Silverfin false 31/03/2023 01/04/2022 31/03/2023 T M Cella 13/02/2018 S Packer 13/02/2018 13 November 2023 The principal activity of the Company during the financial year was that of a holding company. 11202522 2023-03-31 11202522 bus:Director1 2023-03-31 11202522 bus:Director2 2023-03-31 11202522 2022-03-31 11202522 core:CurrentFinancialInstruments 2023-03-31 11202522 core:CurrentFinancialInstruments 2022-03-31 11202522 core:ShareCapital 2023-03-31 11202522 core:ShareCapital 2022-03-31 11202522 core:RetainedEarningsAccumulatedLosses 2023-03-31 11202522 core:RetainedEarningsAccumulatedLosses 2022-03-31 11202522 core:LandBuildings 2022-03-31 11202522 core:FurnitureFittings 2022-03-31 11202522 core:LandBuildings 2023-03-31 11202522 core:FurnitureFittings 2023-03-31 11202522 core:CostValuation 2022-03-31 11202522 core:CostValuation 2023-03-31 11202522 core:ProvisionsForImpairmentInvestments 2022-03-31 11202522 core:ProvisionsForImpairmentInvestments 2023-03-31 11202522 2022-04-01 2023-03-31 11202522 bus:FullAccounts 2022-04-01 2023-03-31 11202522 bus:SmallEntities 2022-04-01 2023-03-31 11202522 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 11202522 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11202522 bus:Director1 2022-04-01 2023-03-31 11202522 bus:Director2 2022-04-01 2023-03-31 11202522 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 11202522 core:FurnitureFittings core:TopRangeValue 2022-04-01 2023-03-31 11202522 2021-04-01 2022-03-31 11202522 core:LandBuildings 2022-04-01 2023-03-31 11202522 core:FurnitureFittings 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Company No: 11202522 (England and Wales)

KINETIC IT (HOLDINGS) LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

KINETIC IT (HOLDINGS) LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

KINETIC IT (HOLDINGS) LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
KINETIC IT (HOLDINGS) LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTORS T M Cella
S Packer
REGISTERED OFFICE Unit 8 Horizon Business Centre
Alder Close
Erith
DA18 4AJ
United Kingdom
COMPANY NUMBER 11202522 (England and Wales)
CHARTERED ACCOUNTANTS Albert Goodman LLP
Goodwood House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
KINETIC IT (HOLDINGS) LIMITED

BALANCE SHEET

As at 31 March 2023
KINETIC IT (HOLDINGS) LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 449,338 484,949
Investments 4 1,200 1,200
450,538 486,149
Current assets
Debtors 5 9,501,200 4,501,200
Cash at bank and in hand 198,265 3,123,128
9,699,465 7,624,328
Creditors: amounts falling due within one year 6 ( 111,510) ( 582,260)
Net current assets 9,587,955 7,042,068
Total assets less current liabilities 10,038,493 7,528,217
Net assets 10,038,493 7,528,217
Capital and reserves
Called-up share capital 2,400 2,400
Profit and loss account 10,036,093 7,525,817
Total shareholders' funds 10,038,493 7,528,217

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Kinetic IT (Holdings) Limited (registered number: 11202522) were approved and authorised for issue by the Board of Directors on 13 November 2023. They were signed on its behalf by:

T M Cella
Director
S Packer
Director
KINETIC IT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
KINETIC IT (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kinetic IT (Holdings) Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 8 Horizon Business Centre, Alder Close, Erith, DA18 4AJ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rent and management charges provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 April 2022 407,263 147,324 554,587
At 31 March 2023 407,263 147,324 554,587
Accumulated depreciation
At 01 April 2022 12,290 57,348 69,638
Charge for the financial year 6,146 29,465 35,611
At 31 March 2023 18,436 86,813 105,249
Net book value
At 31 March 2023 388,827 60,511 449,338
At 31 March 2022 394,973 89,976 484,949

4. Fixed asset investments

Other investments Total
£ £
Carrying value before impairment
At 01 April 2022 1,200 1,200
At 31 March 2023 1,200 1,200
Provisions for impairment
At 01 April 2022 0 0
At 31 March 2023 0 0
Carrying value at 31 March 2023 1,200 1,200
Carrying value at 31 March 2022 1,200 1,200

5. Debtors

2023 2022
£ £
Other debtors 9,501,200 4,501,200

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 14,268 488,091
Taxation and social security 95,892 90,484
Other creditors 1,350 3,685
111,510 582,260

7. Related party transactions

Transactions with the entity's directors

Credit transactions with directors

During the year the company made a loan to a company in which S Packer (director) has a direct interest of at least 50% and has a significant influence. At the year end there are amounts included in other debtors of £2,850,000 (2022: £1,350,000).

During the year the company made a loan to a company in which T Cella (director) has a direct interest of at least 50% and has a significant influence. At the year end there are amounts included in other debtors of £6,650,000 (2022: £3,150,000).