Caseware UK (AP4) 2023.0.135 2023.0.135 2024-01-312024-01-31The principal activity of the company in the year under review was that of Information Technology consultancy services.false2023-02-01false1413truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03166153 2023-02-01 2024-01-31 03166153 2022-02-01 2023-01-31 03166153 2024-01-31 03166153 2023-01-31 03166153 2022-02-01 03166153 c:Director1 2023-02-01 2024-01-31 03166153 d:Buildings d:ShortLeaseholdAssets 2023-02-01 2024-01-31 03166153 d:Buildings d:ShortLeaseholdAssets 2024-01-31 03166153 d:Buildings d:ShortLeaseholdAssets 2023-01-31 03166153 d:FurnitureFittings 2023-02-01 2024-01-31 03166153 d:FurnitureFittings 2024-01-31 03166153 d:FurnitureFittings 2023-01-31 03166153 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03166153 d:OfficeEquipment 2023-02-01 2024-01-31 03166153 d:OfficeEquipment 2024-01-31 03166153 d:OfficeEquipment 2023-01-31 03166153 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03166153 d:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 03166153 d:ComputerSoftware 2024-01-31 03166153 d:ComputerSoftware 2023-01-31 03166153 d:CurrentFinancialInstruments 2024-01-31 03166153 d:CurrentFinancialInstruments 2023-01-31 03166153 d:CurrentFinancialInstruments d:WithinOneYear 2024-01-31 03166153 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 03166153 d:ShareCapital 2024-01-31 03166153 d:ShareCapital 2023-01-31 03166153 d:RetainedEarningsAccumulatedLosses 2024-01-31 03166153 d:RetainedEarningsAccumulatedLosses 2023-01-31 03166153 c:FRS102 2023-02-01 2024-01-31 03166153 c:AuditExempt-NoAccountantsReport 2023-02-01 2024-01-31 03166153 c:FullAccounts 2023-02-01 2024-01-31 03166153 c:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 03166153 d:WithinOneYear 2024-01-31 03166153 d:WithinOneYear 2023-01-31 03166153 d:BetweenOneFiveYears 2024-01-31 03166153 d:BetweenOneFiveYears 2023-01-31 03166153 d:AcceleratedTaxDepreciationDeferredTax 2024-01-31 03166153 d:AcceleratedTaxDepreciationDeferredTax 2023-01-31 03166153 d:TaxLossesCarry-forwardsDeferredTax 2024-01-31 03166153 d:TaxLossesCarry-forwardsDeferredTax 2023-01-31 03166153 2 2023-02-01 2024-01-31 03166153 d:ComputerSoftware d:OwnedIntangibleAssets 2023-02-01 2024-01-31 03166153 e:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 03166153










KYNETIX TECHNOLOGY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
KYNETIX TECHNOLOGY LIMITED
REGISTERED NUMBER: 03166153

BALANCE SHEET
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
520
3,198

Tangible assets
 5 
13,377
25,532

  
13,897
28,730

Current assets
  

Debtors: amounts falling due within one year
 6 
1,755,709
1,386,376

Cash at bank and in hand
 7 
236,250
621,883

  
1,991,959
2,008,259

Creditors: amounts falling due within one year
 8 
(768,830)
(917,588)

Net current assets
  
 
 
1,223,129
 
 
1,090,671

Total assets less current liabilities
  
1,237,026
1,119,401

  

Net assets
  
1,237,026
1,119,401


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
1,236,026
1,118,401

  
1,237,026
1,119,401


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



................................................
Mr M Dolton
Director
Date: 10 October 2024

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Kynetix Technology Limited is a private company, limited by shares and incorporated in England and Wales, registration number 03166153. The registered office address is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG. The company's principal place of business address is The Leather Market, Weston Street, Bermondsey, London, SE1 3ER.
The principal activity of the company in the year under review was that of Information Technology consultancy services.
The financial statements are presented in sterling and are rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

The computer software and license assets are being amortised over a useful life of 3 years.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the term of the lease
Fixtures & fittings
-
15% Straight line
Office equipment
-
25% Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable 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

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 14 (2023 - 13).


4.


Intangible assets




Computer software and licenses

£



Cost


At 1 February 2023
8,032



At 31 January 2024

8,032



Amortisation


At 1 February 2023
4,834


Charge for the year on owned assets
2,678



At 31 January 2024

7,512



Net book value



At 31 January 2024
520



At 31 January 2023
3,198



Page 5

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

5.


Tangible fixed assets





Leasehold Improvements
Fixtures & fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2023
29,468
9,885
55,121
94,474


Additions
3,979
-
919
4,898


Disposals
(29,468)
(9,885)
(25,356)
(64,709)



At 31 January 2024

3,979
-
30,684
34,663



Depreciation


At 1 February 2023
24,557
6,505
37,880
68,942


Charge for the year on owned assets
5,077
1,483
8,596
15,156


Disposals
(29,468)
(7,988)
(25,356)
(62,812)



At 31 January 2024

166
-
21,120
21,286



Net book value



At 31 January 2024
3,813
-
9,564
13,377



At 31 January 2023
4,911
3,380
17,241
25,532


6.


Debtors

2024
2023
£
£


Trade debtors
581,828
144,174

Amounts owed by group undertakings
705,818
705,936

Other debtors
408,517
324,073

Prepayments and accrued income
33,233
29,141

Deferred taxation
26,313
183,052

1,755,709
1,386,376



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
236,250
621,883

236,250
621,883


Page 6

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
51,129
130,584

Other taxation and social security
110,979
111,370

Other creditors
11,530
76,557

Accruals and deferred income
595,192
599,077

768,830
917,588



9.


Deferred taxation




2024
2023


£

£






At beginning of year
183,052
42,446


Charged to profit or loss
(156,739)
140,606



At end of year
26,313
183,052

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,344)
(5,690)

Tax losses carried forward
29,657
188,742

26,313
183,052


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £23,680 (2023 - £19,619). Contributions totalling £2,999 (2023 - £2,866) were payable to the fund at the balance sheet date and are included within other creditors.

Page 7

 
KYNETIX TECHNOLOGY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

11.


Commitments under operating leases

At 31 January 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
61,170
12,837

Later than 1 year and not later than 5 years
54,201
-

115,371
12,837


12.


Transactions with directors

During the year, the company has provided a loan to the Director, charging interest at 2%. The total interest charged during the year was £4,000 (2023 - £1,667). The total amount owed to the company at the year end was £205,667 (2023 - £220,667) and is included within other debtors.


13.


Controlling party

The company is controlled by the parent company, Kynetix Financial Technology Limited. The sole shareholder of the parent company is Mr M Dolton.
The group, headed by Kynetix Financial Technology Limited, qualify as small as set out in section 383 of the Companies Act 2006 and is therefore eligible for the exemption to prepare consolidated accounts.


Page 8