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Registration number: 10943164

KENNEK IT LIMITED
Unaudited Filleted Abridged Financial Statements
for the Year Ended 30 September 2025

KENNEK IT LIMITED

Contents

Company Information | 1
Abridged Balance Sheet | 2 to 3
Notes to the Unaudited Abridged Financial Statements | 4 to 9

KENNEK IT LIMITED

Company Information

Directors | Mr Piergianni Ferraris Ms Andreea Marinela Caltan

Registered office | 3 The Shrubberies George Lane London E18 1BD

Accountants | ACCOUNTING 2 TREND LTD 3 The Shrubberies George Lane London E18 1BD

KENNEK IT LIMITED

(Registration number: 10943164)
Abridged Balance Sheet as at 30 September 2025

| Note | 2025 € | 2024 €
Fixed assets |  |  |
Intangible assets | 4 | 750,000 | 750,000
Investments | 5 | 404,000 | 347,137
|  | 1,154,000 | 1,097,137
Current assets |  |  |
Debtors |  | 171,799 | 89,421
Cash at bank and in hand |  | 47,797 | 175,295
|  | 219,596 | 264,716
Prepayments and accrued income |  | 776 | -
Creditors: Amounts falling due within one year |  | (37,400) | (47,246)
Net current assets |  | 182,972 | 217,470
Total assets less current liabilities |  | 1,336,972 | 1,314,607
Accruals and deferred income |  | (350,000) | (350,000)
Net assets |  | 986,972 | 964,607
Capital and reserves |  |  |
Called up share capital | 6 | 28,355 | 28,355
Retained earnings |  | 958,617 | 936,252
Shareholders' funds |  | 986,972 | 964,607

For the financial year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 March 2026 and signed on its behalf by:

KENNEK IT LIMITED

(Registration number: 10943164)
Abridged Balance Sheet as at 30 September 2025

......................................... Mr Piergianni Ferraris Director

KENNEK IT LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2025

1 | General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
3 The Shrubberies
George Lane
London
E18 1BD
United Kingdom

These financial statements were authorised for issue by the Board on 2 March 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The financial statements contain information about Kennek IT Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399 (2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

KENNEK IT LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2025

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | no amortisation has been applied in the acquisition year; management considers there is no impairment in value arising at the balance sheet date.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

KENNEK IT LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2025

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2024 - 3).

KENNEK IT LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2025

4 | Intangible assets

| Total €
Cost or valuation
At 1 October 2024 | 750,000
At 30 September 2025 | 750,000
Amortisation
Carrying amount
At 30 September 2025 | 750,000
At 30 September 2024 | 750,000

5 | Investments

Subsidiaries | €
Cost or valuation
At 1 October 2024 | 347,137
Additions | 80,000
Disposals | (23,137)
At 30 September 2025 | 404,000
Provision
Carrying amount
At 30 September 2025 | 404,000
At 30 September 2024 | 347,137

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Krusade Ltd | U.K | Ordinary | 0% | 100%
FF Connect SRL | Italy | Ordinary | 80% | 80%

KENNEK IT LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2025

Subsidiary undertakings
Krusade Ltd The principal activity of Krusade Ltd is to provide technology consultancy services.
FF Connect SRL The principal activity of FF Connect SRL is to provide technology consultancy services.

6 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | € | No. | €
Ordinary shares of £1 each | 25,000 | 28,355 | 25,000 | 28,355

7 | Related party transactions

KENNEK IT LIMITED

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2025

Loans to related parties

2025 | Subsidiary € | Total €
At start of period | 300,000 | 300,000
Advanced | 80,000 | 80,000
At end of period | 380,000 | 380,000

2024 | Subsidiary € | Total €
At start of period | 130,000 | 130,000
Advanced | 170,000 | 170,000
At end of period | 300,000 | 300,000

Loans from related parties

2025 | Other related parties € | Total €
At start of period | 11,515 | 11,515
At end of period | 11,515 | 11,515

2024 | Other related parties € | Total €
Advanced | 11,515 | 11,515
At end of period | 11,515 | 11,515

Terms of loans from related parties

Shareholder loan, interest free, repayable on demand