BrightAccountsProduction v1.0.0 v1.0.0 2023-03-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The provision of estate agency services 12 February 2025 6 6 NI616834 2024-02-29 NI616834 2023-02-28 NI616834 2022-02-28 NI616834 2023-03-01 2024-02-29 NI616834 2022-03-01 2023-02-28 NI616834 uk-bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 NI616834 uk-curr:PoundSterling 2023-03-01 2024-02-29 NI616834 uk-bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 NI616834 uk-bus:FullAccounts 2023-03-01 2024-02-29 NI616834 uk-bus:Director1 2023-03-01 2024-02-29 NI616834 uk-bus:Director2 2023-03-01 2024-02-29 NI616834 uk-bus:RegisteredOffice 2023-03-01 2024-02-29 NI616834 uk-bus:Agent1 2023-03-01 2024-02-29 NI616834 uk-core:ShareCapital 2024-02-29 NI616834 uk-core:ShareCapital 2023-02-28 NI616834 uk-core:RetainedEarningsAccumulatedLosses 2024-02-29 NI616834 uk-core:RetainedEarningsAccumulatedLosses 2023-02-28 NI616834 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-02-29 NI616834 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-02-28 NI616834 uk-bus:FRS102 2023-03-01 2024-02-29 NI616834 uk-core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 NI616834 uk-core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 NI616834 uk-core:CurrentFinancialInstruments 2024-02-29 NI616834 uk-core:CurrentFinancialInstruments 2023-02-28 NI616834 uk-core:WithinOneYear 2024-02-29 NI616834 uk-core:WithinOneYear 2023-02-28 NI616834 uk-core:WithinOneYear 2024-02-29 NI616834 uk-core:WithinOneYear 2023-02-28 NI616834 uk-core:AfterOneYear 2024-02-29 NI616834 uk-core:AfterOneYear 2023-02-28 NI616834 uk-core:BetweenOneTwoYears 2024-02-29 NI616834 uk-core:BetweenOneTwoYears 2023-02-28 NI616834 uk-core:BetweenTwoFiveYears 2024-02-29 NI616834 uk-core:BetweenTwoFiveYears 2023-02-28 NI616834 uk-core:OtherMiscellaneousReserve 2023-02-28 NI616834 uk-core:OtherMiscellaneousReserve 2023-03-01 2024-02-29 NI616834 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-02-29 NI616834 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-02-29 NI616834 uk-core:OtherDeferredTax 2024-02-29 NI616834 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-02-29 NI616834 uk-core:OtherMiscellaneousReserve 2024-02-29 NI616834 2023-03-01 2024-02-29 NI616834 uk-bus:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares
Company Registration Number: NI616834
 
 
Kelly & Co Estate Agents Limited
 
Unaudited Financial Statements
 
for the financial year ended 29 February 2024



Kelly & Co Estate Agents Limited
DIRECTORS AND OTHER INFORMATION

 
Directors Tanya Kelly
Fergal Kelly
 
 
Company Registration Number NI616834
 
 
Registered Office and Business Address 2 Tirkane Road
Maghera
Londonderry
BT46 5AG
 
 
Accountants R T J Ross & Co
Chartered Accountants
44 Molesworth Street
Cookstown
Co Tyrone
BT80 8PA
Northern Ireland
 
 
Bankers Danske Bank
  PO Box 183
  Donegall Square West
  Belfast
  BT1 6JS



Kelly & Co Estate Agents Limited
Company Registration Number: NI616834
BALANCE SHEET
as at 29 February 2024

2024 2023
Notes £ £
 
Fixed Assets
Tangible assets 4 14,715 14,817
───────── ─────────
 
Current Assets
Debtors 5 43,207 42,885
Cash and cash equivalents 10,977 62,402
───────── ─────────
54,184 105,287
───────── ─────────
Creditors: amounts falling due within one year 6 (33,427) (56,315)
───────── ─────────
Net Current Assets 20,757 48,972
───────── ─────────
Total Assets less Current Liabilities 35,472 63,789
 
Creditors:
amounts falling due after more than one year 7 (32,281) (38,028)
 
Provisions for liabilities 9 (2,572) (2,515)
───────── ─────────
Net Assets 619 23,246
═════════ ═════════
 
Capital and Reserves
Called up share capital 2 2
Retained earnings 617 23,244
───────── ─────────
Equity attributable to owners of the company 619 23,246
═════════ ═════════
 
The financial statements have been prepared 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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Directors' Report.
           
For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 12 February 2025 and signed on its behalf by
           
           
________________________________          
Tanya Kelly          
Director          
           
           
________________________________
Fergal Kelly
Director
           



Kelly & Co Estate Agents Limited
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 29 February 2024

   
1. General Information
 
Kelly & Co Estate Agents Limited is a company limited by shares incorporated in Northern Ireland. 2 Tirkane Road, Maghera, Londonderry, BT46 5AG is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 29 February 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Fixtures, fittings and equipment - 15% Reducing Balance
  Property improvements - 4% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Dividends
Dividends paid and received are included in the Company financial statements in the period in which the related dividends are actually paid or received.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Pensions
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Profit and Loss Account in the period to which they relate.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 6, (2023 - 6).
 
  2024 2023
  Number Number
 
Total 6 6
  ═════════ ═════════
         
4. Tangible assets
  Fixtures, Property improvements Total
  fittings and    
  equipment    
  £ £ £
Cost
At 1 March 2023 30,008 2,720 32,728
Additions 2,234 - 2,234
  ───────── ───────── ─────────
At 29 February 2024 32,242 2,720 34,962
  ───────── ───────── ─────────
Depreciation
At 1 March 2023 17,394 517 17,911
Charge for the financial year 2,227 109 2,336
  ───────── ───────── ─────────
At 29 February 2024 19,621 626 20,247
  ───────── ───────── ─────────
Net book value
At 29 February 2024 12,621 2,094 14,715
  ═════════ ═════════ ═════════
At 28 February 2023 12,614 2,203 14,817
  ═════════ ═════════ ═════════
       
5. Debtors 2024 2023
  £ £
 
Trade debtors 35,803 37,147
Other debtors 7,404 5,738
  ───────── ─────────
  43,207 42,885
  ═════════ ═════════
       
6. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank loan 5,611 5,475
Trade creditors 599 10,316
Taxation  (Note 8) 24,605 29,830
Directors' current accounts 296 6,330
Other creditors 1,092 2,637
Accruals:
Pension accrual 164 667
Other accruals 1,060 1,060
  ───────── ─────────
  33,427 56,315
  ═════════ ═════════
       
7. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 32,281 38,028
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 6) 5,611 5,475
Repayable between one and two years 5,000 5,000
Repayable between two and five years 27,281 33,028
  ───────── ─────────
  37,892 43,503
  ═════════ ═════════
 
       
8. Taxation 2024 2023
  £ £
 
Creditors:
VAT 23,564 22,323
Corporation tax - 6,454
PAYE / NI 1,041 1,053
  ───────── ─────────
  24,605 29,830
  ═════════ ═════════
         
9. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Total Total
  allowances    
       
    2024 2023
  £ £ £
 
At financial year start 2,515 2,515 1,506
Charged to profit and loss 57 57 1,009
  ───────── ───────── ─────────
At financial year end 2,572 2,572 2,515
  ═════════ ═════════ ═════════
   
10. Pension costs - defined contribution
 
The company operates a defined contribution pension scheme.  The assets of the scheme are held separately from those of the company in an independently administered fund.  Pension costs amounted to £5,087 (2023 - £5,157).
       
11. Capital commitments
 
The company had no material capital commitments at the financial year-ended 29 February 2024.
   
12. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.