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Registration number: 03788001

Kenay Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Kenay Ltd

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Kenay Ltd

Company Information

Directors

Ms Jill Shields

Mr Keith Edward Naylor

Registered office

54 Brindley Road
Astmoor Industrial Estate
Runcorn
Cheshire
WA7 1PF

Accountants

Bright Partnership LLP
Chartered Accountants & Business Advisors
26 Edward Court
Broadheath
Altrincham
WA14 5GL

 

Kenay Ltd

(Registration number: 03788001)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

53,363

61,657

Current assets

 

Stocks

137,806

188,393

Debtors

5

235,462

264,743

Cash at bank and in hand

 

55

5,097

 

373,323

458,233

Creditors: Amounts falling due within one year

6

(260,323)

(398,606)

Net current assets

 

113,000

59,627

Total assets less current liabilities

 

166,363

121,284

Creditors: Amounts falling due after more than one year

6

(21,972)

(30,000)

Provisions for liabilities

(9,457)

(10,882)

Net assets

 

134,934

80,402

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

134,834

80,302

Shareholders' funds

 

134,934

80,402

For the financial year ending 30 June 2023 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 13 October 2023 and signed on its behalf by:
 

 

Kenay Ltd

(Registration number: 03788001)
Statement of Financial Position as at 30 June 2023

.........................................
Ms Jill Shields
Director

 

Kenay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
54 Brindley Road
Astmoor Industrial Estate
Runcorn
Cheshire
WA7 1PF
United Kingdom

These financial statements were authorised for issue by the Board on 13 October 2023.

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.

These financial statements are presented in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Kenay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

15% RB

Computer Equipment

33.3% SL

Improvements to Leasehold

25% RB

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.

 

Kenay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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.

 

Kenay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 9).

 

Kenay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 July 2022

9,000

4,838

493,535

507,373

Additions

-

1,435

-

1,435

At 30 June 2023

9,000

6,273

493,535

508,808

Depreciation

At 1 July 2022

9,000

4,836

431,880

445,716

Charge for the year

-

481

9,248

9,729

At 30 June 2023

9,000

5,317

441,128

455,445

Carrying amount

At 30 June 2023

-

956

52,407

53,363

At 30 June 2022

-

2

61,655

61,657

5

Debtors

Current

2023
£

2022
£

Trade debtors

224,998

257,798

Prepayments

8,505

3,638

Other debtors

1,959

3,307

 

235,462

264,743

 

Kenay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

49,652

82,365

Trade creditors

 

129,268

264,871

Taxation and social security

 

47,704

47,996

Accruals and deferred income

 

3,625

3,375

Other creditors

 

30,074

(1)

 

260,323

398,606

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

21,972

30,000

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Related party transactions

 

Kenay Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 30 June 2023
£

Mr Keith Edward Naylor

DLA Movement

17,500

(698)

47

-

16,848

           
         

Ms Jill Shields

DLA Movement

13,442

(76,829)

47

56,500

(6,840)

           
         

 

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 30 June 2022
£

Mr Keith Edward Naylor

DLA Movement

18,512

(6,884)

5,871

-

17,500

           
         

Ms Jill Shields

DLA Movement

5,504

(43,934)

9,871

42,000

13,442