Registered number
13842966
Kinetic Finance Limited
Filleted Accounts
31 January 2024
Kinetic Finance Limited
Registered number: 13842966
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 78,861 -
Current assets
Debtors 4 2,610,010 1,194,742
Cash at bank and in hand 1,282,026 1,685,258
3,892,036 2,880,000
Creditors: amounts falling due within one year 5 (3,882,565) (2,870,492)
Net current assets 9,471 9,508
Total assets less current liabilities 88,332 9,508
Provisions for liabilities (14,984) -
Net assets 73,348 9,508
Capital and reserves
Called up share capital 100 100
Profit and loss account 73,248 9,408
Shareholder's funds 73,348 9,508
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S Musa
Director
Approved by the board on 19 April 2024
Kinetic Finance Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services includes interest income from loans provided to clients, income is recognised only when it is received from clients due to the risk of non-recovery and bad debts.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Motor vehicles
£
Cost
Additions 105,148
At 31 January 2024 105,148
Depreciation
Charge for the year 26,287
At 31 January 2024 26,287
Net book value
At 31 January 2024 78,861
4 Debtors 2024 2023
£ £
Trade debtors 2,490,010 1,074,742
Other debtors 120,000 120,000
2,610,010 1,194,742
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 701 -
Accruals 1,462 840
Directors loan account 200,000 -
Other creditors 3,680,402 2,869,652
3,882,565 2,870,492
6 Related party transactions
During the year the company received a loan of £250,000 from a company that was under the common control of Mr MH Jiva. The loan is non-interest bearing and is considered to be repayable upon demand.

During the year the company received a loan of £500,000 from a company in which Mr MH Jiva has a majority share. The loan is non-interest bearing and is considered to be repayable upon demand.
7 Controlling party
The company was controlled by Mr MH Jiva throughtout the year by virtue of his 100% shareholding.
8 Other information
Kinetic Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
Arkwright House
Parsonage Gardens
Manchester
M3 2LF
Kinetic Finance Limited 13842966 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts April 2024 Mr S Musa No description of principal activity 13842966 2022-01-12 2023-01-31 13842966 core:WithinOneYear 2023-01-31 13842966 core:ShareCapital 2023-01-31 13842966 core:RetainedEarningsAccumulatedLosses 2023-01-31 13842966 2023-02-01 2024-01-31 13842966 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 13842966 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 13842966 bus:Director40 2023-02-01 2024-01-31 13842966 1 2023-02-01 2024-01-31 13842966 2 2023-02-01 2024-01-31 13842966 core:Vehicles 2023-02-01 2024-01-31 13842966 countries:England 2023-02-01 2024-01-31 13842966 bus:FRS102 2023-02-01 2024-01-31 13842966 bus:FilletedAccounts 2023-02-01 2024-01-31 13842966 2024-01-31 13842966 core:WithinOneYear 2024-01-31 13842966 core:ShareCapital 2024-01-31 13842966 core:RetainedEarningsAccumulatedLosses 2024-01-31 13842966 core:Vehicles 2024-01-31 13842966 2023-01-31 iso4217:GBP xbrli:pure