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Registration number: 02565441

Kinetic Enterprises Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Kinetic Enterprises Limited

Contents

Company Information

1

Directors' Report

2 to 3

Statement of Directors' Responsibilities

4

Accountants' Report

5

Profit and Loss Account

6

Statement of Comprehensive Income

7

Balance Sheet

8 to 9

Statement of Changes in Equity

10

Notes to the Unaudited Financial Statements

11 to 21

 

Kinetic Enterprises Limited

Company Information

Directors

SP Baharani

N P Baharani

Registered office

9 Berners Place
London
W1T 3AD

Bankers

Barclays Bank Plc
P O Box 35721
Level 27
One Churchill Place
London
E14 5HD

Accountants

Mehta & Tengra
Chartered Accountants9 Berners Place
London W1T 3AD

 

Kinetic Enterprises Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

SP Baharani

N P Baharani (appointed 20 October 2023)

Principal activity

The principal activity of the company is import and distribution of health and beauty products.

Review of business

The results for the year and financial position of the company are as shown in the annexed financial statements.

Turnover of the business for the period ended 31 March 2024 was £7,605,043 (2023: £11,409,380).
Profit/(loss) for the financial period after taxation amounted to (£127,739) (2023:(£254,898).

Dividends
During the year the company declared dividends amounting to £75,000 (2023;£75,000).

Future Developments
The company expects to maintain its highly successful relationship with its suppliers and the loyalty of its customers and hopes to improve on its turnover and gross profit margin.

Financial Instruments
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors.
The main purpose of these instruments is to provide finance for its day to day operations.
Since a considerable amount of the company's purchases are in US Dollars there is exposure to currency risks in addition to normal inflationary risks which under the current economic climate may also be a factor.
The trade creditors liquidity risks are managed by ensuring sufficient funds are available to meet the amounts due. The trade debtors liquidity risks are managed by ensuring the prompt collection of outstanding debts.

Taxation Status
The company is a close company within the provision of Income and Corporation Tax Act 2010.

Fixed Assets
The changes in fixed assets are given in notes 7,8 & 9 to the financial statements.

Post balance sheet events
There were no significant events to report.

Related party transactions
The director had no material interest at any time during the year in any contract of significance in relation to the business of the company except as stated in note 17 to the financial statements.

Small companies provision statement

This report has 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.

 

Kinetic Enterprises Limited

Directors' Report for the Year Ended 31 March 2024

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
N P Baharani
Director

 

Kinetic Enterprises Limited

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kinetic Enterprises Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kinetic Enterprises Limited for the year ended 31 March 2024 as set out on pages 6 to 21 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Kinetic Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kinetic Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Kinetic Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kinetic Enterprises Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kinetic Enterprises Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Kinetic Enterprises Limited. You consider that Kinetic Enterprises Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kinetic Enterprises Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Mehta & Tengra
Chartered Accountants
9 Berners Place
London W1T 3AD

30 April 2025

 

Kinetic Enterprises Limited

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

01/01/2022 to 31/03/2023
£

Turnover

 

7,605,043

11,409,380

Cost of sales

 

(5,429,811)

(8,016,659)

Gross profit

 

2,175,232

3,392,721

Administrative expenses

 

(2,353,186)

(3,627,834)

Other operating income

 

18,000

14,300

Operating loss

 

(159,954)

(220,813)

Other interest receivable and similar income

 

99,587

118,261

Interest payable and similar expenses

 

(62,384)

(103,901)

   

37,203

14,360

Loss before tax

5

(122,751)

(206,453)

Tax on loss

 

(4,988)

(48,445)

Loss for the financial year

 

(127,739)

(254,898)

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Kinetic Enterprises Limited

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Loss for the year

(127,739)

(254,898)

Total comprehensive income for the year

(127,739)

(254,898)

 

Kinetic Enterprises Limited

(Registration number: 02565441)
Balance Sheet as at 31 March 2024

Note

2024
£

01/01/2022 to 31/03/2023
£

Fixed assets

 

Tangible assets

7

9,084

17,403

Investment property

8

865,000

865,000

Debtors

11

1,507,087

4,725,528

Investments

9

1

1

 

2,381,172

5,607,932

Current assets

 

Stocks

10

1,684,883

2,464,738

Debtors

11

6,970,998

3,769,803

Cash at bank and in hand

 

46,330

57,870

 

8,702,211

6,292,411

Creditors: Amounts falling due within one year

13

(2,586,994)

(3,327,512)

Net current assets

 

6,115,217

2,964,899

Total assets less current liabilities

 

8,496,389

8,572,831

Creditors: Amounts falling due after more than one year

13

(405,000)

(279,891)

Provisions for liabilities

14

(188,008)

(186,820)

Net assets

 

7,903,381

8,106,120

Capital and reserves

 

Called up share capital

15

25,000

25,000

Other reserves

558,052

558,052

Retained earnings

7,320,329

7,523,068

Shareholders' funds

 

7,903,381

8,106,120

For the financial year ending 31 March 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.

 

Kinetic Enterprises Limited

(Registration number: 02565441)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

Approved and authorised by the Board on 30 April 2025 and signed on its behalf by:
 

.........................................
N P Baharani
Director

 

Kinetic Enterprises Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Fair value reserves

Retained earnings
£

Total
£

At 1 April 2023

25,000

558,052

7,523,068

8,106,120

Loss for the year

-

-

(127,739)

(127,739)

Dividends

-

-

(75,000)

(75,000)

At 31 March 2024

25,000

558,052

7,320,329

7,903,381

Share capital
£

Fair value reserves

Retained earnings
£

Total
£

At 1 January 2022

25,000

602,697

7,852,966

8,480,663

Loss for the year

-

-

(254,898)

(254,898)

Dividends

-

-

(75,000)

(75,000)

Total comprehensive income

-

(44,645)

-

(44,645)

At 31 March 2023

25,000

558,052

7,523,068

8,106,120

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

The principal place of business is:
Unit 1 Central Park
Central Way
Park Royal
London
NW10 7FY

These financial statements were authorised for issue by the Board on 30 April 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.

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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

Short leasehold

10% on cost

Fixtures and fittings

10% on cost

Computer equipment

33% on cost

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.

Investment property
(a) The company's investment properties were valued on an open market basis.
(b) The historical cost of investment property is £120,930
(c) Investment property is included at fair value.Gains are recognised in the income statement.Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
(d) The gain less the deferred tax is reflected under Fair value reserve in the Balance sheet.

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.

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

Foreign currencies
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date
are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non- monetary assets and liabilities that are measured in terms of the historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
Long term monetary items are translated at the year end rate.The assets and liabilities of foreign operations arising on consolidation are translated at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions.

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 38 (2023 - 44).

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

-

8,000

Other fees to auditors

Audit-related assurance services

-

8,000


 

5

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

10,983

17,190

6

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

Ated tax

3,800

3,800

Deferred taxation

Deferred tax

1,188

44,645

Tax expense in the income statement

4,988

48,445

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Tangible assets

Short leasehold
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

101,610

167,052

155,729

424,391

Additions

-

2,664

-

2,664

At 31 March 2024

101,610

169,716

155,729

427,055

Depreciation

At 1 April 2023

93,990

161,385

151,613

406,988

Charge for the year

7,620

1,051

2,312

10,983

At 31 March 2024

101,610

162,436

153,925

417,971

Carrying amount

At 31 March 2024

-

7,280

1,804

9,084

At 31 March 2023

7,620

5,667

4,116

17,403

8

Investment properties

2024
£

At 1 April

865,000

At 31 March

865,000

Leasehold investment property was valued on a vacant open market basis on 9 June 2017 by E McMahon MPhil MRICS. In the opinion of the directors this valuation is still valid.

2024
 £

Valuation in 2011

344,040

Valuation in 2013

15,030

Valuation in 2016

327,500

Valuation in 2017

57,500

Cost

120,930

865,000

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

If leasehold investment property had not been revalued it would have been included at the following historical cost:

31 March 2024
 £

31 March 2023
 £

Cost

120,930

120,930

Aggregate depreciation

(56,784)

(56,784)

9

Fixed assets investments

Unlisted investments
£

Total
£

Cost or valuation

At 1 April 2023

1

1

At 31 March 2024

1

1

The investments at the balance sheet date represents 2.5% of the issued share capital acquired in Honeyrose Bakery Limited, a company registered in England & Wales.

10

Stocks

2024
£

2023
£

Goods in transit

782,146

636,736

Stock

902,737

1,828,002

1,684,883

2,464,738

11

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,434,325

1,817,637

Amounts owed by related parties

17

109,758

150,692

Prepayments

 

197,377

116,035

Other debtors

 

150,485

146,971

   

1,891,945

2,231,335

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Non-current

2024
£

2023
£

Directors loan account

5,079,053

1,538,468

Loan to an employee

-

3,299,698

Corporation tax recoverable

1,507,087

1,425,830

 

6,586,140

6,263,996

12

Cash at bank and in hand

The company's bankers have provided credit card facility of £70,000.

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

13

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

16

270,951

256,529

Trade creditors

 

1,268,524

1,816,402

Accruals and deferred income

 

15,799

88,767

Social security and other taxes

 

127,713

160,817

Corporation tax

 

694,903

735,524

Other creditors - Invoice discounting

 

195,713

247,650

Other creditors

 

13,391

21,823

 

2,586,994

3,327,512

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

16

405,000

279,891

14

Deferred tax

Revaluation of investment property
£

Other timing differences
£

Total
£

At 1 April 2023

186,016

804

186,820

Provided for the period

-

1,188

1,188

At 31 March 2024

186,016

1,992

188,008

15

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

25,000

25,000

25,000

25,000

       
 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

16

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

405,000

279,891

Current loans and borrowings

2024
£

2023
£

Other borrowings

270,951

256,529

17

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

SP Baharani

1,538,468

16,664

1,555,132

N P Baharani

3,299,697

224,100

3,523,797

2023

At 1 January 2022
£

Advances to director
£

At 31 March 2023
£

SP Baharani

1,462,765

75,703

1,538,468

 

Kinetic Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

110,000

75,000

Contributions paid to money purchase schemes

2,634

1,651

112,634

76,651

Dividends paid to directors

2024
£

2023
£

SP Baharani

Dividends

75,000

75,000

 

 

Interest of £99,807 (2023:£37,694) has been charged on amounts due to the directors.
Rent received of £18,000 (2023:£14,300) by the company represents payment by one of the director for personal use of the company's property.
One of the Director of Kinetic Enterprises Ltd is also a shareholder of another company.At the year end the amount due from the related company was £109,758 (2023:£150,962).

18

Pension commitment

The company operates a defined contribution scheme for its staff under "auto enrolment"
The contribution for the period charged to the profit and loss account amounted to £18,514 (2023:£27,970).
The amounts outstanding at the balance sheet date was £4,635 (2023:£3,916).

19

Ultimate controlling party

The controlling party is S P Baharani.