Company registration number 06875329 (England and Wales)
KINETIK VITALITY LIMITED (FORMERLY HARVARD MEDICAL DEVICES UK LIMITED)
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KINETIK VITALITY LIMITED (FORMERLY HARVARD MEDICAL DEVICES UK LIMITED)
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
KINETIK VITALITY LIMITED (FORMERLY HARVARD MEDICAL DEVICES UK LIMITED)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
1,188,659
1,075,504
Creditors: amounts falling due within one year
6
(6,194)
(6,195)
Net current assets
1,182,465
1,069,309
Capital and reserves
Share capital
7
190,002
190,002
Profit and loss reserves
992,463
879,307
Total equity
1,182,465
1,069,309

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 accordance with section 476 of the Act.

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. 06875329

The accompanying notes on pages 2 to 4 form an integral part of the financial statements.

KINETIK VITALITY LIMITED (FORMERLY HARVARD MEDICAL DEVICES UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Company information

Kinetik Vitality Limited (Formerly Harvard Medical Devices UK 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 preperation of financial statements

These financial statements have been prepared in accordance 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 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

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
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.

KINETIK VITALITY LIMITED (FORMERLY HARVARD MEDICAL DEVICES UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Significant accounting policies
(Continued)
- 3 -
2.4
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.

2.5
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.

2.6
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.

2.7
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.

2.8

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
3
3
KINETIK VITALITY LIMITED (FORMERLY HARVARD MEDICAL DEVICES UK LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,188,659
1,075,504

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

6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
-
0
1
Amounts owed to group undertakings
6,194
6,194
6,194
6,195

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

7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
190,002
190,002
190,002
190,002
8
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.

9
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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