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Registration number: 11020361

KRS Productions Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

KRS Productions Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

KRS Productions Limited

Company Information

Director

Mr Sven Knight

Registered office

Beckett House
Unit 17 Sovereign Court
Wyrefields
Poulton-le-Fylde
Lancashire
FY6 8JX

Accountants

Beckett Rawcliffe Limited
Unit 17, Beckett House
Sovereign Court
Wyrefields
Poulton Le Fylde
Lancashire
FY6 8JX

 

KRS Productions Limited

(Registration number: 11020361)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

199,149

177,699

Current assets

 

Debtors

5

673,080

492,609

Cash at bank and in hand

 

191,540

239,210

 

864,620

731,819

Creditors: Amounts falling due within one year

6

(286,883)

(198,555)

Net current assets

 

577,737

533,264

Net assets

 

776,886

710,963

Capital and reserves

 

Called up share capital

7

50

50

Retained earnings

776,836

710,913

Shareholders' funds

 

776,886

710,963

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 December 2024
 

.........................................
Mr Sven Knight
Director

   
     
 

KRS Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
Beckett House
Unit 17 Sovereign Court
Wyrefields
Poulton-le-Fylde
Lancashire
FY6 8JX

These financial statements were authorised for issue by the director on 16 December 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

KRS Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

20% reducing balance

Office equipment

20% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

KRS Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2023 - 5).

 

KRS Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

3,008

288,888

291,896

Additions

1,078

70,342

71,420

At 31 March 2024

4,086

359,230

363,316

Depreciation

At 1 April 2023

1,376

112,821

114,197

Charge for the year

541

49,429

49,970

At 31 March 2024

1,917

162,250

164,167

Carrying amount

At 31 March 2024

2,169

196,980

199,149

At 31 March 2023

1,632

176,067

177,699

5

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

376,625

185,237

Amounts owed by related parties

9

292,731

292,101

Other debtors

 

3,724

15,271

   

673,080

492,609

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

6,769

-

Trade creditors

 

248,375

149,765

Taxation and social security

 

30,023

47,274

Accruals and deferred income

 

1,500

1,500

Other creditors

 

216

16

 

286,883

198,555

 

KRS Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

46

46

50

50

Ordinary A of £1 (2023 - £0) each

4

4

-

-

50

50

50

50

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

6,769

-

9

Related party transactions

Summary of transactions with entities with joint control or significant interest

Knight Rigging Services Ltd
 Inter-Company Loan Account
Management Charges

 

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Rendering of services

144,000

2023

Entities with joint control or significant influence
£

Rendering of services

156,000

Loans to related parties

 

KRS Productions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2024

Entities with joint control or significant influence
£

Total
£

At start of period

292,101

292,101

Advanced

630

630

At end of period

292,731

292,731

2023

Entities with joint control or significant influence
£

Total
£

At start of period

153,385

153,385

Advanced

138,716

138,716

At end of period

292,101

292,101

10

Parent and ultimate parent undertaking

The ultimate controlling party is Sven Knight.