1 1 Kinetic Avionics Limited 02358618 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is information technology consultancy activities. Digita Accounts Production Advanced 6.30.9574.0 true 02358618 2023-09-01 2024-08-31 02358618 2024-08-31 02358618 bus:OrdinaryShareClass1 2024-08-31 02358618 bus:OrdinaryShareClass2 2024-08-31 02358618 core:CurrentFinancialInstruments 2024-08-31 02358618 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 02358618 core:Non-currentFinancialInstruments 2024-08-31 02358618 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 02358618 core:FurnitureFittings 2024-08-31 02358618 core:MotorVehicles 2024-08-31 02358618 core:OfficeEquipment 2024-08-31 02358618 core:PlantMachinery 2024-08-31 02358618 bus:SmallEntities 2023-09-01 2024-08-31 02358618 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 02358618 bus:FilletedAccounts 2023-09-01 2024-08-31 02358618 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 02358618 bus:RegisteredOffice 2023-09-01 2024-08-31 02358618 bus:CompanySecretaryDirector1 2023-09-01 2024-08-31 02358618 bus:OrdinaryShareClass1 2023-09-01 2024-08-31 02358618 bus:OrdinaryShareClass2 2023-09-01 2024-08-31 02358618 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 02358618 core:FurnitureFittings 2023-09-01 2024-08-31 02358618 core:MotorVehicles 2023-09-01 2024-08-31 02358618 core:OfficeEquipment 2023-09-01 2024-08-31 02358618 core:PlantMachinery 2023-09-01 2024-08-31 02358618 core:Vehicles 2023-09-01 2024-08-31 02358618 countries:EnglandWales 2023-09-01 2024-08-31 02358618 2023-08-31 02358618 core:FurnitureFittings 2023-08-31 02358618 core:MotorVehicles 2023-08-31 02358618 core:OfficeEquipment 2023-08-31 02358618 core:PlantMachinery 2023-08-31 02358618 2022-09-01 2023-08-31 02358618 2023-08-31 02358618 bus:OrdinaryShareClass1 2023-08-31 02358618 bus:OrdinaryShareClass2 2023-08-31 02358618 core:CurrentFinancialInstruments 2023-08-31 02358618 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 02358618 core:Non-currentFinancialInstruments 2023-08-31 02358618 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 02358618 core:FurnitureFittings 2023-08-31 02358618 core:MotorVehicles 2023-08-31 02358618 core:OfficeEquipment 2023-08-31 02358618 core:PlantMachinery 2023-08-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 02358618

Kinetic Avionics Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Kinetic Avionics Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Kinetic Avionics Limited

(Registration number: 02358618)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

49,904

25,952

Current assets

 

Debtors

5

9,287

3,736

Cash at bank and in hand

 

3,108

163

 

12,395

3,899

Creditors: Amounts falling due within one year

6

(3,782)

(5,473)

Net current assets/(liabilities)

 

8,613

(1,574)

Total assets less current liabilities

 

58,517

24,378

Creditors: Amounts falling due after more than one year

6

(1,383,039)

(1,564,264)

Net liabilities

 

(1,324,522)

(1,539,886)

Capital and reserves

 

Called up share capital

7

250,100

100

Profit and loss account

(1,574,622)

(1,539,986)

Shareholders' deficit

 

(1,324,522)

(1,539,886)

For the financial year ending 31 August 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 and 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 21 May 2025 and signed on its behalf by:
 

.........................................
D J Goodman
Company secretary and director

 

Kinetic Avionics Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
Lawford House
Albert Place
London
N3 1QA
England

These financial statements were authorised for issue by the Board on 21 May 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.

The financial statement are prepared in sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

Plant and machinery

10% straight line

Motor vehicles

25% straight line

Fixtures and fittings

25% reducing balance

Office equipment

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.

 

Kinetic Avionics Limited

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

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

Kinetic Avionics Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

3,210

357,378

1,089

16,110

377,787

Additions

-

32,428

-

-

32,428

At 31 August 2024

3,210

389,806

1,089

16,110

410,215

Depreciation

At 1 September 2023

2,038

340,285

113

9,399

351,835

Charge for the year

293

3,911

244

4,028

8,476

At 31 August 2024

2,331

344,196

357

13,427

360,311

Carrying amount

At 31 August 2024

879

45,610

732

2,683

49,904

At 31 August 2023

1,172

17,093

976

6,711

25,952

 

Kinetic Avionics Limited

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

5

Debtors

Current

2024
£

2023
£

Other debtors

9,287

3,736

 

9,287

3,736

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

182

3,973

Accruals and deferred income

3,600

1,500

3,782

5,473

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

1,383,039

1,564,264

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary shares of £1 each

100

100

100

100

B Ordinary shares of £1 each

250,000

250,000

-

-

250,100

250,100

100

100

During the year 250,000 Ordinary B shares of £1 were allotted called up and fully paid at par.

 

Kinetic Avionics Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

1,383,039

1,564,264

9

Related party transactions

At the year end, the company owed £1,383,039 (2023: £1,564,264) to the director of the company. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding the repayment of the loan.