KITRI LIMITED - Filleted accounts

Registered number

10051745

KITRI LIMITED

FINANCIAL STATEMENTS

30 December 2024

PAGES FOR FILING WITH REGISTRAR

KITRI LIMITED
Registered number:		10051745
Balance Sheet
as at 30 December 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	7		1			1,481

Current assets
Stocks		622,988			545,028
Debtors	8	235,082			273,211
Cash at bank and in hand		584,642			177,154
		1,442,712			995,393

Creditors: amounts falling due within one year	9	(2,055,021)			(1,480,310)

Net current liabilities			(612,309)			(484,917)

Total assets less current liabilities			(612,308)			(483,436)


Provisions for liabilities			(167,385)			(100,000)


Net liabilities			(779,693)			(583,436)

Capital and reserves
Called up share capital	10		587,461			587,461
Profit and loss account			(1,367,154)			(1,170,897)

Shareholders' funds			(779,693)			(583,436)

The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Michael Jay Barnett
Director
Approved by the board on 29 September 2025

KITRI LIMITED
Notes to the Accounts
for the year ended 30 December 2024


1	Accounting policies

	Company information
	KITRI Limited is a private company limited by shares incorporated in England and Wales. The registered office is 34a Regent Studios, 8 Andrews Road, London, E8 4QN, UK.

1.1	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
	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 £.

1.2	Going concern
	The financial statements are prepared on a going concern basis, notwithstanding the company having made a loss for the year of £200,834. In considering the appropriateness of the going concern basis management have considered budgets and forecasts that have been prepared for future trading of the company up to 31 December 2026. Funding for the company is obtained from its parent company and other significant shareholder and the continued operation of the company is dependent on working capital arrangements provided by Earendil Limited and Goodman Co Ltd.
	In considering the appropriateness of the basis of preparation of these financial statements the directors have noted that Earendil Limited and Goodman Co Ltd have indicated that for a period of at least twelve months from the signing of these financial statements it will continue to provide working capital arrangements and cash flow as needed by the company in order to support its continued operations and meet its liabilities.
	As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that the support from Earendil Limited and Goodman Co Ltd will continue and that should the company fail to achieve its forecasted results it may have a requirement to obtain additional funding. The directors note that at the date of approval of these financial statements, they have no reason to believe additional funding could not be obtained. Written support of such continued support for the next twelve months from the date of signing of the financial statement has been received and therefore these financial statements have been prepared on a going concern basis

1.3	Reporting period
	The financial statements for the accounting reference period date 30 December 2024 have been prepared for a period up to 31 December 2024 as the company has taken advantage Section 390(3)(b) of the Companies Act 2006 in preparing its financial statements.


1.4	Turnover
	Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer usually on dispatch of the goods (adjusted for actual returns and a provision of expected returns), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.5	Intangible fixed assets other than goodwill
	Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
	Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
	Amortisation 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:
	Website			4 years straight line method ( fully amortised )

1.6	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Plant and machinery			4 years straight line method
	Fixtures and fittings			5 years straight line method
	Office equipment			3 years straight line method

	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.

1.7	Impairment of fixed assets
	At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
	Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
	If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
	Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase

1.8	Stocks
	Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
	At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9	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 current liabilities.

1.10	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.
	Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
	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 using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
	Classification of financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
	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.
	Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
	Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.11	Equity instruments
	Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.12	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

1.13	Provisions
	Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
	The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.14	Foreign currency translation
	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




1.15	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.
	The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
	Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16	Retirement benefits
	Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17	Government grants
	Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
	A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2	Judgements and key sources of estimation uncertainty
	In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
	The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
	Sales credit provision The company has included in debtors a provision for estimated sales returns made post year-end, which is based on known and estimated returns made post-year end relating to the current accounting year.


3	Audit information

	As the profit & loss account has been omitted from the filling copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

	The audit report is unqualified.

	Senior statutory auditor:	Anwar Faruque Chowdhury
	Firm:	ACN Accountants
	Date of audit report:	29 September 2025





4	Other operating income					2024		2023
£							£

	Miscellanious income					42,248		13,581
						42,248		13,581



5	Operating profit/( loss)					2024		2023
	This is stated after charging:
	Depreciation of owned fixed assets					1,480		3,303
	Auditors' remuneration for audit services					4,000		3,500


6	Employees					2024		2023
Number							Number

	Average number of persons employed by the company					9		10


7	Tangible fixed assets
								Fixture Fittings & equipments
£
	Cost
	At 31 December 2023							52,124
	At 30 December 2024							52,124

	Depreciation
	At 31 December 2023							50,643
	Charge for the year							1,480
	At 30 December 2024							52,123

	Net book value
	At 30 December 2024							1
	At 30 December 2023							1,481


8	Debtors					2024		2023
£							£

	Trade debtors					170,269		225,740
	Other debtors					64,813		47,471
						235,082		273,211







9	Creditors: amounts falling due within one year					2024		2023
£							£

	Trade creditors					904,321		905,120
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					909,114		396,542
	Taxation and social security costs					117,185		128,628
	Other creditors					124,401		50,020
						2,055,021		1,480,310


10	Loans					2024		2023
	Creditors include:					£	£

		2024		2023		2024		2023
	Ordinary share capital	Number	Number		£		£
	ssued and fully paid
	Ordinary shares of £1 each	587,461		587,461		587,461		587,461


11	Operating lease commitments

	At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
						2024		2023
£							£
						43,214		73,912


12	Events after the reporting date

	There were no essential either adjusting events or non-adjusting events in the period of time elapsing between the balance sheet date and the date on which these financial statements are prepared.


13	Related party transactions

	During the year there were transactions between the company and Goodman Co Ltd and the end of the year the company owe to Goodman Co Ltd an amount of £909,114 (2023: £396,542 )
	During the year there were no new transactions between the company and Earendil Limited where Mr Michael Jay Barnett and Mrs Hae Ni Kim are common directors.In year 2022 Earendil Limited invested USD 366,000 ( Equivalent of £299,605 ) to buy the company's 299,605 shares capital out of 587,461 shares in total.

14	Controlling party
	The controlling party of the company is Earendil Limited by virtue of its 51% shareholdings in the company.






15	Parent company

	The parent company is Earendil Limited by virtue of its 51% sharholdoing in company. The registered office of the parent company is First Floor, New Barnes Mill, Cottonmill Lane, St. Albans, AL1 2HA, UK
	Until 27 December 2022 ,Goodman Co Ltd. having its registered office at 12F, 542 Eonju-Ro, Gangam-Gu, Seoul, South Korea was the parent company by virtue of its 100% shareholdings in Kitri Limited and after 27 December 2022,Goodman Co Ltd became 49% shareholder of Kitri Limited.