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Registration number: SC030420

Messrs Kennedy Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 November 2023

 

Messrs Kennedy Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Messrs Kennedy Ltd

(Registration number: SC030420)
Balance Sheet as at 28 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,452,986

1,495,804

Other financial assets

5

500

500

 

1,453,486

1,496,304

Current assets

 

Stocks

6

67,658

55,620

Debtors

7

28,396

49,076

Cash at bank and in hand

 

46,983

213,052

 

143,037

317,748

Creditors: Amounts falling due within one year

8

(78,189)

(213,090)

Net current assets

 

64,848

104,658

Total assets less current liabilities

 

1,518,334

1,600,962

Creditors: Amounts falling due after more than one year

8

-

(36,335)

Net assets

 

1,518,334

1,564,627

Capital and reserves

 

Called up share capital

9

500

500

Retained earnings

1,517,834

1,564,127

Shareholders' funds

 

1,518,334

1,564,627

 

Messrs Kennedy Ltd

(Registration number: SC030420)
Balance Sheet as at 28 November 2023

For the financial year ending 28 November 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 22 August 2024 and signed on its behalf by:
 

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

Mr Andrew Kennedy
Director

 

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

1

General information

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

The address of its registered office is:
Seggarsdean
Haddington
East Lothian
EH41 4LD

These financial statements were authorised for issue by the Board on 22 August 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 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.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements and specifically in light of the significant event of Covid-19. The directors note the trading and cashflow position at sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. Actual results may differ from these estimates

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.

 

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 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.

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.

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 and machinery

10% Reducing Balance

Tractors, combines and vehicles

25% Reducing Balance

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.

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.

 

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

 

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

4

Tangible assets

Land and buildings
£

Tractors, combine and vehicles
£

Plant and machinery
£

Total
£

Cost or valuation

At 29 November 2022

950,650

310,311

654,631

1,915,592

Additions

-

62,705

10,000

72,705

Disposals

-

(31,500)

-

(31,500)

At 28 November 2023

950,650

341,516

664,631

1,956,797

Depreciation

At 29 November 2022

-

127,392

292,396

419,788

Charge for the year

-

54,125

37,773

91,898

Eliminated on disposal

-

(7,875)

-

(7,875)

At 28 November 2023

-

173,642

330,169

503,811

Carrying amount

At 28 November 2023

950,650

167,874

334,462

1,452,986

At 28 November 2022

950,650

182,919

362,235

1,495,804

Included within the net book value of land and buildings above is £950,650 (2022 - £950,650) in respect of freehold land and buildings.
 

 

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 29 November 2022

500

500

At 28 November 2023

500

500

Impairment

Carrying amount

At 28 November 2023

500

500

6

Stocks

2023
£

2022
£

Crop stock

64,638

53,420

Other stock

3,020

2,200

67,658

55,620

7

Debtors

Current

2023
£

2022
£

Prepayments

6,772

3,077

Other debtors

21,624

45,999

 

28,396

49,076

 

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Bank loans and overdrafts

36,320

123,467

Trade creditors

22,618

80,130

Accruals and deferred income

5,612

2,593

Other creditors

13,639

6,900

78,189

213,090

Current loans and borrowings

2023
£

2022
£

HP and finance lease liabilities

36,320

123,467

Creditors: amounts falling due after more than one year

Non-current loans and borrowings

2023
£

2022
£

HP and finance lease liabilities

-

36,335

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Class 1 of £1 each

500

500

500

500

       

10

Dividends

2023

2022

£

£

Interim dividend of £82.00 (2022 - £55.00) per ordinary share

41,000

27,500

 

 
 

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2023

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

5,640

5,640