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Registered number: 01752013
Kennedy Financial Services Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Charlton Baker - Marlborough office
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 01752013
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 851,593 851,874
Investments 5 75,101 75,684
926,694 927,558
CURRENT ASSETS
Debtors 6 11,587 9,199
Cash at bank and in hand 4,452 24,468
16,039 33,667
Creditors: Amounts Falling Due Within One Year 7 (5,921 ) (6,823 )
NET CURRENT ASSETS (LIABILITIES) 10,118 26,844
TOTAL ASSETS LESS CURRENT LIABILITIES 936,812 954,402
PROVISIONS FOR LIABILITIES
Deferred Taxation (57,311 ) (73,936 )
NET ASSETS 879,501 880,466
CAPITAL AND RESERVES
Called up share capital 8 30,000 30,000
Profit and Loss Account 849,501 850,466
SHAREHOLDERS' FUNDS 879,501 880,466
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Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Sir David Newbigging
Director
26/11/2024
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 Financial Services Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01752013 . The registered office is Fyfield Manor, Fyfield, Pewsey, Wiltshire, SN9 5JS.
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 rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
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:
Freehold Revaluation model
Fixtures & Fittings 15% reducing balance
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
2.6. 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 850,000 4,443 854,443
As at 31 March 2024 850,000 4,443 854,443
Depreciation
As at 1 April 2023 - 2,569 2,569
Provided during the period - 281 281
As at 31 March 2024 - 2,850 2,850
Net Book Value
As at 31 March 2024 850,000 1,593 851,593
As at 1 April 2023 850,000 1,874 851,874
5. Investments
Listed
£
Cost
As at 1 April 2023 75,684
Additions 418
Revaluations (1,001 )
As at 31 March 2024 75,101
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 75,101
As at 1 April 2023 75,684
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The original cost of other investments other than loans as at 31 March 2024 was £32,394 (2023 : 31,976). The valuation of the investments as at 1 April 2023 and 31 March 2024 reflect the market value of the holdings in line with the repurchase contract note provided by Columbia Threadneedle Investments.
6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 11,587 5,668
Other debtors - 3,531
11,587 9,199
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Credit card 50 46
Accruals and deferred income 5,344 6,250
Directors' loan accounts 527 527
5,921 6,823
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 30,000 30,000
9. Reserves
As at 31 March 2024, the company had a profit and loss account reserve of £849,501 (2023 : £850,466). As required by FRS102, the revaluation of the investment property and other investments have been posted to the income statement. Of the profit and loss reserves carried forward, £516,492 (2023: £544,709) relates to the revaluations. The remaining reserves of £333,009 (2023 : £305,757) are realised, and therefore distributable, profits.
10. Ultimate Controlling Party
The company's ultimate controlling party is Cardinas Investments Limited , incorporated in the British Virgin Islands.
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