Registration number:
James Kernohan & Sons Limited
for the Year Ended 31 May 2024
James Kernohan & Sons Limited
(Registration number: NI063352)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
|
Retained earnings |
4,941,733 |
4,536,776 |
|
Shareholders' funds |
4,942,733 |
4,537,776 |
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
James Kernohan & Sons Limited
(Registration number: NI063352)
Balance Sheet as at 31 May 2024
Approved and authorised by the
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James Kernohan & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Revenue is recognised at the point of goods delivery and acceptance when the risks and rewards associated with ownership have passed to the purchaser.
Government grants
Revenue grants are accounted for under the performance model. Revenue grants that do not impose specified future performance-related conditions are recognised when the grant proceeds are received or receivable.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
James Kernohan & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Buildings |
4% straight line basis |
Plant and equipment |
25% reducing balance basis |
Motor vehicles |
25% reducing balance basis |
Goodwill
Goodwill arising on the acquisition of a business interest represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets and liabilities at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
15% straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Short-term debtors and creditors
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors, are reviewed at the reporting date to determine if there is any evidence of potential impairment. Any losses arising from impairment are recognised in the income statement in operating expenses.
James Kernohan & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method and includes all directly attributable costs, such as handling and delivery. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs and are subsequently carried at amortised cost. Non-interest bearing loans from directors and/or shareholders are held at transaction price. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
James Kernohan & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions acquired separately |
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At 31 May 2024 |
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Amortisation |
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At 1 June 2023 |
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Amortisation charge |
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At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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James Kernohan & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Tangible assets |
Land and buildings |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 June 2023 |
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Additions |
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Disposals |
( |
( |
- |
( |
At 31 May 2024 |
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Depreciation |
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At 1 June 2023 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
- |
( |
At 31 May 2024 |
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Carrying amount |
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At 31 May 2024 |
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At 31 May 2023 |
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Stocks |
2024 |
2023 |
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Stocks |
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Debtors |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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James Kernohan & Sons Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Creditors: due within one year |
2024 |
2023 |
|
Loans and borrowings |
41,919 |
31,014 |
Trade creditors |
393,951 |
291,475 |
Taxation and social security |
24,172 |
34,695 |
Accruals and deferred income |
20,039 |
11,329 |
Other creditors |
143,987 |
152,040 |
624,068 |
520,553 |
Creditors: due after more than on year |
2024 |
2023 |
|
HP and finance lease liabilities |
42,414 |
48,399 |
Directors loan account |
310,520 |
363,994 |
352,934 |
412,393 |
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
|
|
|
1,000 |
|
1,000 |