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Registered number: 03590856
Kennedy & Co (Quantity Surveyors) Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Freeman Lunn
Accountants & Business Advisers
11 Marlings Park Avenue
Chislehurst
Kent
BR7 6QN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 03590856
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,259 1,679
Investments 5 622,347 616,265
623,606 617,944
CURRENT ASSETS
Debtors 6 3,840 6,290
Cash at bank and in hand 223,670 151,731
227,510 158,021
Creditors: Amounts Falling Due Within One Year 7 (63,122 ) (29,284 )
NET CURRENT ASSETS (LIABILITIES) 164,388 128,737
TOTAL ASSETS LESS CURRENT LIABILITIES 787,994 746,681
NET ASSETS 787,994 746,681
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 787,894 746,581
SHAREHOLDERS' FUNDS 787,994 746,681
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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 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 Martin Kennedy
Director
16/09/2024
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 & Co (Quantity Surveyors) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03590856 . The registered office is 28 Meadow Way, Orpington, Kent, BR6 8LW.
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.
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:
Fixtures & Fittings 25% per annum on book reducing balance
2.4. Taxation
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.
No provision is made for deferred tax as a result of 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.
2.5. Pensions
Contributions are charged to the profit and loss account in the period which they were paid.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 April 2023 9,242
As at 31 March 2024 9,242
Depreciation
As at 1 April 2023 7,563
Provided during the period 420
As at 31 March 2024 7,983
Net Book Value
As at 31 March 2024 1,259
As at 1 April 2023 1,679
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5. Investments
Listed
£
Cost
As at 1 April 2023 616,265
Additions 6,082
As at 31 March 2024 622,347
Provision
As at 1 April 2023 -
As at 31 March 2024 -
Net Book Value
As at 31 March 2024 622,347
As at 1 April 2023 616,265
The aggregate market value of investments at 31 March 2024 was £962,060 (2023 £862,344).
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 3,840 6,240
Prepayments and accrued income - 50
3,840 6,290
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,627 1,246
Corporation tax 45,430 20,154
Other taxes and social security 7,761 2,196
Accruals and deferred income 4,960 4,800
Director's loan account 3,344 888
63,122 29,284
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
2024 2023
£ £
Mr Martin Kennedy 47,634 49,360
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10. Related Party Transactions
A salary of £12.000 (2023 £9,000) was paid to Mrs H K Kennedy, wife of the director, who was employed by the company during the year.
As at the 31 March 2024 there was a balance due to the director of £3,344 (2023 £888) which is included in creditors.
11. Ultimate Controlling Party
The company's ultimate controlling party is Martin John Kennedy by virtue of his ownership of 51% of the issued share capital in the company.
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