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Registration number: 00466229

Joseph Keegan & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Joseph Keegan & Sons Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Joseph Keegan & Sons Limited

Company Information

Directors

Mr J N Campbell

Mr P F Campbell

Company secretary

Mr J N Campbell

Registered office

Centenary Buildings
Cleveland Avenue
Holyhead
Isle of Anglesey
LL65 2LB

Accountants

Aston Hughes & Co
Chartered Accountants
Selby Towers
29 Princes Drive
Colwyn Bay
LL29 8PE

 

Joseph Keegan & Sons Limited

(Registration number: 00466229)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

77,846

51,324

Current assets

 

Stocks

5

380,539

371,683

Debtors

6

357,079

376,796

Cash at bank and in hand

 

344,655

161,052

 

1,082,273

909,531

Creditors: Amounts falling due within one year

7

(582,426)

(430,868)

Net current assets

 

499,847

478,663

Net assets

 

577,693

529,987

Capital and reserves

 

Called up share capital

8

9,252

9,252

Capital redemption reserve

748

748

Retained earnings

567,693

519,987

Shareholders' funds

 

577,693

529,987

For the financial year ending 30 September 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 18 January 2024 and signed on its behalf by:
 

.........................................
Mr P F Campbell
Director

 

Joseph Keegan & Sons Limited

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

1

General information

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

The address of its registered office is:
Centenary Buildings
Cleveland Avenue
Holyhead
Isle of Anglesey
LL65 2LB
Wales

These financial statements were authorised for issue by the Board on 18 January 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The transition date to Financial Reporting Standard 102 Section 1A was 1 October 2015.

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.

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.

 

Joseph Keegan & Sons Limited

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

Tax

The tax expense for the period comprises current 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.

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 & Machinery

10% - 25% Straight Line

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.

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.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Joseph Keegan & Sons Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 15 (2022 - 15).

 

Joseph Keegan & Sons Limited

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

4

Tangible assets

Plant & Machinery
£

Total
£

Cost or valuation

At 1 October 2022

285,624

285,624

Additions

69,375

69,375

At 30 September 2023

354,999

354,999

Depreciation

At 1 October 2022

234,300

234,300

Charge for the year

42,853

42,853

At 30 September 2023

277,153

277,153

Carrying amount

At 30 September 2023

77,846

77,846

At 30 September 2022

51,324

51,324

5

Stocks

2023
£

2022
£

Inventories

380,539

371,683

6

Debtors

Current

2023
£

2022
£

Trade debtors

352,622

352,408

Other debtors

4,457

24,388

 

357,079

376,796

 

Joseph Keegan & Sons Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

56,647

25,795

Trade creditors

 

329,209

242,368

Taxation and social security

 

117,420

119,205

Accruals and deferred income

 

8,650

2,000

Other creditors

 

70,500

41,500

 

582,426

430,868

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

9,252

9,252

9,252

9,252

         

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

56,647

25,795