Company Registration No. 08031650 (England and Wales)
KSIOLAJIDEBT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KSIOLAJIDEBT LTD
COMPANY INFORMATION
Director
Mr O O W Olatunji
Company number
08031650
Registered office
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
Accountants
Carpenter Box
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
KSIOLAJIDEBT LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
KSIOLAJIDEBT LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KSIOLAJIDEBT LTD FOR THE YEAR ENDED 30 APRIL 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KSIOlajidebt Ltd for the year ended 30 April 2024 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of KSIOlajidebt Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of KSIOlajidebt Ltd and state those matters that we have agreed to state to the board of directors of KSIOlajidebt Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KSIOlajidebt Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that KSIOlajidebt Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of KSIOlajidebt Ltd. You consider that KSIOlajidebt Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of KSIOlajidebt Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Carpenter Box
28 January 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
KSIOLAJIDEBT LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
627,715
630,531
Investments
4
348,240
788,134
975,955
1,418,665
Current assets
Debtors
5
300,663
852,380
Cash at bank and in hand
36,955
459,235
337,618
1,311,615
Creditors: amounts falling due within one year
6
(783,647)
(1,784,147)
Net current liabilities
(446,029)
(472,532)
Total assets less current liabilities
529,926
946,133
Creditors: amounts falling due after more than one year
7
-
0
(311,705)
Provisions for liabilities
(10,100)
(5,900)
Net assets
519,826
628,528
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
519,825
628,527
Total equity
519,826
628,528

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has 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.

KSIOLAJIDEBT LTD
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 28 January 2025
Mr O O W Olatunji
Director
Company Registration No. 08031650
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
Company information

KSIOlajidebt Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.

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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company had net current liabilities. However, included within current liabilities were amounts totalling £586,365 in relation to amounts owed to connected companies that will not be repaid if it prejudiced third party creditors and deferred income in which is being released over the remaining term of the contract. true

Based on this assessment, at the time of approving the financial statements, the director has a reasonable expectation that the company has adequate to continue in operational existence for the foreseeable future.

Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

1.4
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 improvements
15% per annum on a straight line basis
Fixtures, fittings & equipment
25% per annum on a straight line basis
Computer equipment
25% per annum on a straight line basis
Video props
Not depreciated

No depreciation is provided in respect of the video props because, in the director's opinion, the charge for the year and cumulative provision to date would, on the basis of reasonable and prudent estimates of their useful lives and residual values, be immaterial.

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.

KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Cash at bank and in hand

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.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. The reported share capital constitutes the allotted, called up and fully paid share capital of the company.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year.

KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons employed by the company during the year was 2 (2023 - 2).

3
Tangible fixed assets
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Video props
Total
£
£
£
£
£
Cost or valuation
At 1 May 2023
35,332
12,742
15,550
584,599
648,223
Additions
-
0
-
0
7,789
-
0
7,789
At 30 April 2024
35,332
12,742
23,339
584,599
656,012
Depreciation and impairment
At 1 May 2023
2,159
4,093
11,440
-
0
17,692
Depreciation charged in the year
5,300
3,185
2,120
-
0
10,605
At 30 April 2024
7,459
7,278
13,560
-
0
28,297
Carrying amount
At 30 April 2024
27,873
5,464
9,779
584,599
627,715
At 30 April 2023
33,173
8,649
4,110
584,599
630,531
4
Fixed asset investments
2024
2023
£
£
Investments in LLP
348,240
788,134
KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments in LLP
£
Cost or valuation
At 1 May 2023
788,134
Funds introduced
88,180
Attributable profits
622,252
Drawings by members
(1,150,326)
At 30 April 2024
348,240
Carrying amount
At 30 April 2024
348,240
At 30 April 2023
788,134
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
148,205
153,362
Other debtors
152,458
699,018
300,663
852,380
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,029
249
Amounts owed to group undertakings
255,480
1,071,302
Taxation and social security
138,217
363,445
Other creditors
376,921
349,151
783,647
1,784,147
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
-
0
311,705

Other creditors included in notes 5 and 6 include a collective total of £311,705 (2023 - £651,746) of deferred income.

KSIOLAJIDEBT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Parent company

The ultimate controlling party is The Throne Holdings Limited whose registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1QR.

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