Company registration number 09357047 (England and Wales)
KINETIK TECHNOLOGY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KINETIK TECHNOLOGY GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
KINETIK TECHNOLOGY GROUP LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
5
1,394,020
1,394,020
Current assets
Debtors
7
572,068
480,568
Net current assets
572,068
480,568
Net assets
1,966,088
1,874,588
Capital and reserves
Share capital
8
5,648
5,648
Share premium
1,774,419
1,774,419
Profit and loss reserves
186,021
94,521
Total equity
1,966,088
1,874,588

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. 09357047

The accompanying notes on pages 2 to 5 form an integral part of the financial statements.

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

Kinetik Technology Group Limited is a private company limited by shares incorporated in England and Wales. 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:

 

The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

2.2
Going concern

At 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.true

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.

KINETIK TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Significant accounting policies
(Continued)
- 3 -
2.4
Foreign exchange

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.

2.5
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.

2.6
Fixed asset investments

Investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the profit or loss account.

2.7
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.

KINETIK TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Significant accounting policies
(Continued)
- 4 -
2.8
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.

2.9
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.

2.10
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.

2.11
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.

2.12

Distributions to equity holders

Dividends and other distributions to the Company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the shareholders. These amounts are recognised in the statement of changes in equity.

2.13

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
5
5
KINETIK TECHNOLOGY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Fixed asset investments
2023
2022
£
£
Investments in subsidiaries
1,394,020
1,394,020
6
Subsidiaries

Details of the Company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Kinetik Medical Devices Limited
Talbot House Unit 11, Perrywood Business Park, Honeycrock Lane, Redhill, RH1 5JQ.
Ordinary
100.00
Kinetik Vitality Limited (Formerly Harvard Medical Devices UK Limited)
Talbot House Unit 11, Perrywood Business Park, Honeycrock Lane, Redhill, RH1 5JQ.
Ordinary
100.00
Harvard Medical Devices Limited
Unit 1002, 10/F Railway Plaza, 39 Chatham Rd South, Tsim Sha Tsui, Kowloon, Hong Kong
Ordinary
100.00
Harvard Solutions Limited
Unit 1002, 10/F Railway Plaza, 39 Chatham Rd South, Tsim Sha Tsui, Kowloon, Hong Kong
Ordinary
100.00
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
572,068
480,568

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

8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
5,648
5,648
5,648
5,648
9
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.

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