Acorah Software Products - Accounts Production 16.0.110 false true 28 February 2023 1 March 2022 false 1 March 2023 28 February 2024 28 February 2024 07957757 Mr Sam Kennedy iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07957757 2023-02-28 07957757 2024-02-28 07957757 2023-03-01 2024-02-28 07957757 frs-core:CurrentFinancialInstruments 2024-02-28 07957757 frs-core:Non-currentFinancialInstruments 2024-02-28 07957757 frs-core:ComputerEquipment 2024-02-28 07957757 frs-core:ComputerEquipment 2023-03-01 2024-02-28 07957757 frs-core:ComputerEquipment 2023-02-28 07957757 frs-core:MotorVehicles 2024-02-28 07957757 frs-core:MotorVehicles 2023-03-01 2024-02-28 07957757 frs-core:MotorVehicles 2023-02-28 07957757 frs-core:PlantMachinery 2024-02-28 07957757 frs-core:PlantMachinery 2023-03-01 2024-02-28 07957757 frs-core:PlantMachinery 2023-02-28 07957757 frs-core:ShareCapital 2024-02-28 07957757 frs-core:RetainedEarningsAccumulatedLosses 2024-02-28 07957757 frs-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 07957757 frs-bus:FilletedAccounts 2023-03-01 2024-02-28 07957757 frs-bus:SmallEntities 2023-03-01 2024-02-28 07957757 frs-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-28 07957757 frs-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 07957757 frs-bus:Director1 2023-03-01 2024-02-28 07957757 frs-bus:Director1 2023-02-28 07957757 frs-bus:Director1 2024-02-28 07957757 frs-countries:EnglandWales 2023-03-01 2024-02-28 07957757 2022-02-28 07957757 2023-02-28 07957757 2022-03-01 2023-02-28 07957757 frs-core:CurrentFinancialInstruments 2023-02-28 07957757 frs-core:Non-currentFinancialInstruments 2023-02-28 07957757 frs-core:ShareCapital 2023-02-28 07957757 frs-core:RetainedEarningsAccumulatedLosses 2023-02-28
Registered number: 07957757
Kennedy Build Limited
Unaudited Financial Statements
For The Year Ended 28 February 2024
Praddy Financial Consultancy Ltd
Chartered Management Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07957757
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 292 1,811
292 1,811
CURRENT ASSETS
Debtors 5 236,463 121,538
Cash at bank and in hand 18,988 23,516
255,451 145,054
Creditors: Amounts Falling Due Within One Year 6 (464,643 ) (139,584 )
NET CURRENT ASSETS (LIABILITIES) (209,192 ) 5,470
TOTAL ASSETS LESS CURRENT LIABILITIES (208,900 ) 7,281
Creditors: Amounts Falling Due After More Than One Year 7 (29,766 ) (323,143 )
NET LIABILITIES (238,666 ) (315,862 )
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account (238,667 ) (315,863 )
SHAREHOLDERS' FUNDS (238,666) (315,862)
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Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Sam Kennedy
Director
30/11/2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Kennedy Build Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07957757 . The registered office is 167 Grove Road, London, E17 9BZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Straight line method 20%
Motor Vehicles Reducing balance method 25%
Computer Equipment straight line method 25%
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 2)
1 2
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4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 365 13,712 2,373 16,450
As at 28 February 2024 365 13,712 2,373 16,450
Depreciation
As at 1 March 2023 8 12,489 2,142 14,639
Provided during the period 91 1,223 205 1,519
As at 28 February 2024 99 13,712 2,347 16,158
Net Book Value
As at 28 February 2024 266 - 26 292
As at 1 March 2023 357 1,223 231 1,811
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 29,400 -
Prepayments and accrued income 69,856 70,000
Other debtors 13,308 -
VAT 2,124 -
Director's loan account 100,770 38,533
215,458 108,533
Due after more than one year
Corporation tax recoverable assets 21,005 13,005
236,463 121,538
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 39,394 7,740
Bank loans and overdrafts 285,496 -
Corporation tax 21,005 13,005
VAT - 27,780
Other creditors 118,748 90,915
Accruals and deferred income - 144
464,643 139,584
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 36,825 42,004
Other creditors (7,059 ) 281,139
29,766 323,143
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Sam Kennedy 38,533 - - - -
The above loan is unsecured, interest free and repayable on demand.
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