Registered number
03899381
Kenneally Business Associates Limited
Report and Unaudited Accounts
31 December 2023
TRUEMAN BROWN
CHARTERED ACCOUNTANTS
7 FOXGLOVE ROAD
SOUTH OCKENDON
ESSEX. RM15 6EU
Kenneally Business Associates Limited
Report and accounts
Contents
Page
Company information 1
Director's report 2
Chartered Accountants' report 3
Profit and loss account 4
Balance sheet 5
Statement of changes in equity 6
Notes to the accounts 7
Kenneally Business Associates Limited
Company Information
Director
Mr J M Kenneally
Secretary
Mrs I L Kenneally
Accountants
Trueman Brown
7 Foxglove Road
South Ockendon
Essex
RM15 6EU
Registered office
7 Foxglove Road
South Ockendon
Essex
RM15 6EU
Registered number
03899381
Kenneally Business Associates Limited
Registered number: 03899381
Director's Report
The director presents his report and accounts for the year ended 31 December 2023.
Principal activities
The company's principal activity during the year continued to be commodities trading.
Directors
The following persons served as directors during the year:
Mr J M Kenneally
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 30 August 2024 and signed by its order.
Mrs I L Kenneally
Secretary
Kenneally Business Associates Limited
Profit and Loss Account
for the year ended 31 December 2023
2023 2022
£ £
Turnover 429,549 303,844
Cost of sales (388,770) (273,771)
Gross profit 40,779 30,073
Administrative expenses (23,744) (13,170)
Operating profit 17,035 16,903
Profit on ordinary activities before taxation 17,035 16,903
Tax on profit on ordinary activities (3,237) (3,212)
Profit for the financial year 13,798 13,691
Kenneally Business Associates Limited
Registered number: 03899381
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 - 570
Current assets
Debtors 4 32,505 28,260
Cash at bank and in hand 178,118 174,120
210,623 202,380
Creditors: amounts falling due within one year 5 (48,146) (49,563)
Net current assets 162,477 152,817
Total assets less current liabilities 162,477 153,387
Provisions for liabilities - (108)
Net assets 162,477 153,279
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 161,477 152,279
Shareholder's funds 162,477 153,279
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr J M Kenneally
Director
Approved by the board on 30 August 2024
Kenneally Business Associates Limited
Statement of Changes in Equity
for the year ended 31 December 2023
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 January 2022 1,000 - - 138,588 139,588
Profit for the financial year 13,691 13,691
At 31 December 2022 1,000 - - 152,279 153,279
At 1 January 2023 1,000 - - 152,279 153,279
Profit for the financial year 13,798 13,798
Dividends (4,600) (4,600)
At 31 December 2023 1,000 - - 161,477 162,477
Kenneally Business Associates Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% on remaining balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 January 2023 10,870 20,255 31,125
At 31 December 2023 10,870 20,255 31,125
Depreciation
At 1 January 2023 10,870 19,685 30,555
Charge for the year - 570 570
At 31 December 2023 10,870 20,255 31,125
Net book value
At 31 December 2023 - - -
At 31 December 2022 - 570 570
4 Debtors 2023 2022
£ £
Trade debtors 23,524 19,279
Other debtors 8,981 8,981
32,505 28,260
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 27,863 23,829
Corporation tax 3,345 3,461
Other taxes and social security costs 15,886 15,476
Other creditors 1,052 6,797
48,146 49,563
6 Controlling party
The company was under the control of Mr J Kenneally throughout the current and previous year. Mr J Kenneally is the sole director and shareholder of the company.
7 Other information
Kenneally Business Associates Limited is a private company limited by shares and incorporated in England. Its registered office is:
7 Foxglove Road
South Ockendon
Essex
RM15 6EU
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