Kram Management Limited Filleted accounts for Companies House (small and micro)

Kram Management Limited Filleted accounts for Companies House (small and micro)

KRAM MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09225102
Kram Management Limited
Filleted Financial Statements
29 December 2019
Kram Management Limited
Financial Statements
Period from 24 December 2018 to 29 December 2019
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Kram Management Limited
Officers and Professional Advisers
The board of directors
Mrs L Herbert
Mr A Purnell
Mr M A Herbert
Mr J Carlisle
Registered office
C/O DWF LLP
1 Scott Place 2 Hardman Street
Manchester
England
M3 3AA
Auditor
Maneely Mc Cann
Chartered Accountants & Statutory Auditors
Aisling House
50 Stranmillis Embankment
Belfast
BT9 5FL
Bankers
Lloyds Bank Plc
32 Oxford Street
London
W1R 2BS
Danske Bank
Donegall Square West
Belfast
BT1 6JS
Solicitors
DWF (Northern Ireland) LLP
Jefferson House
42 Queen Street
Belfast
BT1 6HL
Kram Management Limited
Statement of Financial Position
29 December 2019
29 Dec 19
23 Dec 18
Note
£
£
£
Fixed assets
Investments
4
6,971,269
6,971,269
Current assets
Debtors
5
100
100
Creditors: amounts falling due within one year
6
6,959,392
1,799
------------
-------
Net current liabilities
6,959,292
1,699
------------
------------
Total assets less current liabilities
11,977
6,969,570
Creditors: amounts falling due after more than one year
7
–
6,957,880
--------
------------
Net assets
11,977
11,690
--------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
11,877
11,590
--------
--------
Shareholders funds
11,977
11,690
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 27 February 2020 , and are signed on behalf of the board by:
Mr M A Herbert
Mr J Carlisle
Director
Director
Company registration number: 09225102
Kram Management Limited
Notes to the Financial Statements
Period from 24 December 2018 to 29 December 2019
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is C/O DWF LLP, 1 Scott Place 2 Hardman Street, Manchester, M3 3AA, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The entity has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of an EEA State.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Investments
Shares in group undertakings
£
Cost
At 24 December 2018 and 29 December 2019
6,971,269
------------
Impairment
At 24 December 2018 and 29 December 2019
–
------------
Carrying amount
At 29 December 2019
6,971,269
------------
At 23 December 2018
6,971,269
------------
Subsidiaries, associates and other investments
Registered office
Class of share
Percentage of shares held
Subsidiary undertakings
Kram Restaurants Limited
England
Ordinary Share
100
The above company is involved in fast food retail.
5. Debtors
29 Dec 19
23 Dec 18
£
£
Other debtors
100
100
----
----
6. Creditors: amounts falling due within one year
29 Dec 19
23 Dec 18
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
6,958,532
–
Other creditors
860
1,799
------------
-------
6,959,392
1,799
------------
-------
7. Creditors: amounts falling due after more than one year
29 Dec 19
23 Dec 18
£
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
–
6,957,880
----
------------
8. Contingencies
Bank loans and overdrafts of the group are secured by way of fixed and floating charges on the company's assets, and by a composite debenture between group companies.
9. Summary audit opinion
The auditor's report for the period dated 27 February 2020 was unqualified.
The senior statutory auditor was Cathal Maneely , for and on behalf of Maneely Mc Cann .
10. Related party transactions
Control Mrs L E Herbert, director, owns 20%, and JRC Holdings Limited, a company incorporated in England and Wales, owns 80% of the share capital of the company. JRC Holdings Limited is a wholly owned subsidiary of Scotco Central Limited, a company incorporated in England and Wales, which is a wholly owned subsidiary of Scotco (Eastern) Limited, a company incorporated in Scotland. Scotco (Eastern) Limited is a wholly owned subsidiary of Banner Dell Limited, a company incorporated in England and Wales, which is a wholly owned subsidiary of Herbert Corporate Holdings Limited, a company incorporated in Northern Ireland. Mrs L E Herbert is the shareholder of Herbert Corporate Holdings Limited and as such is considered to be the company's ultimate controlling party. Transactions The company has taken advantage of the exemption from disclosing related party transactions with group companies, in accordance with Financial Reporting Standard No 102 Section 1A Appendix C, Related Party Disclosures.
11. Controlling party
Herbert Corporate Holdings Limited , is the company's ultimate parent company. Copies of the consolidated financial statements for Herbert Corporate Holdings Limited may be obtained from Lesley House, 605 Lisburn Road, Belfast, BT9 7GS .