4 false false false false false false false false false true false false false false false false No description of principal activity 2022-02-01 Sage Accounts Production Advanced 2021 - FRS102_2021 21,154 17,533 726 18,259 2,895 3,621 xbrli:pure xbrli:shares iso4217:GBP 08378330 2022-02-01 2023-01-31 08378330 2023-01-31 08378330 2022-01-31 08378330 2021-02-01 2022-01-31 08378330 2022-01-31 08378330 core:PlantMachinery 2022-02-01 2023-01-31 08378330 bus:Director1 2022-02-01 2023-01-31 08378330 core:PlantMachinery 2022-01-31 08378330 core:PlantMachinery 2023-01-31 08378330 core:WithinOneYear 2023-01-31 08378330 core:WithinOneYear 2022-01-31 08378330 core:ShareCapital 2023-01-31 08378330 core:ShareCapital 2022-01-31 08378330 core:RetainedEarningsAccumulatedLosses 2023-01-31 08378330 core:RetainedEarningsAccumulatedLosses 2022-01-31 08378330 core:PlantMachinery 2022-01-31 08378330 bus:SmallEntities 2022-02-01 2023-01-31 08378330 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 08378330 bus:FullAccounts 2022-02-01 2023-01-31 08378330 bus:SmallCompaniesRegimeForAccounts 2022-02-01 2023-01-31 08378330 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31
COMPANY REGISTRATION NUMBER: 08378330
Kinetic + Ltd
Filleted Unaudited Financial Statements
31 January 2023
Kinetic + Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,895
3,621
Current assets
Debtors
6
47,295
45,174
Cash at bank and in hand
40,660
7,725
--------
--------
87,955
52,899
Creditors: amounts falling due within one year
7
76,585
55,351
--------
--------
Net current assets/(liabilities)
11,370
( 2,452)
--------
-------
Total assets less current liabilities
14,265
1,169
--------
-------
Net assets
14,265
1,169
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
14,165
1,069
--------
-------
Shareholders funds
14,265
1,169
--------
-------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kinetic + Ltd
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 3 October 2023 , and are signed on behalf of the board by:
Mr L Connolly
Director
Company registration number: 08378330
Kinetic + Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Prince of Wales House, 18/19 Salmon Fields Buiness Village, Royton, Oldham, OL2 6HT.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Equipment
-
15% reducing balance
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 February 2022 and 31 January 2023
21,154
21,154
--------
--------
Depreciation
At 1 February 2022
17,533
17,533
Charge for the year
726
726
--------
--------
At 31 January 2023
18,259
18,259
--------
--------
Carrying amount
At 31 January 2023
2,895
2,895
--------
--------
At 31 January 2022
3,621
3,621
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
43,400
16,200
Other debtors
3,895
28,974
--------
--------
47,295
45,174
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Social security and other taxes
23,404
14,972
Other creditors
53,181
40,379
--------
--------
76,585
55,351
--------
--------
8. Director's advances, credits and guarantees
Included within creditors due within one year are loans to directors totalling £13 (2022: Debit £1,711) on which no interest is being charged. The loans are repayable in full or in part on demand. Dividends totalling £26,000 (2022: £21,000) were paid in the year in respect of shares held by the Company's directors.
9. Related party transactions
Mr L Connolly is also a director and shareholder of Swimphony Ltd, during the year the following transactions have taken place between the two companies. Management charges receivable £39,000 Research & Development costs £5,010 Other Debtors £2,320