Company registration number 09546966 (England and Wales)
KINETIK STUDIOS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
KINETIK STUDIOS LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
KINETIK STUDIOS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
96
486
Current assets
Trade and other receivables
4
495
-
0
Cash and cash equivalents
454
211
949
211
Current liabilities
5
(13,481)
(15,809)
Net current liabilities
(12,532)
(15,598)
Total assets less current liabilities
(12,436)
(15,112)
Non-current liabilities
6
(1,807)
(3,455)
Net liabilities
(14,243)
(18,567)
Equity
Called up share capital
100
100
Retained earnings
(14,343)
(18,667)
Total equity
(14,243)
(18,567)

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Ms S Porter
Director
Company registration number 09546966 (England and Wales)
KINETIK STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information

Kinetik Studios Limited is a private company limited by shares incorporated in England and Wales. The registered office is Barnfield House, The Approach, Manchester, M3 7BX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the year end the company had net liabilities of £14,243, which indicates that the company may not be a going concern. true

 

The company’s ongoing activities are dependent upon the continued financial support of the directors who have undertaken to provide such support for at least one year from the date on which these financial statements are approved.

 

The directors are therefore confident that the company will continue to generate sufficient cash flows to meet its obligations as they fall due for payment.

 

The directors therefore consider it appropriate that the financial statements are prepared on a going concern basis.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line
Computer equipment
25% straight line
KINETIK STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 3 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

KINETIK STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Property, plant and equipment
Plant and machinery
Computer equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
3,016
1,828
4,844
Depreciation and impairment
At 1 May 2023
2,530
1,828
4,358
Depreciation charged in the year
390
-
0
390
At 30 April 2024
2,920
1,828
4,748
Carrying amount
At 30 April 2024
96
-
0
96
At 30 April 2023
486
-
0
486
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
495
-
0
5
Current liabilities
2024
2023
£
£
Bank loans
1,636
1,596
Other payables
11,845
14,213
13,481
15,809
6
Non-current liabilities
2024
2023
£
£
Bank loans and overdrafts
1,807
3,455
KINETIK STUDIOS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
7
Related party transactions

Included in other creditors due within one year is an amount due to the directors of £10,296 (2023: £13,086). This loan is provided interest free, unsecured and is repayable on demand.

2024-04-302023-05-01false28 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMs S PorterMr G Porterfalsefalse095469662023-05-012024-04-30095469662024-04-30095469662023-04-3009546966core:PlantMachinery2024-04-3009546966core:ComputerEquipment2024-04-3009546966core:PlantMachinery2023-04-3009546966core:ComputerEquipment2023-04-3009546966core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3009546966core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3009546966core:Non-currentFinancialInstrumentscore:AfterOneYear2024-04-3009546966core:Non-currentFinancialInstrumentscore:AfterOneYear2023-04-3009546966core:CurrentFinancialInstruments2024-04-3009546966core:CurrentFinancialInstruments2023-04-3009546966core:ShareCapital2024-04-3009546966core:ShareCapital2023-04-3009546966core:RetainedEarningsAccumulatedLosses2024-04-3009546966core:RetainedEarningsAccumulatedLosses2023-04-3009546966bus:Director12023-05-012024-04-3009546966core:PlantMachinery2023-05-012024-04-3009546966core:ComputerEquipment2023-05-012024-04-30095469662022-05-012023-04-3009546966core:PlantMachinery2023-04-3009546966core:ComputerEquipment2023-04-30095469662023-04-3009546966core:WithinOneYear2024-04-3009546966core:WithinOneYear2023-04-3009546966core:Non-currentFinancialInstruments2024-04-3009546966core:Non-currentFinancialInstruments2023-04-3009546966bus:PrivateLimitedCompanyLtd2023-05-012024-04-3009546966bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3009546966bus:FRS1022023-05-012024-04-3009546966bus:AuditExemptWithAccountantsReport2023-05-012024-04-3009546966bus:Director22023-05-012024-04-3009546966bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP