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Registration number: 10875233

Russell Kennedy Investments Limited

Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Russell Kennedy Investments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Russell Kennedy Investments Limited

Company Information

Directors

Dr PJ Kennedy

Ms J M Russell

Registered office

34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF

 

Russell Kennedy Investments Limited

(Registration number: 10875233)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

845,000

845,000

Current assets

 

Debtors

-

7

Cash at bank and in hand

 

19,830

189,842

 

19,830

189,849

Creditors: Amounts falling due within one year

5

(455,289)

(667,542)

Net current liabilities

 

(435,459)

(477,693)

Total assets less current liabilities

 

409,541

367,307

Provisions for liabilities

(52,748)

(52,747)

Net assets

 

356,793

314,560

Capital and reserves

 

Called up share capital

6

100

100

Revaluation reserve

158,243

158,243

Retained earnings

198,450

156,217

Shareholders' funds

 

356,793

314,560

For the financial year ending 31 July 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.

 

Russell Kennedy Investments Limited

(Registration number: 10875233)
Balance Sheet as at 31 July 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 28 April 2025 and signed on its behalf by:
 

.........................................
Dr PJ Kennedy
Director

 

Russell Kennedy Investments Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

1

General information

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

The address of its registered office is:
34 Boulevard
Weston-super-Mare
North Somerset
BS23 1NF
United Kingdom

The principal place of business is:
3 Pembroke Vale
Clifton
Bristol
BS8 3DN
UK

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.

The presentation currency of the financial statements is Pound Sterling (£).

 

Russell Kennedy Investments Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue to trade in operational existence for the foreseeable future. At 31 July 2024, the company had net current liabilities of £435,459 (2023 - £477,693) and a net assets position of £356,793 (2023 - £314,560). The directors have considered the position of the company with respect to its obligations to ensure that the business can continue in operational existence for the foreseeable future, and confirm their approval to adopt the going concern basis for preparing the accounts.

The assumptions the directors have come to in choosing to adopt a going concern policy are summarised as follows:

- Included within current liabilities is an amount due to the directors for £434,578 (2023 - £650,322). The directors have confirmed that they will not expect repayment of this loan until such a time as the company has sufficient funds to do so.

The directors are therefore of the opinion that it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the investment income generated from the investment property held by the company. Turnover is initially recognised when received and adjusted based on the period for which the investment income relates to.

Tax

The tax expense for the period comprises current 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 in the countries where the company operates and generates taxable income.

 

Russell Kennedy Investments Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate estimated annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Trade debtors

Trade debtors are amounts due for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Russell Kennedy Investments Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 August 2023

845,000

Investment properties were valued by the director at fair value on 31 July 2024.

If investment properties had not been revalued, the cost of the investments would be £634,010.

 

Russell Kennedy Investments Limited

Notes to the Financial Statements for the Year Ended 31 July 2024

5

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

10,671

16,911

Accruals and deferred income

10,040

8,865

Other creditors

434,578

641,766

455,289

667,542

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary A shares of £1 each

52

52

52

52

Ordinary B shares of £1 each

24

24

24

24

Ordinary C shares of £1 each

24

24

24

24

100

100

100

100