Company registration number 13239675 (England and Wales)
KASA AND KIN GROUP UK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
KASA AND KIN GROUP UK LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
KASA AND KIN GROUP UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
586,494
632,257
Current assets
Stocks
5,228
6,181
Debtors
95,199
63,588
Cash at bank and in hand
38
49
100,465
69,818
Creditors: amounts falling due within one year
(459,986)
(299,053)
Net current liabilities
(359,521)
(229,235)
Total assets less current liabilities
226,973
403,022
Creditors: amounts falling due after more than one year
(46,103)
(129,139)
Net assets
180,870
273,883
Capital and reserves
Called up share capital
6
1,566,500
1,186,500
Profit and loss reserves
(1,385,630)
(912,617)
Total equity
180,870
273,883

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

KASA AND KIN GROUP UK LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
Ms R Romulo
Director
Company registration number 13239675 (England and Wales)
KASA AND KIN GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Kasa And Kin Group Uk Limited is a private company limited by shares incorporated in England and Wales. The registered office is 77, Cornwall Crescent, London, England, W11 1PJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company had a deficit of retained earnings at the year-end. It relies on funding from shareholders and related supporters to enable it to continue to trade. These funders have agreed not to withdraw their support to the detriment of other unsecured creditors.

 

The directors have considered the working capital needs of the company for a period of twelve months from the date of approval of these financial statements. These financial statements have been prepared on the going concern basis, on the understanding that the directors and shareholders will continue to financially support the company during this uncertain period by not withdrawing their funding to the detriment of other unsecured creditors and by providing further working capital and/or equity funding as required by the company in order to deliver against its latest business plan.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 

Turnover is recognised at the point of sale.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the period of the lease
Leasehold improvement
Over the period of the lease
Plant and equipment
20% on cost
Fixtures and fittings
25% on cost
Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

KASA AND KIN GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.5
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.

 

1.6
Leases

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

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
21
22
3
Tangible fixed assets
Leasehold land and buildings
Leasehold improvement
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
£
£
Cost
At 1 March 2023 and 29 February 2024
119,126
412,772
160,060
12,110
232
704,300
Depreciation and impairment
At 1 March 2023
10,918
34,020
22,105
4,918
82
72,043
Depreciation charged in the year
5,957
21,838
14,883
3,027
58
45,763
At 29 February 2024
16,875
55,858
36,988
7,945
140
117,806
Carrying amount
At 29 February 2024
102,251
356,914
123,072
4,165
92
586,494
At 28 February 2023
108,208
378,752
137,955
7,192
150
632,257
KASA AND KIN GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
4
Loans and overdrafts
2024
2023
£
£
Bank loans
69,942
45,001
Bank overdrafts
6,927
9,106
Other loans
-
0
51,062
76,869
105,169
Payable within one year
76,869
54,107
Payable after one year
-
0
51,062
5
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
31,974
31,974
In two to five years
46,103
78,077
78,077
110,051

Hire purchase liabilities are secured against the asset to which each individual agreement relates.

6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary C of £1 each
125,000
125,000
125,000
125,000
Ordinary R of £1 each
1,341,500
879,550
1,341,500
879,550
Ordinary P of £1 each
-
81,950
-
81,950
Ordinary S of £1 each
50,000
50,000
50,000
50,000
Ordinary E of £1 each
50,000
50,000
50,000
50,000
1,566,500
1,186,500
1,566,500
1,186,500
KASA AND KIN GROUP UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
7
Related party transactions

Ms Rowena Romulo

Director and major shareholder

In the previous period, Ms Romulo advanced £258 to the company as working capital; during the the company repaid the related party £165. As at 29 February 2024 the loan outstanding was £93 (2023: £258). The advance is unsecured and interest-free. No terms of repayment have been agreed and the advance is therefore technically repayable on demand, although Ms Romulo has agreed not to withdraw this balance to the detriment of other unsecured creditors.

 

Romulo Restaurant Group UK Limited

Company under similar ownership with some common directors and shareholders

This company purchased goods and services on behalf of the related party, which it then reimbursed to the related party until the related party went into liquidation in January 2024. At the date of liquidation the directors consider that there was no indebtedness between the company and the related party. As a result, there is no balance between the companies at the year end.

 

Romulo Brands Holding Company Limited

Company under similar ownership with some common directors and shareholders

The related party provides goods and services on behalf of the company, which it then recharges to the company. The value of such recharges remaining unpaid to the related party at 29 February 2024 was £7,067 (2023: £52,690). The advance is unsecured, interest free and repayable on demand.

8
Contingent liability

As noted above under related party transactions, the directors consider there to be no indebtedness between this company and Romulo Restaurant Group UK Limited at the year end. As a result, there is no balance between the companies at the year end, although this position has yet to be finalised with the liquidator.

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