Registered number:
For the Period Ended
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Kerb Group Limited
Company Information
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Kerb Group Limited
Contents
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Kerb Group Limited
Group Strategic Report
For the Period Ended 31 March 2024
The Company was incorporated on 18 January 2023 and commenced its trade on 31 March 2023, following a restructure. The directors present the strategic report, together with the audited consolidated financial statements for the period ended 31 March 2024.
Kerb Group is a London-based food business that specialises in curating and operating vibrant food halls, running dynamic events, and championing independent street food traders. Through its social enterprise arm, KERB+, the group supports the growth of small food businesses and creates opportunities for underrepresented entrepreneurs. With a commitment to innovation and community, KERB delivers exceptional food experiences while fostering sustainable business practices.
The Group has three main operating divisions:
∙Event catering; both corporate prepaid and retail
∙Fixed leased locations
∙Management agreements
The business has seen growth across all areas this financial year and as we enter YE25, we are forecasting this to continue - with some new projects in the pipeline.
This is the first year reporting for Kerb Group, with the group delivering adjusted revenue of £19.2m. This was driven by a number of new, large, high profile events and new management contracts becoming live. During the year, the company continued to operate at a number of high profile locations, cementing its position as the market leader. Net cash in bank and at hand was £1.4m.
Economic and market risks
Whilst considerable uncertainty remains around the broader economic outlook for the UK, the company believes that through delivery of an excellent and consistent offer, a strong brand, effective management controls and utilisation of technology, it can withstand market pressures. Inflation In line with the wider hospitality market the company has seen the impact of inflation on input costs across cost of sales and overheads. Management pays close attention to inflationary pressures and continues to work with suppliers to ensure margins are protected. Energy Costs Higher energy costs led to an increase in overheads in 2024. Unfortunately, we are in contract until September 2025, where we anticipate to see savings based on the current market conditions. Energy remains volatile, so we have started the process early to explore all avenues. In the meantime, energy reduction schemes are implemented to manage costs.
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Kerb Group Limited
Group Strategic Report (continued)
For the Period Ended 31 March 2024
Health & Safety
Food safety is of paramount importance to the company, at all fixed and pop up locations, in addition to the general health and safety of both employees and customers. The company works closely with local authorities and health and safety experts to ensure best practice and standards are always in place. Regular internal and external audits are conducted at all locations. Recruitment People are central to the performance of the company and management continue to place a high priority on hiring, developing and retaining the best talent in the industry. This has allowed the company to attract and retain employees in a competitive market. This is evidenced by the company being recognised as one of the Best UK Companies to Work For.
The financial performance of the company is measured using several key performance indicators (KPIs), including turnover, adjusted EBITDA and adjusted EBITDA margin.
Management continues to monitor performance by using financial and non-financial KPIs on an on-going basis. Non-financial KPIs include food safety standards, staff turnover and engagement, customer satisfaction and sustainability.
This report was approved by the board and signed on its behalf.
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Kerb Group Limited
Directors' Report
For the Period Ended 31 March 2024
The directors present their report and the financial statements for the period ended 31 March 2024.
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to £100,731.
The directors do not recommend the payment of a final dividend.
The directors who served during the period were:
Looking forward, we have two new international openings confirmed for YE25: one in Copenhagen and the other in San Francisco, with a number of additional opportunities in the pipeline.
In addition to growth within fixed locations and management agreements, we are also continuing to increase the number of venues where we are a preferred or exclusive catering partner. Our event catering arm continues to expand its national footprint, with new opportunities emerging in the Midlands and Margate.
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Kerb Group Limited
Directors' Report (continued)
For the Period Ended 31 March 2024
There have been no significant events affecting the Group since the year end.
The auditors, Hurst Accountants Limited, were appointed during the period and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Kerb Group Limited
Independent Auditors' Report to the Members of Kerb Group Limited
We have audited the financial statements of Kerb Group Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 March 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Kerb Group Limited
Independent Auditors' Report to the Members of Kerb Group Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Kerb Group Limited
Independent Auditors' Report to the Members of Kerb Group Limited (continued)
Identifying and assessing potential risks related to irregularities
In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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Kerb Group Limited
Independent Auditors' Report to the Members of Kerb Group Limited (continued)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Cheshire
SK1 3GG
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Kerb Group Limited
Consolidated Statement of Comprehensive Income
For the Period Ended 31 March 2024
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Kerb Group Limited
Registered number: 14602558
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 45 form part of these financial statements.
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Kerb Group Limited
Registered number: 14602558
Company Balance Sheet
As at
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The loss for the parent company for the year was £167,740. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 45 form part of these financial statements.
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Consolidated Statement of Changes in Equity
For the Period Ended 31 March 2024
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Kerb Group Limited
Company Statement of Changes in Equity
For the Period Ended 31 March 2024
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Kerb Group Limited
Consolidated Statement of Cash Flows
For the Period Ended 31 March 2024
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Kerb Group Limited
Consolidated Analysis of Net Debt
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
Kerb Group Limited ("the Company") is a private company limited by share capital, incorporated in England & Wales, company number 14602558. The address of the registered office and the principal place of business is 1st Floor 4 Tabernacle Street, London, England, EC2A 4LU.
The company was incorporated on 18 January 2023 and commenced trading following the acquisition of its trading subsidiaries on 1 April 2023. The Group consists of Kerb Group Limited and its subsidiaries, Kerb Ventures, Kerb Events, Cucumber Holdings Limited, Kerb Seven Dials Limited, Kerb Berlin Limited and Saluhall SF Inc. The nature of the Company's operation is that of a holding company. The nature of the Group's operations is that of the provision of pop-up catering services and the operation of food halls.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Group keeping the scheme open or the employee maintaining any contributions required by the scheme). Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period. Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Goodwill
Other intangible assets
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
The estimated useful lives range as follows:
The trademark is recognized at a nominal value of £1 and is not amortised due to its immaterial value. It is reviewed annually for impairment in accordance with FRS 102 requirements to ensure that its carrying value does not exceed its recoverable amount. Given the nominal valuation, the trademark is considered to have an indefinite useful life, as it is not expected to result in significant economic inflows or outflows.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, usig the methods indicated below.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
2.Accounting policies (continued)
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
Business Combinations and Goodwill The cost of business combinations is the fair value of the consideration given plus the costs directly attributable to the business combination. On acquisition of a business, fair values are attributed to the assets and liabilities acquired unless the fair value cannot be measured reliably, in which case the value is incorporated as goodwill. The value of goodwill is considered with reference to the value of the cash generating units to which it relates. There were no indications that goodwill was impaired at the balance sheet date. Goodwill is written off in line with the provisions of FRS 102. There is significant uncertainty when determining a period over which goodwill should be written off; management have decided to use the maximum permitted under the standard of 10 years.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
There were no factors that may affect future tax charges.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
13.Tangible fixed assets (continued)
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
The Company was incorporated on 18 January 2023, issuing 1 ordinary share with a nominal value of £1.00.
On 31 March 2023, the Company subdivided this single ordinary share into 100 ordinary shares with a nominal value of £0.01 each. On the same date, the Company issued 33,050 A Ordinary shares at £0.01 each, 29,600 C Ordinary shares at £0.01 each, and 24,500 Ordinary shares at £0.01 each. In accordance with Section 612 of the Companies Act 2006, merger relief was applied to 33,050 A Ordinary shares and 9,190 C Ordinary shares. The amount paid for each of the remaining shares was £135.72. The Company has established multiple classes of shares. Each class carries full voting, dividend, and capital distribution rights but does not confer any rights of redemption. The A Ordinary Shares entitle the majority of their holders to appoint two directors, while the C Ordinary and D Ordinary Shares entitle their majority holders to appoint one director each.
Share premium account
associated with the issuing of shares are deducted from share premium.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
Page 38
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
The acquisitions of Kerb Events Limited, Cucumber Holdings Limited, and Kerb Ventures Limited have been accounted for using the acquisition method in accordance with FRS 102. The identifiable assets and liabilities of the acquired entities were assessed for fair value at the acquisition date, and in these cases, the book values were deemed to approximate their fair values. Any excess consideration has been recognized as goodwill.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
25.Business combinations (continued)
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
25.Business combinations (continued)
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
25.Business combinations (continued)
Page 42
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
25.Business combinations (continued)
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £69,192 . Contributions totalling £16,657 were payable to the fund at the balance sheet date and are included in creditors.
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Kerb Group Limited
Notes to the Financial Statements
For the Period Ended 31 March 2024
There is no overall controlling party of Kerb Group Limited.
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