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REGISTERED NUMBER: 07527226 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Kensington Films Limited

Kensington Films Limited (Registered number: 07527226)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Abridged Statement of Financial Position 1

Notes to the Financial Statements 3


Kensington Films Limited (Registered number: 07527226)

Abridged Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 41,462 54,214
Investments 5 100 100
41,562 54,314

CURRENT ASSETS
Debtors 6 10,232,206 7,123,450
Cash at bank 107,874 3,687,624
10,340,080 10,811,074
CREDITORS
Amounts falling due within one year 6,854,035 6,945,008
NET CURRENT ASSETS 3,486,045 3,866,066
TOTAL ASSETS LESS CURRENT LIABILITIES 3,527,607 3,920,380

PROVISIONS FOR LIABILITIES 10,366 13,553
NET ASSETS 3,517,241 3,906,827

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 3,517,240 3,906,826
SHAREHOLDERS' FUNDS 3,517,241 3,906,827

Kensington Films Limited (Registered number: 07527226)

Abridged Statement of Financial Position - continued
31 December 2023


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





L S Gyimah - Director


Kensington Films Limited (Registered number: 07527226)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATEMENT OF COMPLIANCE

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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about Kensington Films Limited 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.

The financial statements contain information about Kensington Films Limited as an individual company and do not contain consolidated financial information as the subsidiary of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it is included by full consolidation in the consolidated financial statements of its parent Ranieri Limited, a company incorporated in the British Virgin Islands.

Turnover
Turnover represents fair value of the consideration received or receivable for services provided during the reporting period, excluding value added tax.

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

Plant and machinery etc - 25% Reducing balance

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

Kensington Films Limited (Registered number: 07527226)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of a company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the income statement.

Financial assets and liabilities
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs).

Trade debtors
Trade debtors are recognised initially at transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivable.

Trade creditors
Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as amounts falling due after more than one year.

Equity instruments
Equity instruments are measured at the fair value of the cash or other resources transferred or transferrable, net of the direct costs of issuing or receiving the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Kensington Films Limited (Registered number: 07527226)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

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.

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.

Investments
Current asset investments are stated at the lower of cost and net realisable value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023 93,774
Additions 1,069
At 31 December 2023 94,843
DEPRECIATION
At 1 January 2023 39,560
Charge for year 13,821
At 31 December 2023 53,381
NET BOOK VALUE
At 31 December 2023 41,462
At 31 December 2022 54,214

5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

Kensington Films Limited (Registered number: 07527226)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


6. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings - 5,545,642

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 28,000 28,000
Between one and five years 49,000 77,000
77,000 105,000

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
L S Gyimah
Balance outstanding at start of year 273,800 -
Amounts advanced - 274,000
Amounts repaid (830 ) (200 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 272,970 273,800

There was no interest charged on advances to the directors. The loan was provided with no fixed repayment terms and no security.

10. CONTROLLING PARTY AND ULTIMATE CONTROLLING PARTY

The controlling party is Ranieri Limited, a company registered in the British Virgin Islands.

The ultimate controlling party is Malcador Trust, a trust registered in Guernsey.