Kenny and Reynolds Limited |
Notes to the Accounts |
for the year ended 30 June 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Going Concern |
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The financial statements have been prepared using the going concern basis despite the deficit of £2,120,857 (2023 £1,976,647) on the balance sheet as the immediate parent undertaking, The Kenny Group has agreed to continue to support the company for the foreseeable future. |
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Turnover |
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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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Freehold buildings |
over 50 years |
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Leasehold land and buildings |
over the lease term |
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Plant and machinery |
12.5% to 25% reducing balance |
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Fixtures, fittings, tools and equipment |
over 5 years |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of persons employed by the company |
9 |
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9 |
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3 |
Tangible fixed assets |
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Plant and machinery etc |
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Motor vehicles |
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Total |
£ |
£ |
£ |
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Cost |
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At 1 July 2023 |
104,584 |
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89,768 |
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194,352 |
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At 30 June 2024 |
104,584 |
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89,768 |
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194,352 |
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Depreciation |
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At 1 July 2023 |
103,977 |
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67,925 |
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171,902 |
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Charge for the year |
106 |
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7,280 |
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7,386 |
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At 30 June 2024 |
104,083 |
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75,205 |
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179,288 |
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Net book value |
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At 30 June 2024 |
501 |
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14,563 |
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15,064 |
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At 30 June 2023 |
607 |
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21,843 |
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22,450 |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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7,579,133 |
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7,748,628 |
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Other debtors |
17,652 |
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17,152 |
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7,596,785 |
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7,765,780 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
4,660 |
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24,610 |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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9,760,456 |
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9,733,836 |
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Other taxes and social security costs |
9,011 |
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9,571 |
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Other creditors |
5,770 |
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15,116 |
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9,779,897 |
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9,783,133 |
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6 |
Related party transactions |
2024 |
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2023 |
£ |
£ |
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Kenny Reconstruction Limited |
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Related party by virtue of common control |
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During the year there were bank transfers of £230,000 (2023- £210,000) made to Kenny & Reynolds Limited. The company has also been recharged other miscellaneous intercompany recharges of £15,800 (2023 - £35,750). |
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Amount due from (to) the related party |
(9,746,276) |
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(9,719,656) |
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Kenny Properties Limited |
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Related party by virtue of common control |
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During the year the company has carried out work to the value of £200,000 (2023 - £200,000) in respect of properties owned by Kenny Properties Limited. Recharges by way of management charges have been made to Kenny Properties Limited amounting to £150,000 (2023 - £150,000). |
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Amount due from (to) the related party |
7,579,133 |
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7,748,628 |
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Kenny and Reynolds Restoration Limited |
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Related party by virtue of common control |
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Amount due from (to) the related party |
(14,180) |
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(14,180) |
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7 |
Controlling party |
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The Kenny Group is this company's controllong part by virtue of its shareholding in the company. The ultimate controlling party is Kenny Holdings Limited. The registered office of both undertakings is the same as the company. |
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8 |
Other information |
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Kenny and Reynolds Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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The Yard |
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17 Annette Road |
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London |
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N7 6EH |