Company Registration No. 2553793 (England and Wales)
M C KELLY LIMITED
Unaudited accounts
for the year ended 30 September 2024
M C KELLY LIMITED
Unaudited accounts
Contents
M C KELLY LIMITED
Company Information
for the year ended 30 September 2024
Directors
A J Gray
C B Morris
J P Bundey
Company Number
2553793 (England and Wales)
Registered Office
LLOYDS BANK CHAMBERS
CREDITON
DEVON
DEVON
EX17 3AH
UK
Accountants
H W Martin & Co LLP
Lloyds Bank Chambers
High Street
Crediton
Devon
EX17 3AH
M C KELLY LIMITED
Statement of financial position
as at 30 September 2024
Tangible assets
1,297,151
1,317,423
Investments
243,960
230,943
Inventories
304,605
246,308
Cash at bank and in hand
777,364
657,751
Creditors: amounts falling due within one year
(630,848)
(576,174)
Net current assets
1,100,129
1,052,669
Total assets less current liabilities
2,641,240
2,601,035
Creditors: amounts falling due after more than one year
(206,667)
(304,445)
Net assets
2,434,573
2,296,590
Called up share capital
390,000
390,000
Profit and loss account
2,044,573
1,906,590
Shareholders' funds
2,434,573
2,296,590
For the year ending 30 September 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2025 and were signed on its behalf by
A J Gray
Director
Company Registration No. 2553793
M C KELLY LIMITED
Notes to the Accounts
for the year ended 30 September 2024
M C KELLY LIMITED is a private company, limited by shares, registered in England and Wales, registration number 2553793. The registered office is LLOYDS BANK CHAMBERS, CREDITON, DEVON, DEVON, EX17 3AH, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% per annum
Plant & machinery
15% reducing balance basis
Motor vehicles
25% reducing balance basis
Goodwill arose on the purchase of an unincorporated business customer list in 2014 and is being amortised over its useful economic life.
4
Intangible fixed assets
Goodwill
At 30 September 2024
42,185
At 30 September 2024
42,185
M C KELLY LIMITED
Notes to the Accounts
for the year ended 30 September 2024
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 October 2023
1,111,682
964,683
304,494
2,380,859
Additions
12,500
17,411
77,764
107,675
Disposals
-
(171,148)
-
(171,148)
At 30 September 2024
1,124,182
810,946
382,258
2,317,386
At 1 October 2023
334,996
608,494
119,946
1,063,436
Charge for the year
22,484
46,053
39,347
107,884
On disposals
-
(151,085)
-
(151,085)
At 30 September 2024
357,480
503,462
159,293
1,020,235
At 30 September 2024
766,702
307,484
222,965
1,297,151
At 30 September 2023
776,686
356,189
184,548
1,317,423
6
Investments
Other investments
Valuation at 1 October 2023
230,943
Valuation at 30 September 2024
243,960
Amounts falling due within one year
Trade debtors
598,796
657,914
Accrued income and prepayments
23,418
30,489
Other debtors
26,794
36,381
8
Creditors: amounts falling due within one year
2024
2023
Trade creditors
414,742
388,347
Taxes and social security
78,846
26,955
Other creditors
67,439
97,840
Loans from directors
13,812
18,555
9
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
206,667
304,445
M C KELLY LIMITED
Notes to the Accounts
for the year ended 30 September 2024
Allotted, called up and fully paid:
340,000 £1 A Ordinary shares of £1 each
340,000
390,000
50,000 £1 B Ordinary shares of £1 each
50,000
-
Shares issued during the period:
50,000 £1 B Ordinary shares of £1 each
50,000
11
Transactions with related parties
During the year the Company traded on an arms-length basis with Elston Farm, a business owned by Mr A Gray. M C Kelly Limited joined the Elston Farm partnership as a full partner on 1st January 2005 and receives 5% of capital invested (2021 5%) as a share in the partnership profits.
Purchases during the year amounted to £240 (2021 £1,157) with an outstanding credit balance as at 30 September 2022 of £585 (2021 £402).
During the year the Company traded on an arms-length basis with The Farmers Dog Ltd, a
a business owned by Mr A Gray, Mr C B Morris and Mr J B Balston.
Sales during the year amounted to £68,311 (2021 £200,942) with an outstanding debit
balance as at 30 September 2022 of £96,918 (2021 £26,296).
12
Average number of employees
During the year the average number of employees was 130 (2023: 130).