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Company Registration No. SC625638 (Scotland)
KENOTEQ LTD Unaudited accounts for the year ended 31 March 2023
KENOTEQ LTD Unaudited accounts Contents
Page
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KENOTEQ LTD Company Information for the year ended 31 March 2023
Directors
Dr Samuel Chapman Prof. Gabriela Medero Dr Andrew Hosty Mr James H Hamilton Jnr
Company Number
SC625638 (Scotland)
Registered Office
2 ROSEBERY CRESCENT EDINBURGH EH12 5JP SCOTLAND
Accountants
Gaynor Hutton ACCA Think Whole Ltd t/a the numbercrunchers 14 London Road Cirencester Glos GL7 1AE
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Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of KENOTEQ LTD for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of KENOTEQ LTD for the year ended 31 March 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
Our work has been undertaken 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.
Gaynor Hutton ACCA Chartered Certified Accountants Think Whole Ltd t/a the numbercrunchers 14 London Road Cirencester Glos GL7 1AE 22 December 2023
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KENOTEQ LTD Statement of financial position as at 31 March 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Intangible assets
82,507 
82,791 
Tangible assets
1,734,703 
1,247,562 
1,817,210 
1,330,353 
Current assets
Inventories
19,000 
19,000 
Debtors
58,333 
117,908 
Cash at bank and in hand
- 
278,617 
77,333 
415,525 
Creditors: amounts falling due within one year
(896,368)
(619,645)
Net current liabilities
(819,035)
(204,120)
Total assets less current liabilities
998,175 
1,126,233 
Creditors: amounts falling due after more than one year
(643,151)
(645,244)
Net assets
355,024 
480,989 
Capital and reserves
Called up share capital
178 
178 
Share premium
677,381 
677,381 
Profit and loss account
(322,535)
(196,570)
Shareholders' funds
355,024 
480,989 
For the 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. 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 22 December 2023 and were signed on its behalf by
Dr Samuel Chapman Director Company Registration No. SC625638
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KENOTEQ LTD Notes to the Accounts for the year ended 31 March 2023
1
Statutory information
KENOTEQ LTD is a private company, limited by shares, registered in Scotland, registration number SC625638. The registered office is 2 ROSEBERY CRESCENT, EDINBURGH, EH12 5JP, SCOTLAND.
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
20% straight line and 10 % straight line (long life)
Fixtures & fittings
20% straight line
Computer equipment
20% straigh line
Research and development
Expenditure on research and development is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: • It is technically feasible to complete the intangible asset so that it will be available for use or sale; • There is the intention to complete the intangible asset and use or sell it; • There is the ability to use or sell the intangible asset; • The use or sale of the intangible asset will generate probable future economic benefits; • There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and • The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
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.
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KENOTEQ LTD Notes to the Accounts for the year ended 31 March 2023
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Going concern
he financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Intangible fixed assets and amortisation
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Development costs - 5 years Patents, trademarks and licences - 10 years
4
Intangible fixed assets
Other 
£ 
Cost
At 1 April 2022
109,968 
Additions
13,291 
At 31 March 2023
123,259 
Amortisation
At 1 April 2022
27,177 
Charge for the year
13,575 
At 31 March 2023
40,752 
Net book value
At 31 March 2023
82,507 
At 31 March 2022
82,791 
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KENOTEQ LTD Notes to the Accounts for the year ended 31 March 2023
5
Tangible fixed assets
Plant & machinery 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2022
1,334,506 
83 
1,541 
1,336,130 
Additions
627,769 
6,315 
- 
634,084 
At 31 March 2023
1,962,275 
6,398 
1,541 
1,970,214 
Depreciation
At 1 April 2022
88,485 
28 
55 
88,568 
Charge for the year
145,776 
859 
308 
146,943 
At 31 March 2023
234,261 
887 
363 
235,511 
Net book value
At 31 March 2023
1,728,014 
5,511 
1,178 
1,734,703 
At 31 March 2022
1,246,021 
55 
1,486 
1,247,562 
6
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
52,184 
35,953 
Trade debtors
- 
240 
Accrued income and prepayments
6,149 
- 
Other debtors
- 
81,715 
58,333 
117,908 
7
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
81,625 
- 
Obligations under finance leases and hire purchase contracts
123,007 
39,788 
Trade creditors
325,756 
355,659 
Taxes and social security
(12,178)
4,648 
Other creditors
1,091 
2,091 
Loans from directors
258,437 
110,493 
Accruals
3,000 
4,629 
Deferred income
115,630 
102,337 
896,368 
619,645 
8
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Obligations under finance leases and hire purchase contracts
329,072 
273,379 
Deferred income
314,079 
371,865 
643,151 
645,244 
9
Average number of employees
During the year the average number of employees was 12 (2022: 10).
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