Registered number
NI643536
Philip Kennedy Engineering Ltd
Filleted Accounts
31 March 2024
Philip Kennedy Engineering Ltd
Registered number: NI643536
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 290,881 214,038
Current assets
Debtors 4 216,901 185,663
Cash at bank and in hand 155,946 90,433
372,847 276,096
Creditors: amounts falling due within one year 5 (130,094) (129,079)
Net current assets 242,753 147,017
Total assets less current liabilities 533,634 361,055
Creditors: amounts falling due after more than one year 6 - (4,700)
Net assets 533,634 356,355
Capital and reserves
Called up share capital 100 100
Profit and loss account 533,534 356,255
Shareholders' funds 533,634 356,355
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Philip Kennedy
Director
Approved by the board on 9 October 2024
Philip Kennedy Engineering Ltd
Notes to the Accounts
for the year ended 31 March 2024
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:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 6 4
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 62,632 216,011 128,932 407,575
Additions - 74,574 74,665 149,239
Disposals - (6,034) - (6,034)
At 31 March 2024 62,632 284,551 203,597 550,780
Depreciation
At 1 April 2023 - 126,328 67,209 193,537
Charge for the year - 43,463 22,899 66,362
At 31 March 2024 - 169,791 90,108 259,899
Net book value
At 31 March 2024 62,632 114,760 113,489 290,881
At 31 March 2023 62,632 89,683 61,723 214,038
4 Debtors 2024 2023
£ £
Trade debtors 101,003 109,575
Other debtors 115,898 76,088
216,901 185,663
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 4,700 4,700
Trade creditors 68,571 91,230
Taxation and social security costs 45,979 31,444
Other creditors 10,844 1,705
130,094 129,079
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts - 4,700
7 Other information
Philip Kennedy Engineering Ltd is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
75 Seaghan Road
Collone
Armagh
BT60 2BJ
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