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COMPANY REGISTRATION NUMBER: 07904027
Kinetic Systems Support (UK) Limited
Filleted Unaudited Financial Statements
31 December 2023
Kinetic Systems Support (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
266,720
689,080
Current assets
Stocks
10,044
10,044
Debtors
6
1,351,653
723,784
Cash at bank and in hand
415,417
308,953
------------
------------
1,777,114
1,042,781
Creditors: amounts falling due within one year
7
628,083
603,072
------------
------------
Net current assets
1,149,031
439,709
------------
------------
Total assets less current liabilities
1,415,751
1,128,789
Creditors: amounts falling due after more than one year
8
164,784
181,081
Provisions
Taxation including deferred tax
59,655
42,606
------------
------------
Net assets
1,191,312
905,102
------------
------------
Capital and reserves
Called up share capital
40
60
Capital redemption reserve
20
Profit and loss account
1,191,252
905,042
------------
---------
Shareholders funds
1,191,312
905,102
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Kinetic Systems Support (UK) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 12 September 2024 , and are signed on behalf of the board by:
Mr B Greenwood
Director
Company registration number: 07904027
Kinetic Systems Support (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Greengate, Cardale Park, Harrogate, North Yorkshire, HG3 1GY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable for the provision of goods to customers outside the company net of returns and sales allowances (and VAT). Revenue from goods is recognised at the point the company fulfils its commercial obligations to the customer, the revenue and costs in respect of the transaction can be measured reliably and collectability is reasonably assured. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor Vehicles
-
25% reducing balance
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 20 ).
5. Tangible assets
Land and buildings
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
425,000
12,500
479,314
22,032
938,846
Additions
77,812
12,457
90,269
Disposals
( 425,000)
( 45,945)
( 470,945)
---------
--------
---------
--------
---------
At 31 December 2023
12,500
511,181
34,489
558,170
---------
--------
---------
--------
---------
Depreciation
At 1 January 2023
208
229,898
19,660
249,766
Charge for the year
2,500
75,363
3,627
81,490
Disposals
( 39,806)
( 39,806)
---------
--------
---------
--------
---------
At 31 December 2023
2,708
265,455
23,287
291,450
---------
--------
---------
--------
---------
Carrying amount
At 31 December 2023
9,792
245,726
11,202
266,720
---------
--------
---------
--------
---------
At 31 December 2022
425,000
12,292
249,416
2,372
689,080
---------
--------
---------
--------
---------
The land and buildings were valued by Mr G J Bryan MRICS (Chartered Surveyor) at £425,000.
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
232,809
---------
At 31 December 2022
224,008
---------
6. Debtors
2023
2022
£
£
Trade debtors
484,916
465,342
Other debtors
866,737
258,442
------------
---------
1,351,653
723,784
------------
---------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,556
6,250
Trade creditors
205,314
242,594
Corporation tax
142,592
34,194
Social security and other taxes
39,807
35,186
Other creditors
234,814
284,848
---------
---------
628,083
603,072
---------
---------
The following liabilities disclosed under creditors falling due within one year are secured by the company:
2023 2022
£ £
Hire purchase and finance lease agreements 72,136 56,063
The balances are secured on the assets to which they relate by way of a fixed and floating charge.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
32,408
37,171
Other creditors
132,376
143,910
---------
---------
164,784
181,081
---------
---------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2023 2022
£ £
Hire purchase and finance lease agreements 132,376 143,910
The balances are secured on the assets to which they relate by way of a fixed and floating charge.
9. Directors' advances, credits and guarantees
The directors loan account remained in credit throughout the current year. There were no guarantees in the year.
10. Related party transactions
No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.