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Registered number: 07745255
Krankbrother Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Ten Forward Accounting Ltd
Chartered Certified Accountants
1 Mountview Court
310 Friern Barnet Lane
London
N20 0LD
Contents
Page
Statement of Financial Position 1—2
Notes to the Financial Statements 3—5
Page 1
Statement of Financial Position
Registered number: 07745255
31 October 2023 31 October 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 106,559 151,037
Investments 5 252 252
106,811 151,289
CURRENT ASSETS
Debtors 6 29,072 37,851
Cash at bank and in hand 2,566 8,107
31,638 45,958
Creditors: Amounts Falling Due Within One Year 7 (54,233 ) (62,176 )
NET CURRENT ASSETS (LIABILITIES) (22,595 ) (16,218 )
TOTAL ASSETS LESS CURRENT LIABILITIES 84,216 135,071
Creditors: Amounts Falling Due After More Than One Year 8 (18,857 ) (29,019 )
NET ASSETS 65,359 106,052
CAPITAL AND RESERVES
Called up share capital 9 104 104
Income Statement 65,255 105,948
SHAREHOLDERS' FUNDS 65,359 106,052
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit 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.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Kieran Clancy
Director
25 October 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Krankbrother Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07745255 . The registered office is 1 Mountview Court , 310 Friern Barnet Lane, London, N20 0LD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
Consolidation
In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% straight line method
Computer Equipment 25% straight line method
2.4. Business Combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the Group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Entities, other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence are treated as associates. In the group financial statements, associates are accounted for using the equity method. Under this method an equity investment is initially recognised at the transaction price and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate.
Any premium on acquisition is dealt with in accordance with the goodwill policy.
2.5. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the income statement, directors report, and notes to the financial statements relating to the income statement.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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Page 4
4. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 November 2022 177,913 7,122 185,035
As at 31 October 2023 177,913 7,122 185,035
Depreciation
As at 1 November 2022 26,876 7,122 33,998
Provided during the period 44,478 - 44,478
As at 31 October 2023 71,354 7,122 78,476
Net Book Value
As at 31 October 2023 106,559 - 106,559
As at 1 November 2022 151,037 - 151,037
5. Investments
Unlisted
£
Cost
As at 1 November 2022 252
As at 31 October 2023 252
Provision
As at 1 November 2022 -
As at 31 October 2023 -
Net Book Value
As at 31 October 2023 252
As at 1 November 2022 252
Beckenham Jazz Ltd
The company purchased, at par, 90.8% of the 20,000 subscriber £0.01 ordinary voting share capital of Beckenham Jazz Ltd , which was incorporated on 11 December 2020. Beckenham Jazz Ltd was dissolved on 24th July 2024.
Tally Holdings Ltd
The company purchased, at par, 67% of the 100 subscriber £1 ordinary voting share capital of Tally Holdings Ltd , which was incorporated on 24 December 2021.
Krank Events Ltd
The company purchased, at par, 100% of the 2 subscriber £1 ordinary voting share capital of Krank Events Ltd, which was incorporated on 7 February 2016.
6. Debtors
31 October 2023 31 October 2022
£ £
Due within one year
Trade debtors - 9,118
VAT 339 -
Amounts owed by group undertakings 28,733 28,733
29,072 37,851
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7. Creditors: Amounts Falling Due Within One Year
31 October 2023 31 October 2022
£ £
Trade creditors 256 -
Bank loans and overdrafts 10,049 9,839
VAT - 14,951
Accruals and deferred income 551 953
Amounts owed to group undertakings 43,377 36,433
54,233 62,176
8. Creditors: Amounts Falling Due After More Than One Year
31 October 2023 31 October 2022
£ £
Bank loans 18,857 29,019
On 25 July 2020, the company obtained an unsecured Bounce Back Loan from HSBC in the sum of £50,000. The loan is repayable over 72 months on a fixed interest rate of 2.5% from the date of the drawdown.
9. Share Capital
31 October 2023 31 October 2022
Allotted, called up and fully paid £ £
102 Ordinary Shares of £ 1.000 each 102 102
1 Ordinary B shares of £ 1.000 each 1 1
1 Ordinary C shares of £ 1.000 each 1 1
104 104
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