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
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
Roy Kennedy (Fuels) Ltd
Statement of financial position
as at 31 March 2024
Intangible assets
7,650
17,850
Tangible assets
560,468
611,884
Inventories
178,193
94,751
Cash at bank and in hand
449,190
277,417
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
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
Roy Kennedy (Fuels) Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
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.
The accounts have been prepared under the historical cost convention.
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 (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 are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
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 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.
Roy Kennedy (Fuels) Ltd
Notes to the Accounts
for the year ended 31 March 2024
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.
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
Charge for the year
10,200
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
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
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
Roy Kennedy (Fuels) Ltd
Notes to the Accounts
for the year ended 31 March 2024
Amounts falling due within one year
Trade debtors
118,188
144,132
Other debtors
38,355
39,184
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
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
Allotted, called up and fully paid:
30,000 Ordinary shares of £1 each
30,000
30,000
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).