ACCOUNTS - Final Accounts preparation

KYNETIX FINANCIAL TECHNOLOGY LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2022-02-011The principal activity of the company is that of a holding company.1truetrue 12428498 2022-02-01 2023-01-31 12428498 2021-02-01 2022-01-31 12428498 2023-01-31 12428498 2022-01-31 12428498 c:Director1 2022-02-01 2023-01-31 12428498 d:CurrentFinancialInstruments 2023-01-31 12428498 d:CurrentFinancialInstruments 2022-01-31 12428498 d:CurrentFinancialInstruments d:WithinOneYear 2023-01-31 12428498 d:CurrentFinancialInstruments d:WithinOneYear 2022-01-31 12428498 d:ShareCapital 2023-01-31 12428498 d:ShareCapital 2022-01-31 12428498 d:RetainedEarningsAccumulatedLosses 2023-01-31 12428498 d:RetainedEarningsAccumulatedLosses 2022-01-31 12428498 c:FRS102 2022-02-01 2023-01-31 12428498 c:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 12428498 c:FullAccounts 2022-02-01 2023-01-31 12428498 c:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 12428498 6 2022-02-01 2023-01-31 iso4217:GBP xbrli:pure

Registered number: 12428498

Kynetix Financial Technology Limited

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 January 2023

Kynetix Financial Technology Limited

Registered number: 12428498

Balance sheet

As at 31 January 2023

		2023		2022
Note		£		£

Fixed assets
Investments	4		707,100		707,100
			707,100		707,100
Current assets
Cash at bank and in hand	5	91		91
		91		91
Creditors: amounts falling due within one year	6	(707,091)		(707,091)
Net current liabilities			(707,000)		(707,000)
Total assets less current liabilities			100		100

Net assets			100		100

Capital and reserves
Called up share capital	100	100
Profit and loss account	-	-
	100	100

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

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

Mr M Dolton

Director

Date: 17 October 2023

The notes on pages 2 to 3 form part of these financial statements.

Page 1

Kynetix Financial Technology Limited

Notes to the financial statements

For the year ended 31 January 2023

1.	General information

Kynetix Financial Technology Limited is a company limited by shares, incorporated in England and Wales. The company's registration number is 12428498. The company's registered office address is Springfield House, Springfield Road, Horsham, West Sussex, RH12 2RG.
The financial statements are presented in sterling and rounded to the nearest £1.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.3

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.4

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

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Kynetix Financial Technology Limited

Notes to the financial statements

For the year ended 31 January 2023

4.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 February 2022	707,100
	At 31 January 2023	707,100

5.	Cash and cash equivalents
		2023	2022
		£	£

Cash at bank and in hand	91	91
	91	91

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Amounts owed to group undertakings	705,936	706,291
Accruals and deferred income	1,155	800
	707,091	707,091

7.	Controlling party

The company is controlled by the director shareholder.
The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.

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