REGISTERED NUMBER: 07423466 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KALAKUTA SUNRISE LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M H Margolis

T L Putnam

E A Stein

REGISTERED OFFICE:

55 Loudoun Road

St John's Wood

London

NW8 0DL

REGISTERED NUMBER:

07423466 (England and Wales)

AUDITORS:

MGR Weston Kay LLP

Statutory Auditors

55 Loudoun Road

St John's Wood

London

NW8 0DL

FIXED ASSETS

Tangible assets

4

38,690

24,570

CURRENT ASSETS

Stocks

536,438

703,562

Debtors

5

2,312,110

1,592,784

Cash at bank and in hand

4,038,462

622,953

6,887,010

2,919,299

CREDITORS

Amounts falling due within one year

6

(7,575,852

)

(3,180,143

)

NET CURRENT LIABILITIES

(688,842

)

(260,844

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(650,152

)

(236,274

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

(650,153

)

(236,275

)

SHAREHOLDERS' FUNDS

(650,152

)

(236,274

)

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 22 December 2025 and were signed on its behalf by:

T L Putnam - Director

1.	STATUTORY INFORMATION

Kalakuta Sunrise 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

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

Turnover

Turnover represents amounts derived from the sales of goods and services, non-returnable advances and royalties stated net of value added tax.

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:

Fixtures, fittings & equipment 25% reducing balance

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.

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.

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 bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from connected companies are initially recognised at transaction price.

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.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Non-returnable advances

Advances received which are non-returnable but recoupable out of earnings are treated as income.

Going concern

The company has net liabilities of £650,152 (2023: £236,274) at the year end. At the balance sheet date, the company was supported by loans from related parties of £5,790,088 (2023: £1,426,270). The directors have confirmed that sufficient finance will be made available to the company to enable it to continue trading for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2024

36,845

Additions

20,218

Disposals

(42

)

At 31 December 2024

57,021

DEPRECIATION

At 1 January 2024

12,275

Charge for year

6,056

At 31 December 2024

18,331

NET BOOK VALUE

At 31 December 2024

38,690

At 31 December 2023

24,570

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,164,953

1,282,092

Other debtors

147,157

310,692

2,312,110

1,592,784

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

244,171

623,408

Amounts owed to participating interests

6,762,160

826,154

Taxation and social security

392,863

249,895

Other creditors

176,658

1,480,686

7,575,852

3,180,143

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayment and are payable on demand.

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

£

Within one year

79,686

79,739

Between one and five years

40,218

118,934

119,904

198,673

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1

Ordinary share capital

£1

1

1

9.	AUDIT REPORT INFORMATION

As the income statement has been omitted from the filing cope 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 auditor's report was qualified and the auditor reported as follows:

Qualified opinion

We have audited the financial statements of Kalakuta Sunrise Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, 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).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

We were not able to obtain sufficient audit evidence in respect of both opening and closing stock. This was due to it being the first year of audited accounts to be prepared and there being too longer duration between the year end and the audit work being started.Appropriate arrangements have been put in place in order for stock takes to be carried out in future years so that sufficient audit evidence can be gathered.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Sarah Yardley BSc ACA (Senior Statutory Auditor)

for and on behalf of MGR Weston Kay LLP

10.	SECURITIES

The company has a mortgage debenture in place. No borrowings were drawn or outstanding during the year, and the debenture did not secure any liabilities at the reporting date.

11.	POST BALANCE SHEET EVENTS

The amounts owed to Kalakuta Sunrise LLC of £972,072 that has been included in the financial statements was written off on 30 September 2025.

12.	ULTIMATE CONTROLLING PARTY

The Company's parent undertaking is Kalakuta Sunrise LLC, an entity incorporated in the United States of America, by virtue of its ownership of 100% of the issued share capital.

The ultimate controlling parent is Dundee Productions LLC, an entity incorporated in the United States of America by virtue of its control of Partisan Music Group LLC, the intermediary parent company. The ultimate controlling party is S Hendel by virtue of his control of Dundee Productions LLC.

13.	RELATED PARTY TRANSACTIONS

During the year, the director E Stein, provided consultancy services to the Company totalling £88,500 (2023: £108,000).

The company has taken advantage of the exemption available in accordance with FRS 102 Section 1A paragraph 1AC.35 not to disclose transactions entered into between two or more members of a group, as the company and the other subsidiaries are wholly owned subsidiary undertakings of the group to which they are party to the transactions.