Caseware UK (AP4) 2022.0.179 2022.0.179 2023-01-312023-01-31true2022-02-01falseThe principal activity of the company in the year under review was that of Information Technology consultancy services.1310trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03166153 2022-02-01 2023-01-31 03166153 2021-02-01 2022-01-31 03166153 2023-01-31 03166153 2022-01-31 03166153 2021-02-01 03166153 c:Director1 2022-02-01 2023-01-31 03166153 d:Buildings d:ShortLeaseholdAssets 2022-02-01 2023-01-31 03166153 d:Buildings d:ShortLeaseholdAssets 2023-01-31 03166153 d:Buildings d:ShortLeaseholdAssets 2022-01-31 03166153 d:FurnitureFittings 2022-02-01 2023-01-31 03166153 d:FurnitureFittings 2023-01-31 03166153 d:FurnitureFittings 2022-01-31 03166153 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03166153 d:OfficeEquipment 2022-02-01 2023-01-31 03166153 d:OfficeEquipment 2023-01-31 03166153 d:OfficeEquipment 2022-01-31 03166153 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03166153 d:OwnedOrFreeholdAssets 2022-02-01 2023-01-31 03166153 d:ComputerSoftware 2023-01-31 03166153 d:ComputerSoftware 2022-01-31 03166153 d:CurrentFinancialInstruments 2023-01-31 03166153 d:CurrentFinancialInstruments 2022-01-31 03166153 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03166153 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 03166153 d:ShareCapital 2023-01-31 03166153 d:ShareCapital 2022-01-31 03166153 d:RetainedEarningsAccumulatedLosses 2023-01-31 03166153 d:RetainedEarningsAccumulatedLosses 2022-01-31 03166153 c:FRS102 2022-02-01 2023-01-31 03166153 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 03166153 c:FullAccounts 2022-02-01 2023-01-31 03166153 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 03166153 d:WithinOneYear 2023-01-31 03166153 d:WithinOneYear 2022-01-31 03166153 d:BetweenOneFiveYears 2023-01-31 03166153 d:BetweenOneFiveYears 2022-01-31 03166153 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 03166153 d:AcceleratedTaxDepreciationDeferredTax 2022-01-31 03166153 d:TaxLossesCarry-forwardsDeferredTax 2023-01-31 03166153 d:TaxLossesCarry-forwardsDeferredTax 2022-01-31 03166153 2 2022-02-01 2023-01-31 03166153 d:ComputerSoftware d:OwnedIntangibleAssets 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 03166153










KYNETIX TECHNOLOGY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
KYNETIX TECHNOLOGY LIMITED
REGISTERED NUMBER: 03166153

BALANCE SHEET
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
3,198
5,875

Tangible assets
 5 
25,532
32,176

  
28,730
38,051

Current assets
  

Debtors: amounts falling due within one year
 6 
1,386,376
961,177

Cash at bank and in hand
 7 
621,883
750,064

  
2,008,259
1,711,241

Creditors: amounts falling due within one year
 8 
(917,588)
(591,343)

Net current assets
  
 
 
1,090,671
 
 
1,119,898

Total assets less current liabilities
  
1,119,401
1,157,949

  

Net assets
  
1,119,401
1,157,949


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,118,401
1,156,949

  
1,119,401
1,157,949


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
Mr M Dolton
Director
Date: 17 October 2023

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


General information

Kynetix Technology Limited is a private company, limited by shares and incorporated in England and Wales, registration number 03166153. The registered office address is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG. The company's principal place of business address is AMP House, Dingwall Road, Croydon, Surrey, CR0 2LX.
The principal activity of the company in the year under review was that of Information Technology consultancy services.
The financial statements are presented in sterling and are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 2

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.6

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The computer software and license assets are being amortised over a useful life of 3 years.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the term of the lease
Fixtures & fittings
-
15% Straight line
Office equipment
-
25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

Page 4

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 10).


4.


Intangible assets




Computer software and licenses

£



Cost


At 1 February 2022
8,032



At 31 January 2023

8,032



Amortisation


At 1 February 2022
2,157


Charge for the year on owned assets
2,677



At 31 January 2023

4,834



Net book value



At 31 January 2023
3,198



At 31 January 2022
5,875



Page 5

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


Tangible fixed assets





Leasehold Improvements
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2022
29,468
9,885
47,281
86,634


Additions
-
-
7,840
7,840



At 31 January 2023

29,468
9,885
55,121
94,474



Depreciation


At 1 February 2022
19,645
5,022
29,791
54,458


Charge for the year on owned assets
4,912
1,483
8,089
14,484



At 31 January 2023

24,557
6,505
37,880
68,942



Net book value



At 31 January 2023
4,911
3,380
17,241
25,532



At 31 January 2022
9,823
4,863
17,490
32,176


6.


Debtors

2023
2022
£
£


Trade debtors
144,174
132,644

Amounts owed by group undertakings
705,936
706,291

Other debtors
324,073
51,877

Prepayments and accrued income
29,141
27,919

Deferred taxation
183,052
42,446

1,386,376
961,177



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
621,883
750,064

621,883
750,064


Page 6

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
130,584
43,044

Other taxation and social security
111,370
43,921

Other creditors
76,557
7,831

Accruals and deferred income
599,077
496,547

917,588
591,343



9.


Deferred taxation




2023
2022


£

£






At beginning of year
42,446
(5,632)


Charged to profit or loss
140,606
48,078



At end of year
183,052
42,446

The deferred tax asset is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(5,690)
(5,060)

Tax losses carried forward
188,742
47,506

183,052
42,446


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £19,619 (2022 - £11,905). Contributions totalling £2,866 (2022 - £2,857) were payable to the fund at the balance sheet date and are included within other creditors.

Page 7

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

11.


Commitments under operating leases

At 31 January 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
12,837
17,116

Later than 1 year and not later than 5 years
-
12,837

12,837
29,953


12.


Transactions with directors

During the year, the company has provided a loan to the Director, charging interest at 2%. The total interest charged during the year was £1,667 (2022 - £Nil). The total amount owed to the company at the year end was £220,667 (2022 - £Nil) and is included within other debtors.


13.


Controlling party

The company is controlled by the parent company, Kynetix Financial Technology Limited. The sole shareholder of the parent company is Mr M Dolton.
The group, headed by Kynetix Financial Technology Limited, qualify as small as set out in section 383 of the Companies Act 2006 and is therefore eligible for the exemption to prepare consolidated accounts.


Page 8