13 30/11/2023 2023-11-30 false false false false false false false true false false true false false false false true false false No description of principal activities is disclosed 2022-12-01 Sage Accounts Production 23.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI066621 2022-12-01 2023-11-30 NI066621 2023-11-30 NI066621 2022-11-30 NI066621 2021-12-01 2022-11-30 NI066621 2022-11-30 NI066621 2021-11-30 NI066621 core:NetGoodwill 2022-12-01 2023-11-30 NI066621 core:PlantMachinery 2022-12-01 2023-11-30 NI066621 core:FurnitureFittingsToolsEquipment 2022-12-01 2023-11-30 NI066621 bus:RegisteredOffice 2022-12-01 2023-11-30 NI066621 bus:LeadAgentIfApplicable 2022-12-01 2023-11-30 NI066621 bus:Director1 2022-12-01 2023-11-30 NI066621 bus:Director3 2022-12-01 2023-11-30 NI066621 bus:CompanySecretary1 2022-12-01 2023-11-30 NI066621 core:NetGoodwill 2022-11-30 NI066621 core:NetGoodwill 2023-11-30 NI066621 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 NI066621 core:PlantMachinery 2022-11-30 NI066621 core:FurnitureFittingsToolsEquipment 2022-11-30 NI066621 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 NI066621 core:PlantMachinery 2023-11-30 NI066621 core:FurnitureFittingsToolsEquipment 2023-11-30 NI066621 core:WithinOneYear 2023-11-30 NI066621 core:WithinOneYear 2022-11-30 NI066621 core:AfterOneYear 2023-11-30 NI066621 core:AfterOneYear 2022-11-30 NI066621 core:ShareCapital 2023-11-30 NI066621 core:ShareCapital 2022-11-30 NI066621 core:RetainedEarningsAccumulatedLosses 2023-11-30 NI066621 core:RetainedEarningsAccumulatedLosses 2022-11-30 NI066621 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-01 2023-11-30 NI066621 core:NetGoodwill 2022-11-30 NI066621 core:LandBuildings core:OwnedOrFreeholdAssets 2022-11-30 NI066621 core:PlantMachinery 2022-11-30 NI066621 core:FurnitureFittingsToolsEquipment 2022-11-30 NI066621 bus:Director1 2023-11-30 NI066621 bus:SmallEntities 2022-12-01 2023-11-30 NI066621 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 NI066621 bus:FullAccounts 2022-12-01 2023-11-30 NI066621 bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 NI066621 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30
Company registration number: NI066621
KEALEY LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
30 November 2023
KEALEY LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
_________________________________________________________________________________________
Contents
Directors and other information
Directors responsibilities statement
Accountants report
Balance sheet
Notes to the financial statements
KEALEY LTD
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023
_________________________________________________________________________________________
Company Information
Directors Mr John Kealey
Mrs Siobhan Kealey (Appointed 1 October 2023)
Secretary Mr John Kealey
Company number NI066621
Registered office 24 Ballymaguigan Road
Magherafelt
BT45 6LE
Business address 49 Creagh Road
Toomebridge
Antrim
BT41 3SE
Accountants Kelly & O'Neill Ltd
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
Bankers Bank of Ireland
Market Street
Magherafelt
KEALEY LTD
DIRECTORS RESPONSIBILITIES
YEAR ENDED 30 NOVEMBER 2023
_________________________________________________________________________________________
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
KEALEY LTD
REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE
UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KEALEY LTD (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
________________________________________________________________________________________
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kealey Ltd for the year ended 30 November 2023 which comprise the Balance Sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland, we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Kealey Ltd, as a body, in accordance with the terms of our engagement letter dated 27 March 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Kealey Ltd and state those matters that we have agreed to state to the board of directors of Kealey Ltd as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kealey Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Kealey Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Kealey Ltd. You consider that Kealey Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Kealey Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kelly & O'Neill Ltd
Chartered Accountants
15E Molesworth Street
Cookstown
Co Tyrone
BT80 8NX
17 May 2024
KEALEY LTD
BALANCE SHEET (CONTINUED)
30 NOVEMBER 2023
_________________________________________________________________________________________
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 48,349 60,436
Tangible assets 6 528,982 503,820
_______ _______
577,331 564,256
Current assets
Stocks 17,565 15,142
Debtors 7 200,645 186,010
Cash at bank and in hand 169,484 117,595
_______ _______
387,694 318,747
Creditors: amounts falling due
within one year 8 ( 359,496) ( 276,822)
_______ _______
Net current assets 28,198 41,925
_______ _______
Total assets less current liabilities 605,529 606,181
Creditors: amounts falling due
after more than one year 9 ( 160,944) ( 234,380)
_______ _______
Net assets 444,585 371,801
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 444,485 371,701
_______ _______
Shareholders funds 444,585 371,801
_______ _______
For the year ending 30 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 17 May 2024 , and are signed on behalf of the board by:
Mr John Kealey
Director
Company registration number: NI066621
KEALEY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
_________________________________________________________________________________________
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 24 Ballymaguigan Road, Magherafelt, BT45 6LE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Straight Line over 25 years
Plant and machinery - 15 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 11 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 December 2022 and 30 November 2023 241,727 241,727
_______ _______
Amortisation
At 1 December 2022 181,292 181,292
Charge for the year 12,086 12,086
_______ _______
At 30 November 2023 193,378 193,378
_______ _______
Carrying amount
At 30 November 2023 48,349 48,349
_______ _______
At 30 November 2022 60,435 60,435
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 December 2022 323,125 1,139,375 9,353 1,471,853
Additions - 87,500 - 87,500
_______ _______ _______ _______
At 30 November 2023 323,125 1,226,875 9,353 1,559,353
_______ _______ _______ _______
Depreciation
At 1 December 2022 148,726 812,479 6,828 968,033
Charge for the year 12,925 49,034 379 62,338
_______ _______ _______ _______
At 30 November 2023 161,651 861,513 7,207 1,030,371
_______ _______ _______ _______
Carrying amount
At 30 November 2023 161,474 365,362 2,146 528,982
_______ _______ _______ _______
At 30 November 2022 174,399 326,896 2,525 503,820
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 181,989 141,818
Other debtors 18,656 44,192
_______ _______
200,645 186,010
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 47,782 46,509
Trade creditors 128,652 83,221
Corporation tax 45,050 14,202
Social security and other taxes 42,076 46,264
Other creditors 95,936 86,626
_______ _______
359,496 276,822
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 119,959 162,133
Other creditors 40,985 72,247
_______ _______
160,944 234,380
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr John Kealey - ( 21,293) ( 21,293)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr John Kealey - - -
_______ _______ _______