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Registration number: 05115409

Kinetic Laboratories Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Kinetic Laboratories Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Kinetic Laboratories Limited

Company Information

Directors

Mr A Hird

Mrs B Hird

Company secretary

Mr A Hird

Registered office

3 Jenning Street
KINGSTON UPON HULL
East Yorkshire
HU8 7AN

 

Kinetic Laboratories Limited

(Registration number: 05115409)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

794,182

170,785

 

794,182

170,785

Current assets

 

Stocks

5

26,656

138,577

Debtors

6

1,068,962

652,487

Cash at bank and in hand

 

267,555

709,328

 

1,363,173

1,500,392

Creditors: Amounts falling due within one year

7

(409,167)

(475,151)

Net current assets

 

954,006

1,025,241

Total assets less current liabilities

 

1,748,188

1,196,026

Creditors: Amounts falling due after more than one year

7

(440,141)

-

Provisions for liabilities

(39,225)

(32,247)

Net assets

 

1,268,822

1,163,779

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,268,722

1,163,679

Shareholders' funds

 

1,268,822

1,163,779

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 January 2025 and signed on its behalf by:
 

 

Kinetic Laboratories Limited

(Registration number: 05115409)
Balance Sheet as at 30 April 2024

.........................................
Mr A Hird
Company secretary and director

 

Kinetic Laboratories Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Jenning Street
KINGSTON UPON HULL
East Yorkshire
HU8 7AN

These financial statements were authorised for issue by the Board on 31 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Kinetic Laboratories Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Improvements to property

Straight line over 10 years

Plant and machinery

20% on cost & 15% on reducing balance

Fixtures and fittings

20% on cost

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Kinetic Laboratories Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 22).

 

Kinetic Laboratories Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Improvements to property
£

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

-

42,348

85,551

400,468

528,367

Additions

610,127

-

-

52,716

662,843

Disposals

-

(42,348)

-

-

(42,348)

At 30 April 2024

610,127

-

85,551

453,184

1,148,862

Depreciation

At 1 May 2023

-

42,348

56,615

258,619

357,582

Charge for the year

-

-

7,234

32,212

39,446

Eliminated on disposal

-

(42,348)

-

-

(42,348)

At 30 April 2024

-

-

63,849

290,831

354,680

Carrying amount

At 30 April 2024

610,127

-

21,702

162,353

794,182

At 30 April 2023

-

-

28,936

141,849

170,785

Included within the net book value of land and buildings above is £610,127 (2023 - £Nil) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

26,656

138,577

6

Debtors

Current

2024
£

2023
£

Trade debtors

583,978

337,043

Prepayments

35,366

25,735

Other debtors

449,618

289,709

 

1,068,962

652,487

Details of non-current trade and other debtors

£79,659 (2023 -£Nil) of Other debtors is classified as non current.

 

Kinetic Laboratories Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

134,621

-

Trade creditors

 

205,447

435,331

Amounts owed to group undertakings and undertakings in which the company has a participating interest

6,609

2,701

Taxation and social security

 

41,906

12,386

Accruals and deferred income

 

5,400

14,812

Other creditors

 

15,184

9,921

 

409,167

475,151

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

440,141

-

Current loans and borrowings

2024
£

2023
£

Bank borrowings

134,621

-

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £802,050 (2023 - £Nil).