Company Registration No. 10013720 (England and Wales)
KNETIC LTD
Unaudited accounts
for the year ended 28 February 2023
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
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
KNETIC LTD
Statement of financial position
as at 28 February 2023
Tangible assets
5,539
7,389
Cash at bank and in hand
38,218
27,681
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)
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
KNETIC LTD
Notes to the Accounts
for the year ended 28 February 2023
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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 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 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.
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.
KNETIC LTD
Notes to the Accounts
for the year ended 28 February 2023
4
Tangible fixed assets
Fixtures & fittings
At 28 February 2023
19,858
At 28 February 2023
14,319
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
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
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
KNETIC LTD
Notes to the Accounts
for the year ended 28 February 2023
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).