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REGISTERED NUMBER: 06843697 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

psKinetic Limited

psKinetic Limited (Registered number: 06843697)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


psKinetic Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: I Urnes
D A Chandarana
E Urnes
J C Appleby





REGISTERED OFFICE: Springroyd
Clapham Road
Austwick
Lancaster
LA2 8BE





REGISTERED NUMBER: 06843697 (England and Wales)





ACCOUNTANTS: C.A. Evans & Company
Springroyd
Clapham Road
Austwick
Lancaster
LA2 8BE

psKinetic Limited (Registered number: 06843697)

Abridged Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 330,632
Tangible assets 5 - 5,876
- 336,508

CURRENT ASSETS
Debtors 299,572 634,513
Cash at bank 757,222 465,537
1,056,794 1,100,050
CREDITORS
Amounts falling due within one year 300,327 1,200,777
NET CURRENT ASSETS/(LIABILITIES) 756,467 (100,727 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

756,467

235,781

CREDITORS
Amounts falling due after more than one
year

151,931

222,053
NET ASSETS 604,536 13,728

CAPITAL AND RESERVES
Called up share capital 37,199 37,199
Share premium 303,150 303,150
Retained earnings 264,187 (326,621 )
604,536 13,728

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

psKinetic Limited (Registered number: 06843697)

Abridged Balance Sheet - continued
31 March 2023


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

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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 13 October 2023 and were signed on its behalf by:





I Urnes - Director


psKinetic Limited (Registered number: 06843697)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

psKinetic 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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on cost

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.

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.

psKinetic Limited (Registered number: 06843697)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - 34 ).

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 330,632
Disposals (330,632 )
At 31 March 2023 -
NET BOOK VALUE

At 31 March 2023 -
At 31 March 2022 330,632

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 April 2022 102,548
Additions 19,421
Disposals (121,969 )
At 31 March 2023 -
DEPRECIATION
At 1 April 2022 96,672
Charge for year 4,488
Eliminated on disposal (101,160 )
At 31 March 2023 -
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 5,876

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period, the company made a loan of £98,965 to the director, I Urnes. Interest was charged at the official rate of interest. The balance of £99,285 (2022 -£Nil) owed at the year end was repaid in full in October 2023.

7. POST BALANCE SHEET EVENTS

Following the sale of the company's business on 31 January 2023, and with no further use for the company, the directors initiated steps to wind up the company under a Members Voluntary Liquidation. The process is set to commence in the week commencing 16 October 2023 with the formal appointment of a liquidator.