Limited Liability Partnership registration number OC357140 (England and Wales)
KINETIX CORPORATE FINANCE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
KINETIX CORPORATE FINANCE LLP
ACCOUNTANTS' REPORT TO THE MEMBERS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KINETIX CORPORATE FINANCE LLP FOR THE YEAR ENDED 31 MAY 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kinetix Corporate Finance LLP for the year ended 31 May 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the limited liability partnership's members of Kinetix Corporate Finance LLP, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Kinetix Corporate Finance LLP and state those matters that we have agreed to state to the limited liability partnership's members of Kinetix Corporate Finance LLP, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kinetix Corporate Finance LLP and its members as a body, for our work or for this report.

It is your duty to ensure that Kinetix Corporate Finance LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kinetix Corporate Finance LLP. You consider that Kinetix Corporate Finance LLP 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 financial statements of Kinetix Corporate Finance LLP. 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 financial statements.

25 July 2024
Critchleys LLP
KINETIX CORPORATE FINANCE LLP
BALANCE SHEET
AS AT
31 MAY 2024
31 May 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,340
1,863
Current assets
Work in progress
6
-
90,600
Debtors
5
92,515
67,869
Investments
7
-
12,500
Cash at bank and in hand
577,742
164,279
670,257
335,248
Creditors: amounts falling due within one year
8
(34,875)
(38,110)
Net current assets
635,382
297,138
Total assets less current liabilities and net assets attributable to members
637,722
299,001
Represented by:
Loans and other debts due to members within one year
9
Members' capital classified as a liability
617,722
279,001
Members' other interests
9
Members' capital classified as equity
20,000
20,000
637,722
299,001

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 May 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

 

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

KINETIX CORPORATE FINANCE LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MAY 2024
31 May 2024
- 3 -
The financial statements were approved by the members and authorised for issue on 25 July 2024
Rob McGrigor Ltd
David Armfield Ltd
Designated member
Designated Member
Limited Liability Partnership Registration No. OC357140
KINETIX CORPORATE FINANCE LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
Members' capital
Other reserves
Total
£
£
£
Balance at 1 June 2022
20,000
-
20,000
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
335,921
335,921
Profit allocations
-
(335,921)
(335,921)
Balance at 31 May 2023
20,000
-
20,000
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
975,929
975,929
Profit allocations
-
(975,929)
(975,929)
Balance at 31 May 2024
20,000
-
20,000
KINETIX CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
1
Accounting policies
Limited liability partnership information

Kinetix Corporate Finance LLP (formerly Kinetix Critchleys Corporate Finance LLP) is a limited liability partnership incorporated in England and Wales. The registered office is Greenshoots, 46 Woodstock Road, Oxford, OX2 6HT.

 

The principal activity of the limited liability partnership continued to be that of providing corporate finance advisory services.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents revenue earned under contracts to provide professional services. Revenue is recognised as earned when, and to the extent that, the LLP obtains the right to consideration in exchange for its performance under these contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax.

For incomplete contracts, an assessment is made of the extent to which the revenue has been earned. This assessment takes into account the nature of the assignment, its stage of completion and the relevant contract terms. Revenue in respect of contingent fee arrangements (over and above any agreed minimum fee) is recognised when the contingent event occurs and the recoverability of the fee is assured.

 

Accrued income includes the value of work performed which has not been invoiced at year end, in accordance with UITF40.

1.4
Members' participating interests

A member's share of the profit or loss for the year is accounted for as an allocation of profits between the members as set out in the LLP agreement.

 

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

KINETIX CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 6 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
Straight line over 3 years

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 recognised in the profit and loss account.

1.6
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 current liabilities.

1.7
Financial instruments

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified at fair value through the profit and loss account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

KINETIX CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
1.9
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Fee earners
1
-
3
Information in relation to members
2024
2023
Number
Number
Average number of members during the year
4
4
4
Tangible fixed assets
Computers
£
Cost
At 1 June 2023
5,546
Additions
1,475
At 31 May 2024
7,021
Depreciation and impairment
At 1 June 2023
3,683
Depreciation charged in the year
998
At 31 May 2024
4,681
Carrying amount
At 31 May 2024
2,340
At 31 May 2023
1,863
KINETIX CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
84,088
64,823
Prepayments and accrued income
8,427
3,046
92,515
67,869
6
Work in progress
2024
2023
£
£
Work in progress
-
90,600
7
Current asset investments
2024
2023
£
£
Unlisted investments
-
12,500
8
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
13,648
10,282
Other taxation and social security
17,565
15,292
Other creditors
722
1,629
Accruals
2,940
10,907
34,875
38,110
KINETIX CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
9
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Members' capital
Total
Total
2024
£
£
£
£
£
Members' interests at 1 June 2023
20,000
-
20,000
279,001
279,001
299,001
Profit for the financial year available for discretionary division among members
-
975,929
975,929
975,929
Members' interests after profit for the year
20,000
20,000
1,254,930
1,254,930
1,274,930
Drawings
-
-
-
(637,208)
(637,208)
(637,208)
Members' interests at 31 May 2024
20,000
-
20,000
617,722
617,722
637,722
KINETIX CORPORATE FINANCE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 10 -
10
Loans and other debts due to members
2024
2023
£
£
Analysis of loans
Amounts falling due within one year
617,722
279,001

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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