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Company No: 14764725 (England and Wales)

THE KIT ROOM RENTAL LIMITED

Unaudited Financial Statements
For the financial period from 28 March 2023 to 31 March 2024
Pages for filing with the registrar

THE KIT ROOM RENTAL LIMITED

Unaudited Financial Statements

For the financial period from 28 March 2023 to 31 March 2024

Contents

THE KIT ROOM RENTAL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
THE KIT ROOM RENTAL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Intangible assets 3 2,249,999
Tangible assets 4 271,083
2,521,082
Current assets
Debtors 5 51,017
Cash at bank and in hand 6 246,919
297,936
Creditors: amounts falling due within one year 7 ( 294,924)
Net current assets 3,012
Total assets less current liabilities 2,524,094
Net assets 2,524,094
Capital and reserves
Called-up share capital 8 2,500,000
Profit and loss account 24,094
Total shareholders' funds 2,524,094

For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of The Kit Room Rental Limited (registered number: 14764725) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M Born
Director
S Lee
Director

27 December 2024

THE KIT ROOM RENTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 28 March 2023 to 31 March 2024
THE KIT ROOM RENTAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 28 March 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

The Kit Room Rental Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

2. Employees

Period from
28.03.2023 to
31.03.2024
Number
Monthly average number of persons employed by the company during the period, including directors 7

3. Intangible assets

Goodwill Total
£ £
Cost
At 28 March 2023 0 0
Additions 2,499,999 2,499,999
At 31 March 2024 2,499,999 2,499,999
Accumulated amortisation
At 28 March 2023 0 0
Charge for the financial period 250,000 250,000
At 31 March 2024 250,000 250,000
Net book value
At 31 March 2024 2,249,999 2,249,999

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 28 March 2023 0 0
Additions 362,344 362,344
Disposals ( 900) ( 900)
At 31 March 2024 361,444 361,444
Accumulated depreciation
At 28 March 2023 0 0
Charge for the financial period 90,361 90,361
At 31 March 2024 90,361 90,361
Net book value
At 31 March 2024 271,083 271,083

5. Debtors

31.03.2024
£
Trade debtors 51,017

6. Cash and cash equivalents

31.03.2024
£
Cash at bank and in hand 246,919

7. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 10,258
Taxation and social security 17,947
Other creditors 266,719
294,924

8. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
2,500,000 Ordinary A shares of £ 1.00 each 2,500,000

9. Related party transactions

Other related party transactions

31.03.2024
£
Amounts due to related parties 255,624

During the year, rent of £48,000 was paid to a related party.