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Company Registration No. 10013720 (England and Wales)
KNETIC LTD Unaudited accounts for the year ended 28 February 2023
KNETIC LTD Unaudited accounts Contents
Page
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KNETIC LTD Company Information for the year ended 28 February 2023
Directors
ADAMSON, Jane LLOYD, Mark
Company Number
10013720 (England and Wales)
Registered Office
6 LOWTHIAN TERRACE WASHINGTON TYNE & WEAR NE38 7BA UNITED KINGDOM
Accountants
Bergen Associates (Chartered Certified Accountants) c/o Andrew W Hunt & Co 13 Lowthian Terrace Washington Tyne and Wear NE38 7BA
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Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of KNETIC LTD for the year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KNETIC LTD for the year ended 28 February 2023 as set out on pages 5 - 8 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of KNETIC LTD, as a body, in accordance with the terms of our engagement letter dated 1 March 2020. Our work has been undertaken solely to prepare for your approval the accounts of KNETIC LTD and state those matters that we have agreed to state to the Board of Directors of KNETIC LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KNETIC LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that KNETIC LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of KNETIC LTD. You consider that KNETIC LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of KNETIC LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Bergen Associates (Chartered Certified Accountants) Chartered Certified Accountants c/o Andrew W Hunt & Co 13 Lowthian Terrace Washington Tyne and Wear NE38 7BA 9 November 2023
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KNETIC LTD Statement of financial position as at 28 February 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
5,539 
7,389 
Current assets
Debtors
1,436 
15,243 
Cash at bank and in hand
38,218 
27,681 
39,654 
42,924 
Creditors: amounts falling due within one year
(4,192)
(6,175)
Net current assets
35,462 
36,749 
Total assets less current liabilities
41,001 
44,138 
Creditors: amounts falling due after more than one year
(32,990)
(30,270)
Provisions for liabilities
Deferred tax
(1,053)
(1,404)
Net assets
6,958 
12,464 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
6,956 
12,462 
Shareholders' funds
6,958 
12,464 
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 November 2023 and were signed on its behalf by
LLOYD, Mark Director Company Registration No. 10013720
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KNETIC LTD Notes to the Accounts for the year ended 28 February 2023
1
Statutory information
KNETIC LTD is a private company, limited by shares, registered in England and Wales, registration number 10013720. The registered office is 6 LOWTHIAN TERRACE, WASHINGTON, TYNE & WEAR, NE38 7BA, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance
Motor vehicles
25% reducing balance
Fixtures & fittings
25% reducing balance
Computer equipment
25% reducing balance
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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KNETIC LTD Notes to the Accounts for the year ended 28 February 2023
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 March 2022
19,858 
At 28 February 2023
19,858 
Depreciation
At 1 March 2022
12,469 
Charge for the year
1,850 
At 28 February 2023
14,319 
Net book value
At 28 February 2023
5,539 
At 28 February 2022
7,389 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Trade debtors
1,436 
15,243 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
1,504 
2,291 
Accruals
2,688 
3,884 
4,192 
6,175 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Loans from directors
32,990 
30,270 
8
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
1,053 
1,404 
2023 
2022 
£ 
£ 
Provision at start of year
1,404 
480 
(Credited)/charged to the profit and loss account
(351)
924 
Provision at end of year
1,053 
1,404 
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KNETIC LTD Notes to the Accounts for the year ended 28 February 2023
9
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
10
Average number of employees
During the year the average number of employees was 2 (2022: 1).
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