0 false false false false false false false false false false false false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 2,500 2,500 xbrli:pure xbrli:shares iso4217:GBP OC342979 2023-01-01 2024-03-31 OC342979 2024-03-31 OC342979 2022-12-31 OC342979 2022-01-01 2022-12-31 OC342979 2022-12-31 OC342979 2021-12-31 OC342979 core:NetGoodwill 2023-01-01 2024-03-31 OC342979 bus:Director3 2023-01-01 2024-03-31 OC342979 core:NetGoodwill 2024-03-31 OC342979 core:WithinOneYear 2024-03-31 OC342979 core:WithinOneYear 2022-12-31 OC342979 core:AfterOneYear 2024-03-31 OC342979 core:AfterOneYear 2022-12-31 OC342979 bus:SmallEntities 2023-01-01 2024-03-31 OC342979 bus:AuditExemptWithAccountantsReport 2023-01-01 2024-03-31 OC342979 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2024-03-31 OC342979 bus:EntityNoLongerTradingButTradedInPast 2023-01-01 2024-03-31 OC342979 bus:LimitedLiabilityPartnershipLLP 2023-01-01 2024-03-31 OC342979 bus:FullAccounts 2023-01-01 2024-03-31
REGISTERED NUMBER: OC342979
Kinetic Systems Support Limited Liability Partnership
Filleted Unaudited Financial Statements
31 March 2024
Kinetic Systems Support Limited Liability Partnership
Statement of Financial Position
31 March 2024
31 Mar 24
31 Dec 22
Note
£
£
£
Current assets
Debtors
5
312,962
309,375
Cash at bank and in hand
10,295
23,372
---------
---------
323,257
332,747
Creditors: amounts falling due within one year
6
10,280
11,081
---------
---------
Net current assets
312,977
321,666
---------
---------
Total assets less current liabilities
312,977
321,666
Creditors: amounts falling due after more than one year
7
29,630
34,896
---------
---------
Net assets
283,347
286,770
---------
---------
Represented by:
Loans and other debts due to members
Other amounts
8
257,221
260,644
Members' other interests
Members' capital classified as equity
26,126
26,126
Other reserves
---------
---------
283,347
286,770
---------
---------
Total members' interests
Amounts due from members
(312,847)
(309,250)
Loans and other debts due to members
8
257,221
260,644
Members' other interests
26,126
26,126
---------
---------
(29,500)
(22,480)
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' 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 (as applied to LLPs), the statement of comprehensive income has not been delivered.
For the Period ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Kinetic Systems Support Limited Liability Partnership
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the members and authorised for issue on 2 December 2024 , and are signed on their behalf by:
Mr B Greenwood
Designated Member
Registered number: OC342979
Kinetic Systems Support Limited Liability Partnership
Notes to the Financial Statements
Period from 1 January 2023 to 31 March 2024
1.
General information
The LLP is registered in England. 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', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
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.
Members' participation rights
Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Intangible assets
Goodwill
£
Cost
At 1 January 2023 and 31 March 2024
2,500
-------
Amortisation
At 1 January 2023 and 31 March 2024
2,500
-------
Carrying amount
At 31 March 2024
-------
At 31 December 2022
-------
5.
Debtors
31 Mar 24
31 Dec 22
£
£
Other debtors
312,962
309,375
---------
---------
6. Creditors: amounts falling due within one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
5,556
6,250
Social security and other taxes
1,274
1,381
Other creditors
3,450
3,450
--------
--------
10,280
11,081
--------
--------
7. Creditors: amounts falling due after more than one year
31 Mar 24
31 Dec 22
£
£
Bank loans and overdrafts
29,630
34,896
--------
--------
8.
Loans and other debts due to members
31 Mar 24
31 Dec 22
£
£
Amounts owed to members in respect of profits
257,221
260,644
---------
---------
9.
Related party transactions
In the opinion of the members there is no controlling party as defined by financial reporting Standard No 8 "Related party disclosures".