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REGISTERED NUMBER: 12895879 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2023

for

KERNEL TECHNOLOGY LIMITED

KERNEL TECHNOLOGY LIMITED (REGISTERED NUMBER: 12895879)






Contents of the Financial Statements
for the year ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KERNEL TECHNOLOGY LIMITED

Company Information
for the year ended 30 September 2023







DIRECTORS: T J Carrington Smith
R J Hudson





REGISTERED OFFICE: Peoples Mission Hall
20-22 Whitechapel Road
London
E1 1EW





REGISTERED NUMBER: 12895879 (England and Wales)





ACCOUNTANTS: Plus Accounting
Chartered Accountants
Preston Park House
South Road
Brighton
East Sussex
BN1 6SB

KERNEL TECHNOLOGY LIMITED (REGISTERED NUMBER: 12895879)

Balance Sheet
30 September 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 6,731 3,065

CURRENT ASSETS
Debtors 5 24,188 204,598
Cash at bank 1,730,152 2,174,005
1,754,340 2,378,603
CREDITORS
Amounts falling due within one year 6 (24,631 ) (20,882 )
NET CURRENT ASSETS 1,729,709 2,357,721
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,736,440

2,360,786

CAPITAL AND RESERVES
Called up share capital 7 154 154
Share premium 2,991,002 2,953,302
Retained earnings (1,254,716 ) (592,670 )
SHAREHOLDERS' FUNDS 1,736,440 2,360,786

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 August 2024 and were signed on its behalf by:





T J Carrington Smith - Director


KERNEL TECHNOLOGY LIMITED (REGISTERED NUMBER: 12895879)

Notes to the Financial Statements
for the year ended 30 September 2023

1. STATUTORY INFORMATION

Kernel Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts, and is recognised as follows:

All turnover is from the sale of software and is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets
Tangible fixed assets are stated at cost, or deemed cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Computer equipment-33% on cost

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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

KERNEL TECHNOLOGY LIMITED (REGISTERED NUMBER: 12895879)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The directors intend to close down the company, so the accounts have been prepared on a basis other than that of a going concern.

Impairment policy
At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 October 2022 3,940
Additions 5,913
At 30 September 2023 9,853
DEPRECIATION
At 1 October 2022 875
Charge for year 2,247
At 30 September 2023 3,122
NET BOOK VALUE
At 30 September 2023 6,731
At 30 September 2022 3,065

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 24,188 204,598

KERNEL TECHNOLOGY LIMITED (REGISTERED NUMBER: 12895879)

Notes to the Financial Statements - continued
for the year ended 30 September 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors - 18,705
Taxation and social security 3,147 1,044
Other creditors 21,484 1,133
24,631 20,882

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000,000 Ordinary £0.00001 100 100
1,911,824 Pre-Seed £0.00001 19 19
3,526,519 Seed £0.00001 35 35
154 154

The following fully paid shares were allotted during the year at a premium as shown below:

26,648 Pre-Seed shares of £0.00001 each at 0.5629 per share
40,330 Seed shares of £0.00001 each at 0.5629 per share