Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31Other research and experimental development on natural sciences and engineering27true2023-01-01false26falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04357956 2023-01-01 2023-12-31 04357956 2022-01-01 2022-12-31 04357956 2023-12-31 04357956 2022-12-31 04357956 2022-01-01 04357956 1 2023-01-01 2023-12-31 04357956 d:Director2 2023-01-01 2023-12-31 04357956 c:PlantMachinery 2023-01-01 2023-12-31 04357956 c:PlantMachinery 2023-12-31 04357956 c:PlantMachinery 2022-12-31 04357956 c:PlantMachinery c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04357956 c:MotorVehicles 2023-01-01 2023-12-31 04357956 c:MotorVehicles 2023-12-31 04357956 c:MotorVehicles 2022-12-31 04357956 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04357956 c:OfficeEquipment 2023-01-01 2023-12-31 04357956 c:OfficeEquipment 2023-12-31 04357956 c:OfficeEquipment 2022-12-31 04357956 c:OfficeEquipment c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04357956 c:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 04357956 c:PatentsTrademarksLicencesConcessionsSimilar 2023-01-01 2023-12-31 04357956 c:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 04357956 c:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 04357956 c:NegativeGoodwill 2023-01-01 2023-12-31 04357956 c:NegativeGoodwill 2023-12-31 04357956 c:NegativeGoodwill 2022-12-31 04357956 c:ComputerSoftware 2023-01-01 2023-12-31 04357956 c:ComputerSoftware 2023-12-31 04357956 c:ComputerSoftware 2022-12-31 04357956 c:CurrentFinancialInstruments 2023-12-31 04357956 c:CurrentFinancialInstruments 2022-12-31 04357956 c:Non-currentFinancialInstruments 2023-12-31 04357956 c:Non-currentFinancialInstruments 2022-12-31 04357956 c:CurrentFinancialInstruments c:WithinOneYear 2023-12-31 04357956 c:CurrentFinancialInstruments c:WithinOneYear 2022-12-31 04357956 c:Non-currentFinancialInstruments c:AfterOneYear 2023-12-31 04357956 c:Non-currentFinancialInstruments c:AfterOneYear 2022-12-31 04357956 c:ShareCapital 2023-01-01 2023-12-31 04357956 c:ShareCapital 2023-12-31 04357956 c:ShareCapital 2022-01-01 2022-12-31 04357956 c:ShareCapital 2022-12-31 04357956 c:ShareCapital 2022-01-01 04357956 c:SharePremium 2023-01-01 2023-12-31 04357956 c:SharePremium 2023-12-31 04357956 c:SharePremium 2022-01-01 2022-12-31 04357956 c:SharePremium 2022-12-31 04357956 c:SharePremium 2022-01-01 04357956 c:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 04357956 c:RetainedEarningsAccumulatedLosses 2023-12-31 04357956 c:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 04357956 c:RetainedEarningsAccumulatedLosses 2022-12-31 04357956 c:RetainedEarningsAccumulatedLosses 2022-01-01 04357956 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-01-01 2023-12-31 04357956 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-12-31 04357956 c:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2022-12-31 04357956 d:OrdinaryShareClass1 2023-01-01 2023-12-31 04357956 d:OrdinaryShareClass1 2023-12-31 04357956 d:OrdinaryShareClass1 2022-12-31 04357956 d:OrdinaryShareClass2 2023-01-01 2023-12-31 04357956 d:OrdinaryShareClass2 2023-12-31 04357956 d:OrdinaryShareClass2 2022-12-31 04357956 d:OrdinaryShareClass3 2023-01-01 2023-12-31 04357956 d:OrdinaryShareClass3 2023-12-31 04357956 d:OrdinaryShareClass3 2022-12-31 04357956 d:OrdinaryShareClass4 2023-01-01 2023-12-31 04357956 d:OrdinaryShareClass4 2023-12-31 04357956 d:OrdinaryShareClass4 2022-12-31 04357956 d:FRS102 2023-01-01 2023-12-31 04357956 d:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 04357956 d:FullAccounts 2023-01-01 2023-12-31 04357956 d:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04357956 c:Subsidiary1 2023-01-01 2023-12-31 04357956 c:Subsidiary1 1 2023-01-01 2023-12-31 04357956 c:Subsidiary2 2023-01-01 2023-12-31 04357956 c:Subsidiary2 1 2023-01-01 2023-12-31 04357956 c:WithinOneYear 2023-12-31 04357956 c:WithinOneYear 2022-12-31 04357956 c:BetweenOneFiveYears 2023-12-31 04357956 c:BetweenOneFiveYears 2022-12-31 04357956 c:PatentsTrademarksLicencesConcessionsSimilar c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04357956 c:NegativeGoodwill c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04357956 c:ComputerSoftware c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04357956 2 2023-01-01 2023-12-31 04357956 6 2023-01-01 2023-12-31 04357956 c:ExternallyAcquiredIntangibleAssets 2023-01-01 2023-12-31 04357956 c:NegativeGoodwill c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04357956 c:PatentsTrademarksLicencesConcessionsSimilar c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04357956 c:ComputerSoftware c:OwnedIntangibleAssets 2023-01-01 2023-12-31 04357956 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 04357956










KARBON KINETICS LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KARBON KINETICS LIMITED
REGISTERED NUMBER: 04357956

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
765,673
721,868

Tangible assets
 5 
180,424
257,396

Investments
 6 
168
168

  
946,265
979,432

Current assets
  

Stocks
  
708,319
821,488

Debtors
 7 
5,507,585
5,522,080

Cash at bank and in hand
  
48,472
96,601

  
6,264,376
6,440,169

Creditors: amounts falling due within one year
 8 
(5,782,998)
(540,574)

Net current assets
  
 
 
481,378
 
 
5,899,595

Total assets less current liabilities
  
1,427,643
6,879,027

Creditors: amounts falling due after more than one year
 9 
-
(3,000,000)

Provisions for liabilities
  

Other provisions
 10 
(96,040)
(148,124)

  
 
 
(96,040)
 
 
(148,124)

Net assets
  
1,331,603
3,730,903


Capital and reserves
  

Called up share capital 
 11 
583,186
583,186

Share premium account
  
22,165,267
22,165,267

Profit and loss account
  
(21,416,850)
(19,017,550)

  
1,331,603
3,730,903


The directors consider 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 directors acknowledge their 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.
Page 1

 
KARBON KINETICS LIMITED
REGISTERED NUMBER: 04357956
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


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 comprehensive income 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 on 2 December 2024.




Richard Brian Thorpe
Director

The notes on pages 5 to 14 form part of these financial statements.

Page 2

 
KARBON KINETICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2023
583,186
22,165,267
(19,017,550)
3,730,903


Comprehensive income for the year

Loss for the year

-
-
(2,399,300)
(2,399,300)


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
-
(2,399,300)
(2,399,300)


Total transactions with owners
-
-
-
-


At 31 December 2023
583,186
22,165,267
(21,416,850)
1,331,603


The notes on pages 5 to 14 form part of these financial statements.

Page 3

 
KARBON KINETICS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 January 2022
583,186
22,165,267
(17,815,115)
4,933,338


Comprehensive income for the year

Loss for the year
-
-
(1,202,435)
(1,202,435)


Total transactions with owners
-
-
-
-


At 31 December 2022
583,186
22,165,267
(19,017,550)
3,730,903


The notes on pages 5 to 14 form part of these financial statements.

Page 4

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Karbon Kinetics Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The company's registered office is Unit 30 Barwell Business Park, Leatherhead Road, Chessington, Surrey, KT9 2NY.

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

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

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.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each balance sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.10

Taxation

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.

 
2.11

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.

 
2.12

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 7

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.12
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:

Tooling
-
3 to 6 years
Motor vehicles
-
5 years

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.

 
2.13

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.14

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.15

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.16

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.

Page 8

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.17

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.

 
2.18

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.

 
2.19

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 26 (2022 - 27).

Page 9

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Financial systems
Technology app
Webstore
Total

£
£
£
£



Cost


At 1 January 2023
591,168
477,949
99,394
1,168,511


Additions
120,407
260,225
33,751
414,383



At 31 December 2023

711,575
738,174
133,145
1,582,894



Amortisation


At 1 January 2023
135,890
247,092
63,661
446,643


Charge for the year on owned assets
127,511
81,424
31,733
240,668


Impairment charge
-
129,910
-
129,910



At 31 December 2023

263,401
458,426
95,394
817,221



Net book value



At 31 December 2023
448,174
279,748
37,751
765,673



At 31 December 2022
455,278
230,857
35,733
721,868



Page 10

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Vehicles
Moulds & Production Fixtures & Fittings
Total

£
£
£
£



Cost or valuation


At 1 January 2023
4,543
36,727
355,838
397,108


Additions
-
-
26,589
26,589



At 31 December 2023

4,543
36,727
382,427
423,697



Depreciation


At 1 January 2023
910
11,021
127,781
139,712


Charge for the year on owned assets
1,514
7,345
94,702
103,561



At 31 December 2023

2,424
18,366
222,483
243,273



Net book value



At 31 December 2023
2,119
18,361
159,944
180,424



At 31 December 2022
3,633
25,706
228,057
257,396


6.


Investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
168



At 31 December 2023
168




Page 11

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Gocycle USA LLC
Ordinary
100%
Gocycle EU BV
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£

Gocycle USA LLC ($)
(2,101,903)
(855,657)

Gocycle EU BV (€)
(142,633)
(142,733)


7.


Debtors

2023
2022
£
£



Trade debtors
94,054
99,066

Amounts owed by group undertakings
5,197,827
5,233,929

Other debtors
46,391
87,702

Prepayments and accrued income
169,313
101,383

5,507,585
5,522,080


Page 12

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
4,804,317
-

Trade creditors
225,253
234,115

Amounts owed to group undertakings
335,184
2,694

Other taxation and social security
103,107
98,122

Other creditors
25,339
14,766

Accruals and deferred income
289,798
190,877

5,782,998
540,574


The unsecured loan and interest (of 3%) is repayable in May 2024.


9.


Loans from shareholders

2023
2022
£
£

Penny Lane
-
3,000,000

-
3,000,000


The unsecured loan and interest (of 3%) is repayable in May 2024.


10.


Provisions





Other provision

£





At 1 January 2023
148,124


Charged to profit or loss
(52,084)



At 31 December 2023
96,040

The provision for liabilities represents a provision for future warranty claims and stock write-offs. For warranties, a provision has been made for the anticipated cost of repair or replacement of products under warranty based on known exposures and historical occurrences.

Page 13

 
KARBON KINETICS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



58,299,145 (2022 - 58,299,145) Ordinary shares of £0.01- each
582,991
582,991
500,000 (2022 - 500,000) A1 Ordinary shares of £0.0001 each
50
50
500,000 (2022 - 500,000) A2 Ordinary shares of £0.0001 each
50
50
952,291 (2022 - 952,300) B Ordinary shares of £0.0001 each
95
95

583,186

583,186



12.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
125,000
125,000

Later than 1 year and not later than 5 years
375,000
500,000

500,000
625,000


13.


Post balance sheet events

In August 2024 the shareholders loan and interest noted in note 8 was converted to equity, to strengthen the company's financial position.

 
Page 14