24 23 James Kernohan & Sons Limited NI063352 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is dismantling commercial vehicles for sale as spare parts Digita Accounts Production Advanced 6.30.9574.0 true NI063352 2023-06-01 2024-05-31 NI063352 2024-05-31 NI063352 bus:OrdinaryShareClass1 2024-05-31 NI063352 core:CurrentFinancialInstruments 2024-05-31 NI063352 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 NI063352 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 NI063352 core:Goodwill 2024-05-31 NI063352 core:LandBuildings 2024-05-31 NI063352 core:MotorVehicles 2024-05-31 NI063352 core:OtherPropertyPlantEquipment 2024-05-31 NI063352 bus:SmallEntities 2023-06-01 2024-05-31 NI063352 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 NI063352 bus:FilletedAccounts 2023-06-01 2024-05-31 NI063352 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 NI063352 bus:RegisteredOffice 2023-06-01 2024-05-31 NI063352 bus:Director1 2023-06-01 2024-05-31 NI063352 bus:Director3 2023-06-01 2024-05-31 NI063352 bus:Director4 2023-06-01 2024-05-31 NI063352 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 NI063352 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 NI063352 core:Goodwill 2023-06-01 2024-05-31 NI063352 core:NetGoodwill 2023-06-01 2024-05-31 NI063352 core:Buildings 2023-06-01 2024-05-31 NI063352 core:LandBuildings 2023-06-01 2024-05-31 NI063352 core:MotorVehicles 2023-06-01 2024-05-31 NI063352 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 NI063352 core:PlantMachinery 2023-06-01 2024-05-31 NI063352 countries:NorthernIreland 2023-06-01 2024-05-31 NI063352 2023-05-31 NI063352 core:Goodwill 2023-05-31 NI063352 core:LandBuildings 2023-05-31 NI063352 core:MotorVehicles 2023-05-31 NI063352 core:OtherPropertyPlantEquipment 2023-05-31 NI063352 2022-06-01 2023-05-31 NI063352 2023-05-31 NI063352 bus:OrdinaryShareClass1 2023-05-31 NI063352 core:CurrentFinancialInstruments 2023-05-31 NI063352 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 NI063352 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 NI063352 core:LandBuildings 2023-05-31 NI063352 core:MotorVehicles 2023-05-31 NI063352 core:OtherPropertyPlantEquipment 2023-05-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: NI063352

James Kernohan & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

James Kernohan & Sons Limited

(Registration number: NI063352)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

9,350

-

Tangible assets

5

3,643,887

2,981,696

 

3,653,237

2,981,696

Current assets

 

Stocks

6

998,480

991,045

Debtors

7

720,397

747,697

Cash at bank and in hand

 

852,022

1,018,576

 

2,570,899

2,757,318

Creditors: due within one year

8

(624,068)

(520,553)

Net current assets

 

1,946,831

2,236,765

Total assets less current liabilities

 

5,600,068

5,218,461

Creditors: due after more than one year

9

(352,934)

(412,393)

Provisions for liabilities

(304,401)

(268,292)

Net assets

 

4,942,733

4,537,776

Capital and reserves

 

Called up share capital

10

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 November 2024 and signed on its behalf by:

 

.........................................
Mr James Kernohan
Director

.........................................
Mr Glenn Kernohan
Director

.........................................
Mr Neil Kernohan
Director

     
 

James Kernohan & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is: 18A Tamlough Road, Randalstown, Co. Antrim, BT41 3AP.

These financial statements were authorised for issue by the Board on 1 November 2024.

2

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 24 (2023 - 23).

 

James Kernohan & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

140,000

140,000

Additions acquired separately

10,000

10,000

At 31 May 2024

150,000

150,000

Amortisation

At 1 June 2023

140,000

140,000

Amortisation charge

650

650

At 31 May 2024

140,650

140,650

Carrying amount

At 31 May 2024

9,350

9,350

 

James Kernohan & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Tangible assets

Land and buildings
£

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 June 2023

3,076,597

1,049,602

1,723,923

5,850,122

Additions

684,142

71,385

254,528

1,010,055

Disposals

(66,743)

(11,000)

-

(77,743)

At 31 May 2024

3,693,996

1,109,987

1,978,451

6,782,434

Depreciation

At 1 June 2023

916,509

621,290

1,330,627

2,868,426

Charge for the year

62,392

78,858

132,652

273,902

Eliminated on disposal

-

(3,781)

-

(3,781)

At 31 May 2024

978,901

696,367

1,463,279

3,138,547

Carrying amount

At 31 May 2024

2,715,095

413,620

515,172

3,643,887

At 31 May 2023

2,160,088

428,312

393,296

2,981,696

6

Stocks

2024
£

2023
£

Stocks

998,480

991,045

7

Debtors

2024
£

2023
£

Trade debtors

653,268

685,597

Prepayments

67,058

62,029

Other debtors

71

71

 

720,397

747,697

 

James Kernohan & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

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

9

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

10

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000