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Registration number: 13863434

Kearney Group U.K. Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Kearney Group U.K. Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 8

 

Kearney Group U.K. Ltd

Company Information

Directors

Mr Gordon Neil Copson

Mr Roy Kearney

Company secretary

Mr Roy Kearney

Registered office

Unit 8 The Courtyard Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ

Accountants

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Kearney Group U.K. Ltd

Directors' Report for the Year Ended 31 January 2024

The directors present their report and the financial statements for the year ended 31 January 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr Gordon Neil Copson

Mr Roy Kearney - Company secretary and director

Principal activity

The principal activity of the company is that of providing drivers and coaches for holidays.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 30 October 2024 and signed on its behalf by:

.........................................
Mr Roy Kearney
Company secretary and director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Kearney Group U.K. Ltd
for the Year Ended 31 January 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Kearney Group U.K. Ltd for the year ended 31 January 2024 as set out on pages 4 to 8 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Kearney Group U.K. Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Kearney Group U.K. Ltd and state those matters that we have agreed to state to the Board of Directors of Kearney Group U.K. Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kearney Group U.K. Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Kearney Group U.K. Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Kearney Group U.K. Ltd. You consider that Kearney Group U.K. Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Kearney Group U.K. Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Pattinsons Business Services Ltd
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

30 October 2024

 

Kearney Group U.K. Ltd

(Registration number: 13863434)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

162,031

216,042

Current assets

 

Debtors

6

20,625

30,813

Cash at bank and in hand

 

108,127

84,152

 

128,752

114,965

Creditors: Amounts falling due within one year

7

(286,840)

(179,864)

Net current liabilities

 

(158,088)

(64,899)

Total assets less current liabilities

 

3,943

151,143

Creditors: Amounts falling due after more than one year

7

(118,367)

(164,550)

Net liabilities

 

(114,424)

(13,407)

Capital and reserves

 

Called up share capital

8

1

1

Retained earnings

(114,425)

(13,408)

Shareholders' deficit

 

(114,424)

(13,407)

For the financial year ending 31 January 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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
Mr Roy Kearney
Company secretary and director

 

Kearney Group U.K. Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
Unit 8 The Courtyard Goldsmith Way
Eliot Business Park
Nuneaton
Warwickshire
CV10 7RJ
United Kingdom

These financial statements were authorised for issue by the Board on 30 October 2024.

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.

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 sales/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.

Tangible assets

Tangible assets are stated in the balance sheet 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

Motor vehicles

25% Reducing balance method

 

Kearney Group U.K. Ltd

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Kearney Group U.K. Ltd

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

54,010

48,958

5

Tangible assets

Motor vehicles
£

Total
£

Cost or valuation

At 1 February 2023

265,000

265,000

Additions

242,500

242,500

Disposals

(242,500)

(242,500)

At 31 January 2024

265,000

265,000

Depreciation

At 1 February 2023

48,958

48,958

Charge for the year

54,011

54,011

At 31 January 2024

102,969

102,969

Carrying amount

At 31 January 2024

162,031

162,031

At 31 January 2023

216,042

216,042

 

Kearney Group U.K. Ltd

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

6

Debtors

2024
£

2023
£

Trade debtors

-

26,378

Prepayments

2,188

2,067

Other debtors

18,437

2,368

20,625

30,813

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

46,182

43,707

Trade creditors

 

718

1,872

Other creditors

 

239,940

134,285

 

286,840

179,864

Due after one year

 

Loans and borrowings

118,367

164,550

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

       

9

Related party transactions

Loans from related parties


Kearneys of Cork
During the year the company advanced funds totalling £24,982 (2023: £Nil) to and received £118,009 (2023:£52,940) from Kearneys of Cork, a company connected by vitrue of common control. At the end of the year £145,967 (2023:£52,940) was outstanding in relation to this balance.