Silverfin false false 31/03/2024 01/04/2023 31/03/2024 B M Kelly 29/10/2003 S A Kelly-Barber 29/10/2003 S A Kelly-Barber 06 November 2024 The principal activity of the Company during the financial year was that of a holding company and property rental. 04946759 2024-03-31 04946759 bus:Director1 2024-03-31 04946759 bus:Director2 2024-03-31 04946759 2023-03-31 04946759 core:CurrentFinancialInstruments 2024-03-31 04946759 core:CurrentFinancialInstruments 2023-03-31 04946759 core:Non-currentFinancialInstruments 2024-03-31 04946759 core:Non-currentFinancialInstruments 2023-03-31 04946759 core:ShareCapital 2024-03-31 04946759 core:ShareCapital 2023-03-31 04946759 core:FurtherSpecificReserve1ComponentTotalEquity 2024-03-31 04946759 core:FurtherSpecificReserve1ComponentTotalEquity 2023-03-31 04946759 core:CapitalRedemptionReserve 2024-03-31 04946759 core:CapitalRedemptionReserve 2023-03-31 04946759 core:RetainedEarningsAccumulatedLosses 2024-03-31 04946759 core:RetainedEarningsAccumulatedLosses 2023-03-31 04946759 core:LandBuildings 2023-03-31 04946759 core:PlantMachinery 2023-03-31 04946759 core:LandBuildings 2024-03-31 04946759 core:PlantMachinery 2024-03-31 04946759 core:CostValuation 2023-03-31 04946759 core:CostValuation 2024-03-31 04946759 bus:OrdinaryShareClass1 2024-03-31 04946759 2023-04-01 2024-03-31 04946759 bus:FilletedAccounts 2023-04-01 2024-03-31 04946759 bus:SmallEntities 2023-04-01 2024-03-31 04946759 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04946759 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04946759 bus:Director1 2023-04-01 2024-03-31 04946759 bus:Director2 2023-04-01 2024-03-31 04946759 bus:CompanySecretary1 2023-04-01 2024-03-31 04946759 core:LandBuildings core:TopRangeValue 2023-04-01 2024-03-31 04946759 core:PlantMachinery core:TopRangeValue 2023-04-01 2024-03-31 04946759 2022-04-01 2023-03-31 04946759 core:LandBuildings 2023-04-01 2024-03-31 04946759 core:PlantMachinery 2023-04-01 2024-03-31 04946759 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 04946759 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04946759 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 04946759 (England and Wales)

KELLY BROS HOLDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

KELLY BROS HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KELLY BROS HOLDINGS LIMITED

BALANCE SHEET

As at 31 March 2024
KELLY BROS HOLDINGS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,635,442 2,703,182
Investment property 4 1,375,000 1,375,000
Investments 5 400 400
4,010,842 4,078,582
Current assets
Debtors 6 199,708 163,815
Cash at bank and in hand 3,587 18,484
203,295 182,299
Creditors: amounts falling due within one year 7 ( 117,143) ( 92,042)
Net current assets 86,152 90,257
Total assets less current liabilities 4,096,994 4,168,839
Creditors: amounts falling due after more than one year 8 ( 600,126) ( 660,979)
Provision for liabilities ( 187,083) ( 34,305)
Net assets 3,309,785 3,473,555
Capital and reserves
Called-up share capital 9 167 167
Fair value reserve 803,202 803,202
Capital redemption reserve 33 33
Profit and loss account 2,506,383 2,670,153
Total shareholders' funds 3,309,785 3,473,555

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 financial statements of Kelly Bros Holdings Limited (registered number: 04946759) were approved and authorised for issue by the Board of Directors on 06 November 2024. They were signed on its behalf by:

B M Kelly
Director
KELLY BROS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KELLY BROS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kelly Bros Holdings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Drumcoo House, 1 Hawkesworth Road, Yate, BS37 5NW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of rent receivable in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Fixed asset investments

Investments are measured at cost less impairment.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Land and buildings Plant and machinery Total
£ £ £
Cost
At 01 April 2023 2,811,982 57,500 2,869,482
At 31 March 2024 2,811,982 57,500 2,869,482
Accumulated depreciation
At 01 April 2023 124,133 42,167 166,300
Charge for the financial year 56,240 11,500 67,740
At 31 March 2024 180,373 53,667 234,040
Net book value
At 31 March 2024 2,631,609 3,833 2,635,442
At 31 March 2023 2,687,849 15,333 2,703,182

Included within the net book value of £2,635,442 (2023 - 2,701,635) is £3,833 (2023 - £15,333) relating to assets held under hire purchase agreements. The depreciation charged to the accounts in the year in respect of such assets amounted to £11,500 (2023 - £11,500).

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 1,375,000
As at 31 March 2024 1,375,000

Valuation

Freehold investment property of £1,375,000 (2023 - £1,375,000) is included within investment properties. The fair value of freehold investment property is based on the directors’ best estimate, having considered properties of a similar nature, condition and location.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

2024 2023
£ £
Historic cost 571,798 571,798

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 400
At 31 March 2024 400
Carrying value at 31 March 2024 400
Carrying value at 31 March 2023 400

6. Debtors

2024 2023
£ £
Trade debtors 0 6,600
Amounts owed by Group undertakings 177,507 146,186
Other debtors 22,201 11,029
199,708 163,815

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 54,909 52,414
Trade creditors 492 11,087
Amounts owed to Group undertakings 100 100
Accruals 6,135 11,750
Corporation tax 29,104 2,329
Other taxation and social security 22,953 4,012
Obligations under finance leases and hire purchase contracts 3,450 10,350
117,143 92,042

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 600,126 657,529
Obligations under finance leases and hire purchase contracts (secured) 0 3,450
600,126 660,979

HP and finance lease liabilities of £3,450 (2023 - £13,800) are secured against the assets to which they relate.

Bank loans of £655,035 (2023 - £709,943) are secured via fixed charges on all properties held by the company and a floating charge over the assets of the company and its subsidiaries.

9. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,667 Ordinary shares of £ 0.10 each 167 167