REGISTERED NUMBER: 13002290 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

KB Afungi Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Virgoli

M Oriolo

M Stoekenbroek

SECRETARY:

S O'Sullivan

REGISTERED OFFICE:

Broadoak Industrial Park Ashburton Road

Trafford Park

Manchester

M17 1RW

REGISTERED NUMBER:

13002290 (England and Wales)

AUDITORS:

Bennett Brooks & Co Limited

Chartered Accountants

& Statutory Auditors

St George's Court

Winnington Avenue

Northwich

Cheshire

CW8 4EE

CURRENT ASSETS

Debtors

4

982,172

181,628

Cash at bank

12,608

20,045

994,780

201,673

CREDITORS

Amounts falling due within one year

5

(1,080,496

)

(276,338

)

NET CURRENT LIABILITIES

(85,716

)

(74,665

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(85,716

)

(74,665

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(85,718

)

(74,667

)

SHAREHOLDERS' FUNDS

(85,716

)

(74,665

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

S Virgoli - Director

1.	STATUTORY INFORMATION

KB Afungi Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 when goods have been despatched to the customer and the right to consideration has been achieved and where it is probably that economic benefits will flow to the entity, and the amount can be measured reliably.

Unbilled revenue is included in debtors within accrued income. It is only recognised to the extent at which it is probable it will be received and it can be reasonably measured.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Share capital

Ordinary shares are classed as equity.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and cash held with banks.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

152,925

181,052

VAT

583

576

Accrued income

828,664

-

982,172

181,628

As at 31 December 2024, the Company did not recognise deferred tax assets of £21,367 (2023: £18,604), arising from unused tax losses of £85,468 (2023: £74,417).

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

276,072

261,338

Accrued expenses

804,424

15,000

1,080,496

276,338

Amounts owed to group undertakings includes loans that are unsecured, and bear interest at rates of 4-5% per annum, and is repayable upon demand.

6.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jason Leach FCA (Senior Statutory Auditor)

for and on behalf of Bennett Brooks & Co Limited

7.	GOING CONCERN

These financial statements have been prepared on a going concern basis. The company continues to receive financial support from its parent company, KLN Project (Italia) S.p.A. (formerly known as Kerry Project Logistics (Italia) S.p.A.), to enable it to meet its financial liabilities when they fall due for at least twelve months from the date of signing these financial statements.

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption contained under FRS 102 and has therefore not disclosed transactions or balances with other wholly entities which form part of the group.

The parent of the smallest group for which consolidated accounts are drawn up of which the company is a member, is KLN Project (Italia) S.p.A. (formerly known as Kerry Project Logistics (Italia) S.p.A.), a company with a registered office at Via Quintiliano, 31/A, 20138,Milano, Italy.

The ultimate parent company is Kerry Logistics Network Limited, a company listed on the Hong Kong Stock Exchange.