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Registered number: 00423372









KRS FILM DISTRIBUTORS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KRS FILM DISTRIBUTORS LIMITED
 
 
  
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KRS FILM DISTRIBUTORS LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KRS Film Distributors Limited for the year ended 31 December 2023 which comprise the 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 Institute of Chartered Accountants of Scotlandwe are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas -framework-preparation -of-accounts.

This report is made solely to the Board of Directors of KRS Film Distributors Limited, as a body, in accordance with the terms of our engagement letter dated 8 September 2021Our work has been undertaken solely to prepare for your approval the financial statements of KRS Film Distributors Limited and state those matters that we have agreed to state to the Board of Directors of KRS Film Distributors Limited, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at https://icas.com/icas -framework-preparation -of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KRS Film Distributors Limited and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that KRS Film Distributors 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 result of KRS Film Distributors Limited. You consider that KRS Film Distributors Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of KRS Film Distributors 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.

  



Stephen Sampson (Registered Auditor)
 
Milton Avis LLP
  
Chartered Accountants
120 Baker Street
London
W1U 6TU
12 September 2024
Page 1

 
KRS FILM DISTRIBUTORS LIMITED
REGISTERED NUMBER: 00423372

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
115
121

Current assets
  

Debtors: amounts falling due within one year
 5 
282,658
276,769

  
282,658
276,769

Creditors: amounts falling due within one year
 6 
(282,751)
(276,868)

Net current liabilities
  
 
 
(93)
 
 
(99)

Total assets less current liabilities
  
22
22

  

Net assets
  
22
22


Capital and reserves
  

Called up share capital 
  
22
22

  
22
22


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 September 2024.




................................................
A Leyshon
Director

Page 2

 
KRS FILM DISTRIBUTORS LIMITED
REGISTERED NUMBER: 00423372
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The notes on pages 5 to 9 form part of these financial statements

Page 3

 
KRS FILM DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company is a private company limited by shares and is registered in England and Wales. Its current registered office is 2 Newburgh Street, London, W1F 7RD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The presentation currency is pounds sterling.

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 4

 
KRS FILM DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

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

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
KRS FILM DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Expenditure on leasehold property
-
5% per annum on reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
KRS FILM DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Leasehold property

£



Cost or valuation


At 1 January 2023
3,214



At 31 December 2023

3,214



Depreciation


At 1 January 2023
3,093


Charge for the year on owned assets
6



At 31 December 2023

3,099



Net book value



At 31 December 2023
115



At 31 December 2022
121


5.


Debtors

2023
2022
£
£


Amounts owed by related party
279,822
274,005

Prepayments and accrued income
2,836
2,764

282,658
276,769



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other creditors
277,112
271,546

Accruals and deferred income
5,639
5,322

282,751
276,868


Page 7

 
KRS FILM DISTRIBUTORS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Related party transactions

KRS Releasing Limited is considered by the managing director to be a related party due to common involved parties. Related party transactions principally include the recharging of operational expenses. Movements in the head office account are disclosed in Note 6 to these financial statements.
Balances due from the related party are disclosed in Note 5 to these financial statements. These balances are unsecured, interest free and have no fixed date of payment.
Other creditors represent the balance due to the members and are detailed in Note 6 to these financial statements.


8.


Controlling party

The directors are of the opinion that there is no controlling party.

 
Page 8