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Registration number: 05686834

Kennedy Cater Ltd

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

 

Kennedy Cater Ltd

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,471

6,228

Current assets

 

Debtors

5

2,168,936

1,576,873

Cash at bank and in hand

 

391,402

573,170

 

2,560,338

2,150,043

Creditors: Amounts falling due within one year

6

(880,554)

(762,175)

Net current assets

 

1,679,784

1,387,868

Total assets less current liabilities

 

1,682,255

1,394,096

Creditors: Amounts falling due after more than one year

6

(63,333)

(103,333)

Provisions for liabilities

(470)

(1,184)

Net assets

 

1,618,452

1,289,579

Capital and reserves

 

Called up share capital

88

88

Share premium reserve

1,504

1,504

Capital redemption reserve

59

59

Retained earnings

1,616,801

1,287,928

Shareholders' funds

 

1,618,452

1,289,579

For the financial year ending 31 December 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.

 

Kennedy Cater Ltd

Statement of Financial Position as at 31 December 2023

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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 

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

T J K Morel

Director

Company registration number: 05686834

 

Kennedy Cater Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
First Floor
1 Suffolk Way
Sevenoaks
Kent
TN13 1YL

The principal activity of the company is that of the provision of legal and associated services.

2

Accounting policies

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company made a profit for the year ended 31 December 2023 and had net assets of £1,618,452 including cash at bank of £391,402 at that date.

After making enquires, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. In view of the foregoing, 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 provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises fee income for the provision of services to clients based upon the stage of completion of contracted work. Retentions are recognised evenly over the period covered by the fee.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Kennedy Cater Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Furniture, fittings and equipment

33.3% straight line

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.

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 income statement 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.

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.

 

Kennedy Cater Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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 during the year was 11 (2022 - 10).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

34,032

34,032

Additions

896

896

At 31 December 2023

34,928

34,928

Depreciation

At 1 January 2023

27,804

27,804

Charge for the year

4,653

4,653

At 31 December 2023

32,457

32,457

Carrying amount

At 31 December 2023

2,471

2,471

At 31 December 2022

6,228

6,228

 

Kennedy Cater Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

2023
£

2022
£

Trade debtors

412,357

420,092

Other debtors

1,756,579

1,156,781

2,168,936

1,576,873

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

40,000

40,000

Trade creditors

 

112,357

107,207

Taxation and social security

 

352,011

308,107

Other creditors

 

376,186

306,861

 

880,554

762,175

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

63,333

103,333

7

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank loan

40,000

40,000



 

2023
£

2022
£

Non-current loans and borrowings

Bank loan

63,333

103,333

The Bank loan is secured by a fixed and floating charge over the company's assets and undertakings.

8

Obligations under leases

The total of future minimum lease payments not reflected in the statement of financial position amounts to £32,333 (2022 - £6,384).

 

Kennedy Cater Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Transactions with directors

During the year there were advances to directors of £700,000 and repayments of £285,000. At 31 December 2023 an amount of £1,436,781 (2022: £993,485) was due from the directors. Interest of £28,296 (2022: £20,511) is payable to the company at 2% and 2.25% per annum.