

TURNOVER 2,730,840 4,365,857

Cost of sales 717,074 844,480
GROSS PROFIT 2,013,766 3,521,377

Administrative expenses 5,017,495 4,299,430
(3,003,729 ) (778,053 )

Other operating income (423,594 ) 451,482
OPERATING LOSS 4 (3,427,323 ) (326,571 )

Interest receivable and similar income 765 626
(3,426,558 ) (325,945 )

Interest payable and similar expenses 303,159 236,678
LOSS BEFORE TAXATION (3,729,717 ) (562,623 )

Tax on loss 6 (22,851 ) -
LOSS FOR THE FINANCIAL YEAR (3,706,866 ) (562,623 )

Kin Partners Ltd (Registered number: 08433290)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 7 1,574 -
Tangible assets 8 64,869 133,800
Investments 9 2,997 110
69,440 133,910

CURRENT ASSETS
Debtors 10 1,662,221 1,835,495
Cash at bank and in hand 6,521 113,828
1,668,742 1,949,323
CREDITORS
Amounts falling due within one year 11 2,856,816 1,756,432
NET CURRENT (LIABILITIES)/ASSETS (1,188,074 ) 192,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,118,634

)

326,801

CREDITORS
Amounts falling due after more than one
year

12

(7,960,630

)

(5,690,725

)

PROVISIONS FOR LIABILITIES 14 - (8,474 )
NET LIABILITIES (9,079,264 ) (5,372,398 )

CAPITAL AND RESERVES
Called up share capital 15 101 101
Retained earnings (9,079,365 ) (5,372,499 )
SHAREHOLDERS' FUNDS (9,079,264 ) (5,372,398 )

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2022 and were signed on its behalf by:




Mr Timucin Kaan - Director



Mr Simon Jason Oliveira - Director


Kin Partners Ltd (Registered number: 08433290)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Kin Partners Ltd 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.

Going concern
The financial statements are prepared on a going concern basis. The results for the period show a net loss for the company of £3,729,522. In addition, as at 31 December 2021 the company has gross assets of £1,718,805. There is a sound system of business control as well as shareholder financial support in place to achieve the company's objectives.

The company is one of the world's leading commercial and creative agencies, operating within the realms of sport, music and entertainment. Currently the group achieves annual turnover in excess of £2M.The directors are of the opinion that the company is now well placed to capitalise on the investments made so far into the company as well as significant cost optimisation measures taken by the end of 2021 by the management to start trading again profitably going forward. Furthermore, the shareholders have confirmed that they will continue to provide the necessary support to the company, financial or otherwise.

The company is in current negotiations with new clients which is expected to bring long term, multi-year, stable revenue flows. Additionally, the company is also in the process of implementing a retainer-based remuneration structure, where agreed by the clients, to further strengthen cash flow predictability.

Preparation of consolidated financial statements
The financial statements contain information about Kin Partners Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Fixtures and fittings - 20% on cost
Computer equipment - 33% on cost

Kin Partners Ltd (Registered number: 08433290)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Government grants
Government grant received during the year has been accounted according to the policy per FRS 102.

The performance model required that:
(a) A grant that does not impose specified future performance-related conditions on the recipient is recognised in income when the grant proceeds are received or receivable.
(b) A grant that imposes specified future performance-related conditions on the recipient is recognised in income only when the performance-related conditions are met.

The accrual method requires that:
(a) An entity classifies a grant either as a grant relating to revenue or a grant relating to assets.
(b) Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate (Note: A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.)
(c) Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Kin Partners Ltd (Registered number: 08433290)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Significant judgements and estimates
In the application of the company's accounting policies, the directors required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2020 - 25 ) .

4. OPERATING LOSS

The operating loss is stated after charging:

31.12.21 31.12.20
£    £   
Depreciation - owned assets 78,056 90,518
Auditors' remuneration 7,500 7,515

5. EXCEPTIONAL ITEMS
31.12.21 31.12.20
£    £   
Exceptional items - (31,173 )

Exceptional item in 2020 of £31,173 is previous director's balance written off.

6. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
31.12.21 31.12.20
£    £   
Deferred tax (22,851 ) -
Tax on loss (22,851 ) -

Kin Partners Ltd (Registered number: 08433290)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

7. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 1,574
At 31 December 2021 1,574
NET BOOK VALUE
At 31 December 2021 1,574

8. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 January 2021 20,968 358,545 50,696 430,209
Additions - 5,000 4,338 9,338
Disposals - (799 ) - (799 )
At 31 December 2021 20,968 362,746 55,034 438,748
DEPRECIATION
At 1 January 2021 7,688 247,387 41,334 296,409
Charge for year 2,097 70,072 5,887 78,056
Eliminated on disposal - (586 ) - (586 )
At 31 December 2021 9,785 316,873 47,221 373,879
NET BOOK VALUE
At 31 December 2021 11,183 45,873 7,813 64,869
At 31 December 2020 13,280 111,158 9,362 133,800

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2021 110
Additions 2,887
At 31 December 2021 2,997
NET BOOK VALUE
At 31 December 2021 2,997
At 31 December 2020 110

Kin Partners Ltd (Registered number: 08433290)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

9. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Kin Artists Ltd
Registered office: 3rd Floor, Kings Court, 2-16 Goodge Street, Fitzrovia, W1T 2QA
Nature of business: Management consultancy
%
Class of shares: holding
Ordinary 100.00

Kin Scandinavia ApS
Registered office: Denmark
Nature of business:
%
Class of shares: holding
Ordinary 60.00

Kin Sports and Entertainment Inc
Registered office: 60 SW 13th Street, Apart 2810, Miami, FL 33130-4355
Nature of business: Sports and Entertainment
%
Class of shares: holding
Ordinary 100.00

Kin Football Limited
Registered office: 5th Floor, Kings Court, 2-16 Goodge Street, Fitzrovia, W1T 2QA
Nature of business: Management consultancy
%
Class of shares: holding
Ordinary 100.00

Kin Basketball Limited
Registered office: 5th Floor, Kings Court, 2-16 Goodge Street, Fitzrovia, W1T 2QA
Nature of business: Management consultancy
%
Class of shares: holding
Ordinary 100.00

Associated companies

Next Of Kin Productions Ltd
Registered office: 3rd Floor, Kings Court, 2-16 Goodge Street, Fitzrovia, W1T 2QA
Nature of business: Motion pictures
%
Class of shares: holding
Ordinary 33.33

Outsiders Agency Ltd
Registered office: 3rd Floor, Kings Court, 2-16 Goodge Street, Fitzrovia, W1T 2QA
Nature of business: Agency
%
Class of shares: holding
Ordinary 50.00

Kin Partners Ltd (Registered number: 08433290)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 985,565 559,286
Amounts owed by group undertakings 68,714 303,742
Amounts owed by associates 12,636 42,565
Other debtors 595,306 929,902
1,662,221 1,835,495

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade creditors 737,050 731,165
Net wages 18,851 (500 )
Amounts owed to group undertakings 26,990 -
Social security and other taxes 1,109,407 602,229
Pension 6,359 6,328
Other creditors 10 10
Suzerain Ltd 35,636 -
Directors' current accounts 31,421 31,421
Accrued income 738,612 277,597
Accrued expenses 152,480 108,182
2,856,816 1,756,432

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Other loans - 2-5 years 7,960,630 5,690,725

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.21 31.12.20
£    £   
Within one year 58,015 278,471
Between one and five years - 116,029
58,015 394,500

14. PROVISIONS FOR LIABILITIES
31.12.20
£   
Deferred tax 8,474

Kin Partners Ltd (Registered number: 08433290)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

14. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2021 8,474
Credit to Income Statement during year (22,851 )
Balance at 31 December 2021 (14,377 )

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.21 31.12.20
value: £    £   
100 Ordinary £1 100 100
1 Preference £1 1 1
101 101

16. RELATED PARTY DISCLOSURES

The company has several loans receivable and payable within the group structure and where there is common directorship.

The amounts receivable are NIL (2020: £237,894) from Kin Sports and Entertainment Inc and £68,714 (2020: NIL) from Kin Scandinavia.

Amount receivable of £18,805 (2020: £17,958) included in other debtors due within 1 year is from The Game Is Now Ltd.

Included in amounts owed by associated is receivable of £12,636 (2020: £42,565) from Next of Kin Films Ltd. During the year Kin Partners Ltd received services amounting to NIL (2020: £43,687) from Suzerain Ltd, a company which has common director Mr Timucin Kaan.

The amounts payable are £7,563,106 (2020: £5,065,851) to Studholme Limited, ultimate parent company of Kin Partners Limited, £25,960 (2020: receivable £65,848) to Kin Artists Ltd, £35,636 (2020: NIL) to Suzerain Ltd and £1,030 (2020: NIL) to Kin Basketball Ltd.

17. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Timucin Kaan by virtue of holding 100% shares in the the ultimate parent company.