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REGISTERED NUMBER: 11920973 (England and Wales)














Group Strategic Report,

Report of the Director and

Consolidated Financial Statements

for the Year Ended 30 November 2023

for

KEENAN HOLDINGS LIMITED

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)






Contents of the Consolidated Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


KEENAN HOLDINGS LIMITED

Company Information
for the Year Ended 30 November 2023







Director: D Keenan



Registered office: Keenan House
22-26 Stockport Road
Altrincham
WA15 8EX



Registered number: 11920973 (England and Wales)



Senior statutory auditor: Simon Davies MMath FCA



Auditors: Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Group Strategic Report
for the Year Ended 30 November 2023

The director presents her strategic report of the company and the group for the year ended 30 November 2023.

Review of business
The business uses a number of key performance indicators in assessing and driving performance, as shown below:

2023 2022

Gross profit margin 18.28% 16.09%
Operating profit margin 5.59% 5.28%
Liquidity (current ratio) 1.88 1.92

The Group has generated a pre tax profit of £546,210 (2022: £648,351).

Although turnover was reduced from the levels achieved in 2022 the company has been able to increase gross margin to 18.28% (2022: 16.09%) which was due to factory led efficiencies and improved procurement of materials.

The supply of materials has normalised in the year, therefore the need to bulk order stock has reduced, and the group has been able to utilise its stock and reduce re-order levels. This coupled with a marginal increase in creditors has resulted in an increase in net current assets to £3,355,702 (2022: £3,146,372)

The Group has a strong secured orderbook to 30th November 2024 and with a number of large contracts being forecast as "highly likely".

The balance sheet on page 9 shows, in the opinion of the directors, a strong financial position at the year-end demonstrating the solid financial position of the Group.

Principal risks and uncertainties
The Group operates in a competitive market and the majority of it's output serves one main customer, and this is key to the workflow. The director and management of the group have very close links with the related party and jointly price works to ensure that the work being procured for the group is secured at the best returns. The directors and management have full visibility of these workflows to enable it to efficiently programme the works into the factory in order to maximise quality and margin.

Risks to the market in which the group operates inherently come from the competitive nature of the industry, with factors such as price of raw materials, labour only subcontractors and competitor margins. These risks are mitigated well by the group by ensuring each job is completed to an excellent standard. Risks within the macro environment, being supply chain and price of materials always remains at the forefront of the group's discussions and strategy of a fixed price policy being adhered to where possible. The stabilising of material along with the normalisation of prices has enabled the group to effectively price and forecast margins for new contracts. Inflationary increases have been priced into current tendering process and the group continues to operate a fix priced policy for the main system components.

Review of developments
With a strong secured forward order book and with visibility of a number of large contracts becoming "highly likely", the director believes that the Group can continue its strategy of sustainable level of trading in the next financial year.

The Group continues to develop and invest in innovation in order to give the best product and supply offering to its clients.


KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Group Strategic Report
for the Year Ended 30 November 2023

Future developments
The directors expect the general level of activity to be stable for the forthcoming year and have also successfully secured a number of key contracts that will fulfil factory operations in the forthcoming year. The company plans to invest in new equipment during the 2024 year in order to further improve efficiencies and gross margin.

On behalf of the board:





D Keenan - Director


30 August 2024

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Report of the Director
for the Year Ended 30 November 2023

The director presents her report with the financial statements of the company and the group for the year ended 30 November 2023.

Principal activity
The principal activity of the group in the year under review was that of aluminium fabricators and the manufacture of aluminium windows and doors.

Dividends
No dividends will be distributed for the year ended 30 November 2023.

Director
D Keenan held office during the whole of the period from 1 December 2022 to the date of this report.

Statement of director's responsibilities
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Auditors
The auditors, Mitchell Gordon LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





D Keenan - Director


30 August 2024

Report of the Independent Auditors to the Members of
Keenan Holdings Limited

Opinion
We have audited the financial statements of Keenan Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 30 November 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Emphasis of matter
We draw attention to Note 3 of the financial statements, which describes the rationale for the basis of preparation of the financial statements. Our opinion is not modified in respect of this matter.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Keenan Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our commercial knowledge and experience of the sectors in which the company operates;
- we focused on specific laws and regulations which we considered may have a direct material effect on the
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation,
data protection compliance, anti-bribery, employment, environmental and health and safety legislation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert
to instances of non-compliance throughout the audit.

These procedures did not identify any potentially material actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge
of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.

Report of the Independent Auditors to the Members of
Keenan Holdings Limited


To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- reviewed material journal entries to identify unusual transactions or posting by unusual users;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of
potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC and the company's legal advisors.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.

In addition, as with any audit, there remains a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance of fraud and cannot be expected to detect non-compliance with all laws & regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Davies MMath FCA (Senior Statutory Auditor)
for and on behalf of Mitchell Gordon LLP
Accountants and Statutory Auditor
43 Coniscliffe Road
Darlington
Co. Durham
DL3 7EH

30 August 2024

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 30 November 2023

30/11/23 30/11/22
Notes £    £   

Turnover 4 11,553,154 13,566,188

Cost of sales 9,440,819 11,382,807
Gross profit 2,112,335 2,183,381

Administrative expenses 1,954,142 1,955,202
158,193 228,179

Other operating income 487,644 488,644
Operating profit 6 645,837 716,823

Interest receivable and similar income 3,185 775
649,022 717,598

Interest payable and similar expenses 8 102,812 69,246
Profit before taxation 546,210 648,352

Tax on profit 9 85,064 213,630
Profit for the financial year 461,146 434,722

Other comprehensive income - -
Total comprehensive income for the year 461,146 434,722

Profit attributable to:
Owners of the parent 461,146 434,722

Total comprehensive income attributable to:
Owners of the parent 461,146 434,722

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Consolidated Balance Sheet
30 November 2023

30/11/23 30/11/22
Notes £    £    £    £   
Fixed assets
Intangible assets 11 319,971 377,702
Tangible assets 12 2,664,508 2,773,034
Investments 13 - -
2,984,479 3,150,736

Current assets
Stocks 14 726,951 1,050,368
Debtors 15 5,737,569 5,116,136
Cash at bank and in hand 363,599 415,647
6,828,119 6,582,151
Creditors
Amounts falling due within one year 16 3,472,416 3,435,778
Net current assets 3,355,703 3,146,373
Total assets less current liabilities 6,340,182 6,297,109

Creditors
Amounts falling due after more than one
year

17

(992,497

)

(1,372,805

)

Provisions for liabilities 21 (185,587 ) (223,352 )
Net assets 5,162,098 4,700,952

Capital and reserves
Called up share capital 22 50 50
Capital redemption reserve 23 50,000 50,000
Fair value reserve 23 1,949,950 1,949,950
Retained earnings 23 3,162,098 2,700,952
Shareholders' funds 5,162,098 4,700,952

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





D Keenan - Director


KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Company Balance Sheet
30 November 2023

30/11/23 30/11/22
Notes £    £    £    £   
Fixed assets
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 1,950,100 1,950,100
1,950,100 1,950,100

Current assets
Debtors 15 49,268 49,268

Creditors
Amounts falling due within one year 16 641,308 404,271
Net current liabilities (592,040 ) (355,003 )
Total assets less current liabilities 1,358,060 1,595,097

Creditors
Amounts falling due after more than one
year

17

-

204,750
Net assets 1,358,060 1,390,347

Capital and reserves
Called up share capital 22 50 50
Retained earnings 23 1,358,010 1,390,297
Shareholders' funds 1,358,060 1,390,347

Company's (loss)/profit for the financial year (32,287 ) 220,552

The financial statements were approved by the director and authorised for issue on 30 August 2024 and were signed by:





D Keenan - Director


KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Consolidated Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up Capital Fair
share Retained redemption value Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1 December 2021 50 2,266,230 50,000 1,949,950 4,266,230

Changes in equity
Total comprehensive income - 434,722 - - 434,722
Balance at 30 November 2022 50 2,700,952 50,000 1,949,950 4,700,952

Changes in equity
Total comprehensive income - 461,146 - - 461,146
Balance at 30 November 2023 50 3,162,098 50,000 1,949,950 5,162,098

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Company Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 50 1,169,745 1,169,795

Changes in equity
Total comprehensive income - 220,552 220,552
Balance at 30 November 2022 50 1,390,297 1,390,347

Changes in equity
Total comprehensive income - (32,287 ) (32,287 )
Balance at 30 November 2023 50 1,358,010 1,358,060

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

30/11/23 30/11/22
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 752,393 224,965
Interest paid (97,235 ) (61,474 )
Interest element of hire purchase payments
paid

(5,577

)

(7,772

)
Tax paid (144,105 ) (11,794 )
Net cash from operating activities 505,476 143,925

Cash flows from investing activities
Purchase of tangible fixed assets (49,206 ) (80,946 )
Sale of tangible fixed assets 9,000 -
Interest received 3,185 775
Net cash from investing activities (37,021 ) (80,171 )

Cash flows from financing activities
Loan repayments in year (77,703 ) (109,727 )
Capital repayments in year (91,800 ) (89,606 )
Other loan repayments (351,000 ) (351,000 )
Net cash from financing activities (520,503 ) (550,333 )

Decrease in cash and cash equivalents (52,048 ) (486,579 )
Cash and cash equivalents at beginning of
year

2

415,647

902,226

Cash and cash equivalents at end of year 2 363,599 415,647

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30/11/23 30/11/22
£    £   
Profit before taxation 546,210 648,352
Depreciation charges 206,463 210,744
Loss on disposal of fixed assets - 12,023
Finance costs 102,812 69,246
Finance income (3,185 ) (775 )
852,300 939,590
Decrease in stocks 323,417 776,476
Increase in trade and other debtors (621,433 ) (861,544 )
Increase/(decrease) in trade and other creditors 198,109 (629,557 )
Cash generated from operations 752,393 224,965

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30/11/23 1/12/22
£    £   
Cash and cash equivalents 363,599 415,647
Year ended 30 November 2022
30/11/22 1/12/21
£    £   
Cash and cash equivalents 415,647 902,226


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/12/22 Cash flow At 30/11/23
£    £    £   
Net cash
Cash at bank and in hand 415,647 (52,048 ) 363,599
415,647 (52,048 ) 363,599
Debt
Finance leases (281,983 ) 91,800 (190,183 )
Debts falling due within 1 year (99,246 ) (3,863 ) (103,109 )
Debts falling due after 1 year (977,872 ) 81,564 (896,308 )
(1,359,101 ) 169,501 (1,189,600 )
Total (943,454 ) 117,453 (826,001 )

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Keenan Holdings 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements are prepared under the going concern basis of accounting.

A majority of the group's turnover is derived from its main customer. The group has received written assurances from its main customer that it has sufficient secured workload to support the group for at least 12 months from the date of signing of the audit report. Whilst written assurances have been provided, there is no legally binding agreement to pass work in place and this therefore represents a fundamental uncertainty. The director believes that there is a good commercial rationale for this work to be passed to the group and foresees no reason why such work would not be provided and has therefore chosen to adopt the going concern basis of accounting.

Basis of consolidation
All subsidiaries are consolidated on the acquisition method of accounting, with the exception of Nolanda Limited which has been consolidated on the merger method of accounting. All subsidiary undertakings were acquired on 14 June 2019.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Sale of goods
Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued

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.
Freehold property - not provided
Plant and machinery - 25% on reducing balance and 10% on cost
Fixtures and fittings - 25% on reducing balance and 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

No depreciation is charged against Freehold Property on the basis that the building is maintained to a level where the residual value is not expected to be materially different for the historical cost.

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

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The group has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

3. ACCOUNTING POLICIES - continued
Basic financial liabilities
Basic financial liabilities, including loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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.

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 group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

30/11/23 30/11/22
£    £   
Sale of goods 11,553,154 13,566,188
11,553,154 13,566,188

All income is attributable to the United Kingdom

5. EMPLOYEES AND DIRECTORS
30/11/23 30/11/22
£    £   
Wages and salaries 2,559,312 2,828,413
Social security costs 261,783 279,580
Other pension costs 47,503 64,800
2,868,598 3,172,793

The average number of employees during the year was as follows:
30/11/23 30/11/22

Production and sales 71 72
Management and administration 5 5
76 77

30/11/23 30/11/22
£    £   
Director's remuneration 65,000 75,000

6. OPERATING PROFIT

The operating profit is stated after charging:

30/11/23 30/11/22
£    £   
Hire of plant and machinery 138,657 108,077
Depreciation - owned assets 97,732 102,015
Depreciation - assets on hire purchase contracts 51,000 51,000
Loss on disposal of fixed assets - 12,023
Goodwill amortisation 57,731 57,731

7. AUDITORS' REMUNERATION

30/11/23 30/11/22
£    £   
Fees in relation to the audit of the financial statements 24,122 17,374


KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

8. INTEREST PAYABLE AND SIMILAR EXPENSES
30/11/23 30/11/22
£    £   
Bank loan interest 71,056 38,070
Loan interest 25,368 23,404
Corporation tax interest 811 -
Hire purchase 5,577 7,772
102,812 69,246

9. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30/11/23 30/11/22
£    £   
Current tax:
UK corporation tax 173,397 153,343
Overprovision in prior year (50,568 ) -
Total current tax 122,829 153,343

Deferred tax (37,765 ) 60,287
Tax on profit 85,064 213,630

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

30/11/23 30/11/22
£    £   
Profit before tax 546,210 648,352
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2022 - 19 %)

136,553

123,187

Effects of:
Expenses not deductible for tax purposes 1,290 2,230
Depreciation in excess of capital allowances 38,967 26,279
Adjustments to tax charge in respect of previous periods (50,569 ) (78 )
Other adjustments - 1,724
development relief
Accelerated capital allowances (37,765 ) (665 )
Change in rate in taxation (3,412 ) 60,953
Total tax charge 85,064 213,630

10. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 December 2022
and 30 November 2023 577,783
AMORTISATION
At 1 December 2022 200,081
Amortisation for year 57,731
At 30 November 2023 257,812
NET BOOK VALUE
At 30 November 2023 319,971
At 30 November 2022 377,702

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022 1,876,575 1,512,819 147,180
Additions - 42,667 2,887
Disposals - (9,000 ) -
At 30 November 2023 1,876,575 1,546,486 150,067
DEPRECIATION
At 1 December 2022 - 706,548 87,920
Charge for year - 125,488 15,301
At 30 November 2023 - 832,036 103,221
NET BOOK VALUE
At 30 November 2023 1,876,575 714,450 46,846
At 30 November 2022 1,876,575 806,271 59,260

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 3,977 41,965 3,582,516
Additions - 3,652 49,206
Disposals - - (9,000 )
At 30 November 2023 3,977 45,617 3,622,722
DEPRECIATION
At 1 December 2022 3,229 11,785 809,482
Charge for year 187 7,756 148,732
At 30 November 2023 3,416 19,541 958,214
NET BOOK VALUE
At 30 November 2023 561 26,076 2,664,508
At 30 November 2022 748 30,180 2,773,034

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 December 2022
and 30 November 2023 510,000
DEPRECIATION
At 1 December 2022 102,001
Charge for year 51,000
At 30 November 2023 153,001
NET BOOK VALUE
At 30 November 2023 356,999
At 30 November 2022 407,999

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 December 2022
and 30 November 2023 1,950,100
NET BOOK VALUE
At 30 November 2023 1,950,100
At 30 November 2022 1,950,100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Premo Holdings Limited
Registered office: Durham Way South, Aycliffe Business Park, Newton Aycliffe, Co Durham, DL5 6XN
Nature of business: Asset hire and holding company
%
Class of shares: holding
Ordinary 100.00
Ordinary A 100.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 1,888,909 1,752,397
Profit for the year 136,512 414,935

Premo Aluminium Limited
Registered office: Durham Way South, Aycliffe Business Park, Newton Aycliffe, Co Durham, DL5 6XN
Nature of business: Aluminium windows and doors manufacturer
%
Class of shares: holding
Ordinary 100.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 585,676 480,422
Profit/(loss) for the year 105,254 (43,419 )

Premo Fabrications Limited
Registered office: Durham Way South, Aycliffe Business Park, Newton Aycliffe, Co Durham, DL5 6XN.
Nature of business: Aluminium fabricators
%
Class of shares: holding
Ordinary 100.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 2,869,425 2,546,012
Profit for the year 323,413 409,455

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

13. FIXED ASSET INVESTMENTS - continued

Nolanda Limited
Registered office: Merchants House, 24 North Quay, Douglas, Isle of Man, IM1 4LE
Nature of business: Investment holding company
%
Class of shares: holding
Ordinary 100.00
30/11/23 30/11/22
£    £   
Aggregate capital and reserves 90,355 104,369
Loss for the year (14,014 ) (9,071 )


14. STOCKS

Group
30/11/23 30/11/22
£    £   
Stocks 726,951 1,050,368

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/11/23 30/11/22 30/11/23 30/11/22
£    £    £    £   
Trade debtors 5,460,342 4,293,074 - -
Amounts owed by group undertakings - - 48,000 48,000
Other debtors 8,488 12,183 1,268 1,268
Prepayments and accrued income 268,739 810,879 - -
5,737,569 5,116,136 49,268 49,268

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
30/11/23 30/11/22 30/11/23 30/11/22
£    £    £    £   
Bank loans and overdrafts (see note 18) 103,109 99,246 - -
Hire purchase contracts (see note 19) 93,994 91,800 - -
Trade creditors 2,357,358 2,166,424 3,640 323
Amounts owed to group undertakings - - 414,885 38,517
Tax 123,810 145,088 - -
Social security and other taxes 55,785 59,004 - -
VAT 180,507 166,458 - -
Other creditors 237,337 395,566 216,974 359,901
Accruals and deferred income 320,516 312,192 5,809 5,530
3,472,416 3,435,778 641,308 404,271

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
30/11/23 30/11/22 30/11/23 30/11/22
£    £    £    £   
Bank loans (see note 18) 896,308 977,872 - -
Hire purchase contracts (see note 19) 96,189 190,183 - -
Other creditors - 204,750 - 204,750
992,497 1,372,805 - 204,750

18. LOANS

An analysis of the maturity of loans is given below:

Group
30/11/23 30/11/22
£    £   
Amounts falling due within one year or on demand:
Bank loans 103,109 99,246
Amounts falling due between one and two years:
Bank loans 108,168 103,109
Amounts falling due between two and five years:
Bank loans 357,407 340,689
Amounts falling due in more than five years:
Repayable by instalments
Bank loans 430,733 534,074

The loan is subject to interest charged at 2.5% above the Bank of England base rate.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
30/11/23 30/11/22
£    £   
Net obligations repayable:
Within one year 93,994 91,800
Between one and five years 96,189 190,183
190,183 281,983

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

19. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
30/11/23 30/11/22
£    £   
Within one year 82,500 198,000
Between one and five years - 82,500
82,500 280,500

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
30/11/23 30/11/22
£    £   
Bank loans 999,417 1,077,118
Hire purchase contracts 190,183 281,983
1,189,600 1,359,101

Hire purchase borrowings are secured against the assets to which they relate.
Bank loans are secured via a fixed and floating charge over all assets of the subsidiary company.

21. PROVISIONS FOR LIABILITIES

Group
30/11/23 30/11/22
£    £   
Deferred tax 185,587 223,352

Group
Deferred
tax
£   
Balance at 1 December 2022 223,352
Accelerated capital allowances (37,765 )
Balance at 30 November 2023 185,587

The deferred tax balance relates to accelerated capital allowances. It is estimated that £19,973 (2022: £27,845) of this balance will reverse within the next 12 months.

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30/11/23 30/11/22
value: £    £   
50 Ordinary £1 50 50

KEENAN HOLDINGS LIMITED (REGISTERED NUMBER: 11920973)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 30 November 2023

22. CALLED UP SHARE CAPITAL - continued

Ordinary shares have rights to attend meetings, participate in dividends as recommended by the director and participate in a winding up. They carry one vote per ordinary share.

23. RESERVES

Group
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 1 December 2022 2,700,952 50,000 1,949,950 4,700,902
Profit for the year 461,146 461,146
At 30 November 2023 3,162,098 50,000 1,949,950 5,162,048

Company
Retained
earnings
£   

At 1 December 2022 1,390,297
Deficit for the year (32,287 )
At 30 November 2023 1,358,010


24. CAPITAL COMMITMENTS
30/11/23 30/11/22
£    £   
Contracted but not provided for in the
financial statements 154,000 -

25. RELATED PARTY DISCLOSURES

Other related parties
30/11/23 30/11/22
£    £   
Sales 11,506,553 13,250,147
Amount due from related party 5,361,566 4,196,117

Other related parties relate to companies controlled by close persons of D Keenan.

During the year, a total of key management personnel compensation of £ 265,121 (2022 - £ 302,863 ) was paid.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is D Keenan.