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Company Registration No. NI072976 (Northern Ireland)
Roy Kennedy (Fuels) Ltd Unaudited accounts for the year ended 31 March 2024
Roy Kennedy (Fuels) Ltd Unaudited accounts Contents
Page
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Roy Kennedy (Fuels) Ltd Company Information for the year ended 31 March 2024
Directors
Robert Kennedy Brian Kennedy Caroline Kennedy Colette Kennedy Stephen Kennedy
Secretary
Caroline Kennedy
Company Number
NI072976 (Northern Ireland)
Registered Office
8 Bridge Road Moira Craigavon Co. Armagh BT67 0PF
Accountants
SJK 8 Bridge Road Moira Co. Armagh BT67 0PF
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Roy Kennedy (Fuels) Ltd Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
7,650 
17,850 
Tangible assets
560,468 
611,884 
568,118 
629,734 
Current assets
Inventories
178,193 
94,751 
Debtors
231,462 
278,682 
Cash at bank and in hand
449,190 
277,417 
858,845 
650,850 
Creditors: amounts falling due within one year
(635,358)
(410,944)
Net current assets
223,487 
239,906 
Total assets less current liabilities
791,605 
869,640 
Creditors: amounts falling due after more than one year
(160,221)
(211,414)
Provisions for liabilities
Deferred tax
(73,321)
(82,174)
Net assets
558,063 
576,052 
Capital and reserves
Called up share capital
30,000 
30,000 
Profit and loss account
528,063 
546,052 
Shareholders' funds
558,063 
576,052 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2024 and were signed on its behalf by
Robert Kennedy Director Company Registration No. NI072976
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Roy Kennedy (Fuels) Ltd Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Roy Kennedy (Fuels) Ltd is a private company, limited by shares, registered in Northern Ireland, registration number NI072976. The registered office is 8 Bridge Road, Moira, Craigavon, Co. Armagh, BT67 0PF.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Reducing balance
Motor vehicles
15% Reducing balance
Fixtures & fittings
15% Reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives. Impairment of intangible fixed assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Leased assets
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
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Roy Kennedy (Fuels) Ltd Notes to the Accounts for the year ended 31 March 2024
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Intangible fixed assets
Goodwill 
£ 
Cost
At 1 April 2023
102,000 
At 31 March 2024
102,000 
Amortisation
At 1 April 2023
84,150 
Charge for the year
10,200 
At 31 March 2024
94,350 
Net book value
At 31 March 2024
7,650 
At 31 March 2023
17,850 
Goodwill is being amortised over a 10 year period (straight line).
5
Tangible fixed assets
Land & buildings 
Plant & machinery 
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At cost 
At cost 
At 1 April 2023
335,690 
40,865 
418,610 
47,596 
59,026 
901,787 
At 31 March 2024
335,690 
40,865 
418,610 
47,596 
59,026 
901,787 
Depreciation
At 1 April 2023
21,820 
15,214 
203,051 
29,622 
20,196 
289,903 
Charge for the year
6,714 
3,848 
32,334 
2,696 
5,824 
51,416 
At 31 March 2024
28,534 
19,062 
235,385 
32,318 
26,020 
341,319 
Net book value
At 31 March 2024
307,156 
21,803 
183,225 
15,278 
33,006 
560,468 
At 31 March 2023
313,870 
25,651 
215,559 
17,974 
38,830 
611,884 
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Roy Kennedy (Fuels) Ltd Notes to the Accounts for the year ended 31 March 2024
6
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
74,919 
95,366 
Trade debtors
118,188 
144,132 
Other debtors
38,355 
39,184 
231,462 
278,682 
7
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
30,120 
30,120 
Obligations under finance leases and hire purchase contracts
23,203 
19,974 
Trade creditors
380,583 
252,417 
Taxes and social security
18,317 
28,470 
Other creditors
41,857 
69,478 
Loans from directors
141,278 
10,485 
635,358 
410,944 
8
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
160,221 
189,875 
Obligations under finance leases and hire purchase contracts
- 
21,539 
160,221 
211,414 
9
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
30,000 Ordinary shares of £1 each
30,000 
30,000 
10
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Directors loan account
(1,033)
12,632 
151,666 
(140,067)
Directors loan account
(17)
4,508 
4,667 
(176)
Directors loan account
(4,088)
8,755 
4,667 
- 
Directors loan account
(311)
9,644 
9,333 
- 
Directors loan account
(5,036)
8,668 
4,667 
(1,035)
(10,485)
44,207 
175,000 
(141,278)
The company owes £141,278 (2023: £10,485) to the directors at year end. These loans are repayable on demand and non-interest bearing.
11
Average number of employees
During the year the average number of employees was 10 (2023: 11).
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