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Registration number: 11268029

Kennedy News And Media Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Kennedy News And Media Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Kennedy News And Media Limited

(Registration number: 11268029)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

7,448

6,283

Current assets

 

Debtors

5

90,714

157,576

Cash at bank and in hand

 

115,725

121,225

 

206,439

278,801

Creditors: Amounts falling due within one year

6

(112,741)

(139,381)

Net current assets

 

93,698

139,420

Total assets less current liabilities

 

101,146

145,703

Provisions for liabilities

(792)

(1,194)

Net assets

 

100,354

144,509

Capital and reserves

 

Called up share capital

120

120

Profit and loss account

100,234

144,389

Shareholders' funds

 

100,354

144,509

For the financial year ending 31 March 2024 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 provisions applicable to companies subject to the small companies' regime 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 Income Statement has been taken.

Approved and authorised by the Board on 19 September 2024 and signed on its behalf by:
 

 

Kennedy News And Media Limited

(Registration number: 11268029)
Statement of Financial Position as at 31 March 2024

.........................................
D Keane
Director

.........................................
J Parsons
Company secretary and director

 

Kennedy News And Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

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 financial statements are prepared in sterling, which is the functional currency of the entity.

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 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.

Tax

The tax expense for the period comprises current and deferred 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.

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.

 

Kennedy News And Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Office Equipment

25% on cost

Leasehold Improvements

10 years on straight line method

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2023 - 13).

 

Kennedy News And Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Leasehold Improvements
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2023

-

9,990

9,990

Additions

4,413

-

4,413

At 31 March 2024

4,413

9,990

14,403

Depreciation

At 1 April 2023

-

3,707

3,707

Charge for the year

882

2,366

3,248

At 31 March 2024

882

6,073

6,955

Carrying amount

At 31 March 2024

3,531

3,917

7,448

At 31 March 2023

-

6,283

6,283

Included within the net book value of land and buildings above is £3,531 (2023 - £Nil) in respect of leasehold improvements.
 

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

38,739

35,557

Amounts owed by related parties

7

985

-

Other debtors

 

1,255

28,403

Prepayments

 

1,684

1,714

Accrued income

 

48,051

91,902

 

90,714

157,576

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Trade creditors

4,357

4,818

Taxation and social security

78,245

82,917

Accruals and deferred income

27,590

49,294

Other creditors

2,549

2,352

112,741

139,381

 

Kennedy News And Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Related party transactions

Interest has been charged on the directors' loan account at the HMRC official interest rate.

The following unsecured loans to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

D R Parsons

4,061

(4,061)

-

       
     

J Parsons

4,061

(4,061)

-

       
     

J D Toney

4,061

(4,061)

-

       
     

D Keane

12,849

(12,849)

-

       
     

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

D R Parsons

3,833

4,061

(3,833)

4,061

         
       

J Parsons

3,833

4,061

(3,833)

4,061

         
       

J D Toney

3,833

4,061

(3,833)

4,061

         
       

D Keane

12,138

12,849

(12,138)

12,849