Company Registration No. SC625638 (Scotland)
KENOTEQ LTD
Unaudited accounts
for the year ended 31 March 2023
KENOTEQ LTD
Unaudited accounts
Contents
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
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
KENOTEQ LTD
Statement of financial position
as at 31 March 2023
Intangible assets
82,507
82,791
Tangible assets
1,734,703
1,247,562
Cash at bank and in hand
-
278,617
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
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
KENOTEQ LTD
Notes to the Accounts
for the year ended 31 March 2023
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.
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
20% straight line and 10 % straight line (long life)
Fixtures & fittings
20% straight line
Computer equipment
20% straigh line
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 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.
KENOTEQ LTD
Notes to the Accounts
for the year ended 31 March 2023
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.
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
Charge for the year
13,575
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
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
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
Amounts falling due within one year
Accrued income and prepayments
6,149
-
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
Deferred income
115,630
102,337
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
9
Average number of employees
During the year the average number of employees was 12 (2022: 10).