Silverfin false false 31/03/2024 01/04/2023 31/03/2024 B M Kelly 10/12/1999 S A Kelly-Barber 10/12/1999 06 November 2024 The principal activities of the company is that of a general contractor in marking roads and similar surfaces and also the rental and sale of signage systems. 01205226 2024-03-31 01205226 bus:Director1 2024-03-31 01205226 bus:Director2 2024-03-31 01205226 2023-03-31 01205226 core:CurrentFinancialInstruments 2024-03-31 01205226 core:CurrentFinancialInstruments 2023-03-31 01205226 core:Non-currentFinancialInstruments 2024-03-31 01205226 core:Non-currentFinancialInstruments 2023-03-31 01205226 core:ShareCapital 2024-03-31 01205226 core:ShareCapital 2023-03-31 01205226 core:CapitalRedemptionReserve 2024-03-31 01205226 core:CapitalRedemptionReserve 2023-03-31 01205226 core:RetainedEarningsAccumulatedLosses 2024-03-31 01205226 core:RetainedEarningsAccumulatedLosses 2023-03-31 01205226 core:PlantMachinery 2023-03-31 01205226 core:Vehicles 2023-03-31 01205226 core:FurnitureFittings 2023-03-31 01205226 core:PlantMachinery 2024-03-31 01205226 core:Vehicles 2024-03-31 01205226 core:FurnitureFittings 2024-03-31 01205226 bus:OrdinaryShareClass1 2024-03-31 01205226 bus:OrdinaryShareClass2 2024-03-31 01205226 2023-04-01 2024-03-31 01205226 bus:FilletedAccounts 2023-04-01 2024-03-31 01205226 bus:SmallEntities 2023-04-01 2024-03-31 01205226 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 01205226 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01205226 bus:Director1 2023-04-01 2024-03-31 01205226 bus:Director2 2023-04-01 2024-03-31 01205226 core:PlantMachinery 2023-04-01 2024-03-31 01205226 core:Vehicles 2023-04-01 2024-03-31 01205226 core:FurnitureFittings 2023-04-01 2024-03-31 01205226 2022-04-01 2023-03-31 01205226 core:Non-currentFinancialInstruments 2023-04-01 2024-03-31 01205226 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 01205226 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 01205226 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 01205226 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01205226 (England and Wales)

KELLY BROS LIMITED

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

KELLY BROS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

KELLY BROS LIMITED

BALANCE SHEET

As at 31 March 2024
KELLY BROS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 762,932 961,970
762,932 961,970
Current assets
Stocks 4 210,499 352,344
Debtors 5 985,857 472,991
Cash at bank and in hand 245,332 200,286
1,441,688 1,025,621
Creditors: amounts falling due within one year 6 ( 699,601) ( 540,832)
Net current assets 742,087 484,789
Total assets less current liabilities 1,505,019 1,446,759
Creditors: amounts falling due after more than one year 7 ( 16,243) ( 49,633)
Provision for liabilities ( 162,344) ( 213,122)
Net assets 1,326,432 1,184,004
Capital and reserves
Called-up share capital 8 215 215
Capital redemption reserve 100 100
Profit and loss account 1,326,117 1,183,689
Total shareholders' funds 1,326,432 1,184,004

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 Limited (registered number: 01205226) 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 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
KELLY BROS 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 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 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 is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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 reducing balance basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 25 % reducing balance

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Financial instruments

Classification

The company holds the following financial instruments:
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.

Recognition and measurement

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Grants

Grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 26 29

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 April 2023 2,977,924 436,884 168,460 3,583,268
Additions 21,396 0 21,995 43,391
Disposals ( 303,066) 0 0 ( 303,066)
At 31 March 2024 2,696,254 436,884 190,455 3,323,593
Accumulated depreciation
At 01 April 2023 2,360,389 186,681 74,228 2,621,298
Charge for the financial year 120,360 50,041 27,105 197,506
Disposals ( 258,143) 0 0 ( 258,143)
At 31 March 2024 2,222,606 236,722 101,333 2,560,661
Net book value
At 31 March 2024 473,648 200,162 89,122 762,932
At 31 March 2023 617,535 250,203 94,232 961,970

Included within the net book value of £762,932 (2023 - £961,970) is £98,096 (2023 - £122,621 ) relating to assets held under hire purchase agreements. The depreciation charged to the accounts in the year in respect of such assets amounted to £24,525 (2023 - £30,656).

4. Stocks

2024 2023
£ £
Stocks 168,321 298,466
Work in progress 42,178 53,878
210,499 352,344

5. Debtors

2024 2023
£ £
Trade debtors 533,220 399,692
Amounts owed by Group undertakings 7,248 7,248
Amounts owed by directors 268,913 17,168
Prepayments 81,798 42,802
Other debtors 94,678 6,081
985,857 472,991

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 155,034 147,753
Amounts owed to Group undertakings 177,505 146,184
Amounts owed to directors 0 32,188
Accruals 72,680 38,156
Corporation tax 185,390 21,122
Other taxation and social security 48,579 76,627
Obligations under finance leases and hire purchase contracts 33,390 31,922
Other creditors 27,023 46,880
699,601 540,832

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

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 16,243 49,633

The hire purchase liabilities disclosed under creditors are secured by the company against the assets to which they relate.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
15 Ordinary A shares of £ 1.00 each 15 15
200 Ordinary shares of £ 1.00 each 200 200
215 215

9. Financial commitments

Commitments

The total amount of guarantees not included in the balance sheet is £655,035 (2023 - £709,943). The company is acting as guarantor to the immediate and ultimate parent company, registered in England and Wales, in respect of a £860,000 new bank loan granted during March 2020. The guarantees are secured by way of fixed charge and floating charge over the assets of the company.