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Registered number:
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Kinetic PLC
Company Information
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Kinetic PLC
Contents
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Kinetic PLC
Group Strategic Report
For the year ended 31 March 2026
Kinetic PLC provides human resource and staffing services to the manufacturing, engineering and social healthcare markets in the UK.
Kinetic PLC's growth strategy will continue with further diversification into industrial and engineering markets with our contract and permanent offerings within the UK as well as enhancing the human resource and staffing services offerings within its other brands.
Other brands within the group, Pay Partners and Kinetic Nursing Services continue to trade as autonomous companies supported by the group which delivers back office support services.
The key financial and other performance indicators during the year were as follows:
Turnover increased by 6.6% and gross profit margin has increased from 18.7% to 19.2% which delivered an extra £320k gross profit above last year's result. The business has continued to be affected by the effects of inflation and the increase in employment costs rates resulting in the overheads increasing on last year of £514k (16.6% increase).
The number of employees remains relatively consistent in comparison to 2025. There are further plans to increase the employee numbers into the business in 2026 into profitable sectors to enable further growth.
The company continues to be well capitalised with a strong balance sheet and cash reserves.
Looking ahead, the directors intend to focus on:
∙Expanding sales and marketing efforts to increase client acquisition.
∙Strengthening long-term client relationships through tailored service offerings.
∙Exploring further opportunities in profitable markets and sectors.
∙Ongoing investment in technology upgrades to streamline IT infrastructure.
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Kinetic PLC
Group Strategic Report (continued)
For the year ended 31 March 2026
Commercial risks to the core business continue to be challenging external market forces and further planned employment related legislation costs. There is still a shortage of skilled personnel in the UK due to continuing relatively high levels of employment. Such risks we have mitigated with further investment in other platforms and tools to attract suitable candidates alongside our well established in house database.
Challenges within the current economic climate with the higher bad debt risks we continue to face alongside general increases in operating costs are having to be managed very carefully in an attempt to control overhead costs. As mentioned bad debts have become a more significant risk and we have strengthened systems and processes in place in an attempt to mitigate such risks. We perform detailed credit checks on all potential clients and have credit insurance and monitoring in place for our key customers that are reviewed monthly for exposure. The directors have reviewed Kinetic PLC’s business model and strategy and we operate a full risk register managed within our BS 9001:2015 British Quality Standard accreditation.
Operational KPI’s: Numbers of timesheets on a weekly basis alongside the number of trading clients on a monthly basis. Full forecasts of the following month's permanent recruitment pipeline are tracked to actual results on a monthly basis. Scheduled interviews, candidates placed, number of calls made, and number of client visits are all measured and reported real time via monitors set up in each of the offices.
Key financial indicators are measured at an office level to compare actual results against budgets and the prior year on a monthly basis. These are all reported on a monthly basis via the monthly management accounts along with the profit and loss accounts for each of the businesses in the group.
The Company is proud to operate as an employee-owned business, with the shares held in an Employee Ownership Trust for the benefit of its employees. The Directors believe that employee ownership creates a stronger, more engaged workforce by fostering a culture of shared responsibility, collaboration and long-term commitment. This structure empowers employees to contribute to the continued success of the business, encourages innovation and exceptional customer service, and aligns the interests of the workforce with the sustainable growth and prosperity of the Company. The Directors remain committed to preserving and developing this ownership model as a key part of the Company's long-term strategy.
This report was approved by the board and signed on its behalf.
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Kinetic PLC
Directors' Report
For the year ended 31 March 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £180,471 (2025 - £382,185).
The directors do not recommend payment of a final dividend (2025: £nil). No dividends were paid in the year (2025: £nil).
The directors who served during the year were:
An indication of the likely future developments in the group's business is provided in the Strategic Report.
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Kinetic PLC
Directors' Report (continued)
For the year ended 31 March 2026
There have been no significant events affecting the Group since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Kinetic PLC
Independent Auditors' Report to the Members of Kinetic PLC
We have audited the financial statements of Kinetic PLC (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the consolidated profit and loss account, the consolidated analysis of net debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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Kinetic PLC
Independent Auditors' Report to the Members of Kinetic PLC (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
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Kinetic PLC
Independent Auditors' Report to the Members of Kinetic PLC (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
°Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including application of the Employment Agencies Act 1973, Agency Workers Regulations 2010, Working Time Regulations 1998, Conduct of Employment Agencies and Regulations 2003, General Data Protection Requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Kinetic PLC
Independent Auditors' Report to the Members of Kinetic PLC (continued)
We have also considered the risk of fraud through management override of controls by:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditors
3 Stockport Exchange
SK1 3GG
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Kinetic PLC
Consolidated Profit and Loss Account
For the year ended 31 March 2026
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Kinetic PLC
Registered number: 06545585
Consolidated Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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Kinetic PLC
Registered number: 06545585
Company Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 16 to 32 form part of these financial statements.
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Kinetic PLC
Consolidated Statement of Changes in Equity
For the year ended 31 March 2026
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Kinetic PLC
Company Statement of Changes in Equity
For the year ended 31 March 2026
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Kinetic PLC
Consolidated Statement of Cash Flows
For the year ended 31 March 2026
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Kinetic PLC
Consolidated Analysis of Net Debt
For the year ended 31 March 2026
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
Kinetic Plc is a private company limited by members capital, incorporated in England and Wales. The address of the registered office and principal place of business is Lancastrian Office Centre, Talbot Road, Stretford, Manchester, M32 0FP.
The nature of the company's operation and principal activity is that of a holding company. The principal activity of the group is human resource management services and payroll bureau services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own profit and loss account in these financial statements.
The Company has taken advantage of the exemption allowed under FRS 102 paragraph 1.11 and 1.12 and has not presented its own Statement of Cash Flows in these financial statements.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated profit and loss account from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis of which the directors have reached their conclusion. Whilst the economic impact within the manufacturing and engineering recruitment markets has been significant, the company is well capitalised with a diversified business model to withstand the current and future climate. The group and company currently meet their working capital requirements through their cash and bank funding. Based on the group's forecasts and projections, the directors believe they have sufficient facilities to trade through the next 12 months. Therefore, the directors believe it is appropriate to prepare the accounts to 31 March 2026 on a going concern basis and that there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.
Functional and presentation currency
Transactions and balances
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
2.Accounting policies (continued)
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
2.Accounting policies (continued)
Goodwill
Goodwill represented the excess of the cost of a business combination over the fair value of the Group's share of the identifiable assets and liabilities acquired. Following initial recognition, goodwill was measured at cost less accumulated amortisation and impairment losses and was amortised on a straight-line basis over its estimated useful economic life of seven years. The goodwill balance was fully amortised in the year ended 31 March 2016.
Other intangible assets
Intangible assets comprise website development costs and are amortised on a straight-line basis over their estimated useful economic life at a rate of 20% per annum.
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
2.Accounting policies (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:
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.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
2.Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
Investments in the Company's own shares which are held for the benefit of the beneficiaries of the Kinetic Employee Ownership Trust are shown as a deduction from shareholder's funds. At the year end all shares held have not been allocated to employees of the Company.
The directors believe that judgements, estimates, and assumptions do not have a significant risk of causing a material difference to the carrying amounts of the net assets and liabilities within the next financial year.
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
There were no factors that may affect future tax charges.
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
The A Ordinary shares, the B Ordinary shares and the C Ordinary shares shall be separate classes of share but shall carry the same rights and privileges and shall rank pari passu in all respects.
During the period, 5,511 Ordinary B shares were held in an EMI share option scheme to employees of Kinetic plc for an option price of 924p, governed by the trust deed. None of the options have lapsed or been exercised at the balance sheet date. The fair value of the options was measured by using an option pricing model. The equity-settled share-based payment expense is assessed to be immaterial by management, and has not been accounted for.
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
Share premium account
Share premium includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium. Profit and loss account Profit and loss account includes all current and prior period profits and losses. Own shares held by Employee Ownership Trust The Kinetic Employee Ownership Trust holds 13,984 A Ordinary Shares and 4,998 C Ordinary Shares. All Kinetic Plc employees as defined by the trust are entitled to an equal distribution of profits.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £156,368 (2025: £127,065). Contributions totalling £69,414 (2025: £57,196) were payable to the fund at the balance sheet date.
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Kinetic PLC
Notes to the Financial Statements
For the year ended 31 March 2026
At the year end, the Group and Company were under the ultimate control of the Kinetic Employee Ownership Trust by virtue of its 94.91% interest in the voting share capital of the Company.
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