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Registered number: 11193855
Krank Events Ltd
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: 11193855
31 October 2023 31 October 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 37,951 4,593
37,951 4,593
CURRENT ASSETS
Debtors 5 87,388 695,899
Cash at bank and in hand 1,639,198 1,393,255
1,726,586 2,089,154
Creditors: Amounts Falling Due Within One Year 6 (496,316 ) (1,025,786 )
NET CURRENT ASSETS (LIABILITIES) 1,230,270 1,063,368
TOTAL ASSETS LESS CURRENT LIABILITIES 1,268,221 1,067,961
Creditors: Amounts Falling Due After More Than One Year 7 (33,096 ) (38,571 )
NET ASSETS 1,235,125 1,029,390
CAPITAL AND RESERVES
Called up share capital 8 2 2
Income Statement 1,235,123 1,029,388
SHAREHOLDERS' FUNDS 1,235,125 1,029,390
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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.
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Notes to the Financial Statements
1. General Information
Krank Events Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11193855 . 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.
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 bases:
Plant & Machinery 25% Straight Line Basis
Fixtures & Fittings 25% Straight Line Basis
Computer Equipment 25% Straight Line Basis
2.4. Financial Instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
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4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 5,417 - 2,457 7,874
Additions 40,539 4,313 2,249 47,101
As at 31 October 2023 45,956 4,313 4,706 54,975
Depreciation
As at 1 November 2022 2,257 - 1,024 3,281
Provided during the period 11,489 1,078 1,176 13,743
As at 31 October 2023 13,746 1,078 2,200 17,024
Net Book Value
As at 31 October 2023 32,210 3,235 2,506 37,951
As at 1 November 2022 3,160 - 1,433 4,593
5. Debtors
31 October 2023 31 October 2022
£ £
Due within one year
Trade debtors 9,424 49,976
Prepayments and accrued income - 453,874
Other debtors - 3
Directors' loan accounts 7,000 -
Amounts owed by group undertakings 70,964 192,046
87,388 695,899
6. Creditors: Amounts Falling Due Within One Year
31 October 2023 31 October 2022
£ £
Trade creditors 41,300 121,364
Corporation tax 130,384 248,245
Other taxes and social security 1,743 -
VAT 82,565 320,147
Other creditors 210,852 28,388
Accruals and deferred income 29,472 307,642
496,316 1,025,786
7. Creditors: Amounts Falling Due After More Than One Year
31 October 2023 31 October 2022
£ £
Bank loans 33,096 38,571
On 9 May 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.
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8. Share Capital
31 October 2023 31 October 2022
Allotted, called up and fully paid £ £
2 Ordinary A shares of £ 1.000 each 2 2
9. Directors Advances, Credits and Guarantees
During the year, the directors were advanced £7,000. The loan is unsecured, interest free and repayable on demand. The loan was fully repaid by 31 July 2024.
10. Ultimate Controlling Party
The company's immediate parent undertaking is Krankbrother Ltd . Krankbrother Ltd was incorporated in the UK. The ultimate controlling parties are Mr Kieran Clancy and Mr Daniel Clancy who control the companies which control Krankbrother Ltd.
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