Company registration number 06778337 (England and Wales)
KINETIK MEDICAL DEVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KINETIK MEDICAL DEVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
KINETIK MEDICAL DEVICES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
146,387
-
0
Current assets
Stocks
1,704,210
2,268,029
Debtors
7
1,239,737
2,508,171
Cash at bank and in hand
1,097,292
764,636
4,041,239
5,540,836
Creditors: amounts falling due within one year
8
(2,629,515)
(3,361,616)
Net current assets
1,411,724
2,179,220
Net assets
1,558,111
2,179,220
Capital and reserves
Share capital
9
1,201,030
1,201,030
Profit and loss reserves
357,081
978,190
Total equity
1,558,111
2,179,220

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The Directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. 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 31 July 2024 and are signed on its behalf by:
P L Griffith-Jones
Director
Company Registration No. 06778337

The accompanying notes on pages 2 to 7 form an integral part of the financial statements.

KINETIK MEDICAL DEVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Company information

Kinetik Medical Devices Limited is a private company limited by shares and incorporated in England. The registered office is Talbot House, Unit 11, Perrywood Business Park, Honeycrock Lane, Redhill, RH1 5JQ.

2
Significant accounting policies
2.1
Basis of preparation of financial statements

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the Company. 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.

FRS 102 allows certain disclosure exemptions for qualifying entities, subject to certain conditions, which have been complied with, including notification of, and no objection to, the use of exemptions by the Company's shareholders.

 

The Company has taken advantage of the following exemptions:

 

2.2
Going concern

Atruet the date of signing these financial statements, the Directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the approval of the financial statements. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of discounts and VAT. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Turnover from the rendering of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to work performed to date to the total estimated costs.

2.4
Foreign currency translation

Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the profit or loss account.

KINETIK MEDICAL DEVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Significant accounting policies
(Continued)
- 3 -
2.5
Employee benefits

A defined contribution plan is a post-employment benefit plan under which the Company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss account in the periods during which services are rendered by employees.

2.6
Taxation

The tax expense represents the sum of the current tax.

Current tax

The current tax is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

2.7
Intangible fixed assets other than goodwill
Research and development expenditure

Expenditure on research activities is recognised in the profit and loss account as an expense as incurred.

 

Expenditure on development activities is capitalised if the product or process is technically and commercially feasible and the Company intends to and has the technical ability and sufficient resources to complete development, future economic benefits are probable and if the Company can measure reliably the expenditure attributable to the intangible asset during its development.

 

These assets are capitalised once they reach a stage of completion that satisfies the criteria above, and are amortised on a straight line basis and are stated at cost less accumulated amortisation and accumulated impairment losses.

2.8
Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulated impairment losses.

Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant and equipment
3-5 years
Fixtures and fittings
3 years
Computer equipments
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 credited or charged to the profit and loss account.

KINETIK MEDICAL DEVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Significant accounting policies
(Continued)
- 4 -
2.9
Impairment of fixed assets

At each reporting period end date, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is an indication that the asset (or asset’s cash generating unit) may be impaired. If there is such an indication the recoverable amount of the asset (or asset’s cash generating unit) is compared to the carrying amount of the asset (or asset’s cash generating unit).

The recoverable amount of the asset (or asset’s cash generating unit) is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s (or asset’s cash generating unit) continued use. These cash flows are discounted using a pre‐tax discount rate that represents the current market risk‐ free rate and the risks inherent in the asset.

 

If the recoverable amount of the asset (or asset’s cash generating unit) is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the profit and loss account, unless the asset has been revalued when the amount is recognised in other comprehensive income to the extent of any previously recognised revaluation. Thereafter any excess is recognised in the profit and loss account.

If an impairment loss is subsequently reversed, the carrying amount of the asset (or asset’s cash generating unit) is increased to the revised estimate of its recoverable amount, but only to the extent that the revised carrying amount does not exceed the carrying amount that would have been determined (net of depreciation or amortisation) had no impairment loss been recognised in prior periods. A reversal of an impairment loss is recognised in the profit and loss account.

2.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the profit or loss account. Reversals of impairment losses are also recognised in the profit or loss account.

2.11
Cash and cash equivalents

Cash and cash equivalents 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.

2.12
Financial instruments

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 entity after deducting all of its financial liabilities.

 

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such on the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

 

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

 

The Company has chosen to adopt the sections 11 and 12 of FRS 102 in respect of financial instruments.

KINETIK MEDICAL DEVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Significant accounting policies
(Continued)
- 5 -
2.13
Debtors

Short term debtors are measured at transaction price, less any impairment. Loans and other financial assets are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.14
Creditors

Short term trade creditors are measured at the transaction price. Loans and other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15
Equity instruments

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.16

Related party transactions

The Company discloses transactions with related parties which are not wholly owned within the same group. It does not disclose transactions with members of the same group that are wholly owned.

3
Judgements and key sources of estimation uncertainty

Judgements and estimates are continually evaluated and are based on historical experience and other factors.

 

The Company has not made any critical judgements or estimates in applying the entity's accounting policies.

4
Employees
2023
2022
Number
Number
Average number of persons employed by the Company
19
20
5
Intangible fixed assets
Research & development costs
£
Cost
At 1 January 2023 and 31 December 2023
1,332,530
Amortisation
At 1 January 2023 and 31 December 2023
1,332,530
Net book value
At 31 December 2023
-
0
At 31 December 2022
-
0
KINETIK MEDICAL DEVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computer equipments
Total
£
£
£
£
Cost
At 1 January 2023
-
0
-
0
15,765
15,765
Additions
131,137
2,750
16,660
150,547
At 31 December 2023
131,137
2,750
32,425
166,312
Depreciation
At 1 January 2023
-
0
-
0
15,765
15,765
Depreciation charged in the year
3,053
143
964
4,160
At 31 December 2023
3,053
143
16,729
19,925
Net book value
At 31 December 2023
128,084
2,607
15,696
146,387
At 31 December 2022
-
0
-
0
-
0
-
0
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
841,540
2,165,108
Amounts owed by group undertakings
311,697
337,464
Other debtors
86,500
5,599
1,239,737
2,508,171

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

 

8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
14,454
45,477
Amounts owed to group undertakings
1,761,926
1,557,271
Taxation and social security
215,012
408,559
Other creditors
638,123
1,350,309
2,629,515
3,361,616

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

KINETIK MEDICAL DEVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
1,201,030 (2022: 1,201,030) Ordinary shares of £1 each
1,201,030
1,201,030
10
Related party transactions

During the year the Company entered into transactions, in the ordinary course of business, with related parties. The Company has taken advantage of the exemption under paragraph 33.1A of FRS 102 not to disclose transactions with fellow subsidiaries under common ownership. There are no other related party transactions noted in the year.

11
Ultimate controlling party

The ultimate controlling party and immediate parent is Kinetik Technology Group Limited. Copies of Kinetik Technology Group Limited's financial statements can be obtained from Company Secretary, Talbot House, Unit 11, Perrywood Business Park, Honeycrock Lane, Redhill, RH1 5JQ.

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