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REGISTERED NUMBER: 10337124 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

KRAVE DESSERT LOUNGE LTD

KRAVE DESSERT LOUNGE LTD (REGISTERED NUMBER: 10337124)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 30 SEPTEMBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


KRAVE DESSERT LOUNGE LTD (REGISTERED NUMBER: 10337124)

STATEMENT OF FINANCIAL POSITION
30 SEPTEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 156,559 169,877

CURRENT ASSETS
Stocks 12,310 12,627
Debtors 5 73,845 70,639
Cash at bank and in hand 21 13,197
86,176 96,463
CREDITORS
Amounts falling due within one year 6 371,932 352,126
NET CURRENT LIABILITIES (285,756 ) (255,663 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(129,197

)

(85,786

)

CREDITORS
Amounts falling due after more than one
year

7

16,667

26,667
NET LIABILITIES (145,864 ) (112,453 )

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings (146,864 ) (113,453 )
(145,864 ) (112,453 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 June 2024 and were signed on its behalf by:





Mr N Chande - Director


KRAVE DESSERT LOUNGE LTD (REGISTERED NUMBER: 10337124)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

Krave Dessert Lounge Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10337124

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements have been prepared on a going concern basis as the directors are satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 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.

There are no significant judgements or estimates involved in the preparation of the financial statements.

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

Revenue is recognised when services are rendered to the customers.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Leasehold improvements - Over the lease period
Fixtures and fittings - 20% straight line basis
Computer equipment - 15% straight line basis

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

KRAVE DESSERT LOUNGE LTD (REGISTERED NUMBER: 10337124)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued

Inventory
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

Change in comparatives
The accounts have been prepared for a period of 12 months whereas the comparatives are for a period of 18 months.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 12 ) .

KRAVE DESSERT LOUNGE LTD (REGISTERED NUMBER: 10337124)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 30 SEPTEMBER 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Short and Computer
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1 October 2022 201,587 77,064 19,867 298,518
Additions - 3,750 - 3,750
At 30 September 2023 201,587 80,814 19,867 302,268
DEPRECIATION
At 1 October 2022 55,967 57,023 15,651 128,641
Charge for year 10,079 4,009 2,980 17,068
At 30 September 2023 66,046 61,032 18,631 145,709
NET BOOK VALUE
At 30 September 2023 135,541 19,782 1,236 156,559
At 30 September 2022 145,620 20,041 4,216 169,877

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 70,139 70,639
Other debtors 3,706 -
73,845 70,639

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 27,704 23,779
Amounts owed to group undertakings 246,183 251,604
Taxation and social security 82,996 36,039
Other creditors 5,049 30,704
371,932 352,126

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 16,667 26,667

8. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.