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REGISTERED NUMBER: 02706215 (England and Wales)















Unaudited Financial Statements for the Year Ended 28 February 2023

for

McKenna Brothers Limited

McKenna Brothers Limited (Registered number: 02706215)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


McKenna Brothers Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: Mrs J McKenna
R D McKenna
Mrs C A McKenna
D Dawson





SECRETARY: Mrs C A McKenna





REGISTERED OFFICE: McKenna House
Jubilee Road
Middleton
Manchester
M24 2LX





REGISTERED NUMBER: 02706215 (England and Wales)





ACCOUNTANTS: PKW Chartered Accountants LLP
Cloth Hall
150 Drake Street
Rochdale
Lancashire
OL16 1PX

McKenna Brothers Limited (Registered number: 02706215)

Balance Sheet
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 192,418 174,160

CURRENT ASSETS
Stocks 1,363,986 1,336,734
Debtors 5 1,230,800 1,167,706
Cash at bank and in hand 221,890 593,378
2,816,676 3,097,818
CREDITORS
Amounts falling due within one year 6 1,127,325 1,348,532
NET CURRENT ASSETS 1,689,351 1,749,286
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,881,769

1,923,446

CREDITORS
Amounts falling due after more than one year 7 (43,937 ) (26,622 )

PROVISIONS FOR LIABILITIES (20,371 ) (10,442 )
NET ASSETS 1,817,461 1,886,382

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,817,361 1,886,282
SHAREHOLDERS' FUNDS 1,817,461 1,886,382

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:





Mrs J McKenna - Director


McKenna Brothers Limited (Registered number: 02706215)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

McKenna Brothers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of goods supplied to customers during the year less returns and net of Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on reducing balance
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

McKenna Brothers Limited (Registered number: 02706215)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 40 (2022 - 38 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 March 2022 51,756 188,379 79,072 158,158 477,365
Additions - 2,481 4,121 50,352 56,954
Disposals - - - (32,907 ) (32,907 )
At 28 February 2023 51,756 190,860 83,193 175,603 501,412
DEPRECIATION
At 1 March 2022 34,686 107,577 54,953 105,989 303,205
Charge for year 1,707 8,331 (4,782 ) 23,029 28,285
Eliminated on disposal - - - (22,496 ) (22,496 )
At 28 February 2023 36,393 115,908 50,171 106,522 308,994
NET BOOK VALUE
At 28 February 2023 15,363 74,952 33,022 69,081 192,418
At 28 February 2022 17,070 80,802 24,119 52,169 174,160

Fixed assets, included in the above, which are held under finance leases are as follows:
Motor
vehicles
£   
COST
At 1 March 2022 61,907
Additions 50,352
At 28 February 2023 112,259
DEPRECIATION
At 1 March 2022 35,184
Charge for year 16,666
At 28 February 2023 51,850
NET BOOK VALUE
At 28 February 2023 60,409
At 28 February 2022 26,723

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,223,266 1,096,609
Other debtors 7,534 71,097
1,230,800 1,167,706

McKenna Brothers Limited (Registered number: 02706215)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Finance leases 10,782 10,200
Trade creditors 717,091 968,698
Amounts owed to group undertakings 9,333 10,315
Tax - 45,437
Social security and other taxes 28,647 32,976
VAT 242,406 221,367
Directors' current accounts 79,384 26,740
Accrued expenses 39,682 32,799
1,127,325 1,348,532

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Finance leases 43,937 26,622

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Finance leases 54,719 36,822
Directors Loans - 18,741
54,719 55,563

The directors loans are secured by charges over the company's assets.

Finance leases are secured against the assets to which they relate.

9. RELATED PARTY DISCLOSURES

The company leases its property for £36000 per annum from Mrs J McKenna (Director).

10. ULTIMATE CONTROLLING PARTY

The whole of the company's share capital is held by The McKenna Consortium Limited which is incorporated in England and controlled by C McKenna and R McKenna.