Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-31truesharpening of industrial cutting bladestruetruetruetruetrue2023-09-01false128falsetrue 01423270 2023-09-01 2024-08-31 01423270 2022-07-01 2023-08-31 01423270 2024-08-31 01423270 2023-08-31 01423270 c:Director1 2023-09-01 2024-08-31 01423270 d:PlantMachinery 2023-09-01 2024-08-31 01423270 d:MotorVehicles 2023-09-01 2024-08-31 01423270 d:FurnitureFittings 2023-09-01 2024-08-31 01423270 d:CurrentFinancialInstruments 2024-08-31 01423270 d:CurrentFinancialInstruments 2023-08-31 01423270 d:ShareCapital 2024-08-31 01423270 d:ShareCapital 2023-08-31 01423270 d:CapitalRedemptionReserve 2024-08-31 01423270 d:CapitalRedemptionReserve 2023-08-31 01423270 d:RetainedEarningsAccumulatedLosses 2024-08-31 01423270 d:RetainedEarningsAccumulatedLosses 2023-08-31 01423270 c:FRS102 2023-09-01 2024-08-31 01423270 c:Audited 2023-09-01 2024-08-31 01423270 c:FullAccounts 2023-09-01 2024-08-31 01423270 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 01423270 c:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 01423270 2 2023-09-01 2024-08-31 01423270 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number: 01423270









KENNEDY GRINDING LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 AUGUST 2024

 
KENNEDY GRINDING LIMITED
REGISTERED NUMBER: 01423270

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2024
2023
2023
Note
£
£
£
£

  

Current assets
  

Debtors
 4 
73,079
73,079

Cash at bank and in hand
 5 
-
21,581

Total assets less current liabilities
  
 
 
73,079
 
 
94,660

  

Net assets
  
73,079
94,660


Capital and reserves
  

Called up share capital 
  
5,001
5,001

Capital redemption reserve
  
4,999
4,999

Profit and loss account
  
63,079
84,660

  
73,079
94,660


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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 April 2025.




J R Kitching
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
KENNEDY GRINDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

1.


General information

Kennedy Grinding Limited is a private limited company incorporated and domiciled in England.  Its registered office address is 1 Orgreave Road, Sheffield S13 9LQ.  Its principle place of business is situated at Unit 1 Shrewsbury Road, Craven Arms, Shropshire SY7 9QH.
The principal activity of the company is the sharpening of industrial knives and cutting blades. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7;
the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources (when applying this standard in accordance with paragraph 34.11 of FRS 102).

This information is included in the consolidated financial statements of Green Mill Industries Limited as at 31 August 2024 and these financial statements may be obtained from Companies House.

Page 2

 
KENNEDY GRINDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Going concern

The company relies on Fernite of Sheffield Limited, a fellow subsidiary of Green Mill Industries Limited, for financial support.  The director of Fernite of Sheffield Limited has confirmed there is no intention to withdraw this support within the foreseeable future.
On the basis of his assessment of the company's financial position, the director has a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future.  Thus, he continues to adopt the going concern basis of preparation of the financial statements.

 
2.4

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
KENNEDY GRINDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.6

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 4

 
KENNEDY GRINDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.


 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance or straing line basis, as appropriate to each individual asset.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixtures and fittings
-
10% reducing balance or 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for
Page 5

 
KENNEDY GRINDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.11
Financial instruments (continued)

impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the period was 1 (2023 - 28).

Page 6

 
KENNEDY GRINDING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

4.


Debtors


2024
2023
£
£



Other debtors
73,079
73,079



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
-
21,581



6.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £NIL (2023 - £15,402). There were no outstanding contributions at either the current or comparative balance sheet dates.


7.


Controlling party

The company is a wholly owned subsidiary of Green Mill Industries Limited, a private limited company incorporated and domiciled in England. 
J R Kitching holds the controlling interest in Green Mill Industries Limited and is therefore the ultimate controlling party of Kennedy Grinding Limited.


8.


Auditors' information

The auditors' report on the financial statements for the period ended 31 August 2024 was unqualified.

The audit report was signed on 17 April 2025 by Jonathan Wilson FCA CTA (senior statutory auditor) on behalf of Barnett & Turner Accountants Ltd.

The comparative figures in respect of the year ended 30 June 2022 are unaudited.

 
Page 7