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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
Page
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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
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M C KELLY LIMITED Statement of financial position as at 30 September 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,297,151 
1,317,423 
Investments
243,960 
230,943 
1,541,111 
1,548,366 
Current assets
Inventories
304,605 
246,308 
Debtors
649,008 
724,784 
Cash at bank and in hand
777,364 
657,751 
1,730,977 
1,628,843 
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 
Capital and reserves
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
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M C KELLY LIMITED Notes to the Accounts for the year ended 30 September 2024
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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 
£ 
Cost
At 1 October 2023
42,185 
At 30 September 2024
42,185 
Amortisation
At 1 October 2023
42,185 
At 30 September 2024
42,185 
Net book value
At 30 September 2024
- 
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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 
Depreciation
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 
Net book value
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 
Additions
13,017 
Valuation at 30 September 2024
243,960 
7
Debtors
2024 
2023 
£ 
£ 
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 
649,008 
724,784 
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 
Accruals
56,009 
44,477 
630,848 
576,174 
9
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
206,667 
304,445 
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M C KELLY LIMITED Notes to the Accounts for the year ended 30 September 2024
10
Share capital
2024 
2023 
£ 
£ 
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 
- 
390,000 
390,000 
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).
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