30 27 The Owen Kenny Partnership Limited 07223254 false 2024-03-01 2025-02-28 2025-02-28 The principal activity of the company is general legal practitioners regulated by The Solicitors Regulatory Authority. Digita Accounts Production Advanced 6.30.9574.0 true 07223254 2024-03-01 2025-02-28 07223254 2025-02-28 07223254 bus:OrdinaryShareClass1 bus:CumulativeShares 2025-02-28 07223254 core:CurrentFinancialInstruments 2025-02-28 07223254 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-28 07223254 core:Non-currentFinancialInstruments 2025-02-28 07223254 core:Non-currentFinancialInstruments core:AfterOneYear 2025-02-28 07223254 core:Goodwill 2025-02-28 07223254 core:FurnitureFittingsToolsEquipment 2025-02-28 07223254 core:LandBuildings 2025-02-28 07223254 core:MotorVehicles 2025-02-28 07223254 1 2025-02-28 07223254 bus:SmallEntities 2024-03-01 2025-02-28 07223254 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 07223254 bus:FilletedAccounts 2024-03-01 2025-02-28 07223254 bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 07223254 bus:RegisteredOffice 2024-03-01 2025-02-28 07223254 bus:CompanySecretaryDirector1 2024-03-01 2025-02-28 07223254 bus:Director1 2024-03-01 2025-02-28 07223254 bus:Director5 2024-03-01 2025-02-28 07223254 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-03-01 2025-02-28 07223254 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 07223254 bus:Agent1 2024-03-01 2025-02-28 07223254 core:Goodwill 2024-03-01 2025-02-28 07223254 core:FurnitureFittingsToolsEquipment 2024-03-01 2025-02-28 07223254 core:LandBuildings 2024-03-01 2025-02-28 07223254 core:MotorVehicles 2024-03-01 2025-02-28 07223254 countries:England 2024-03-01 2025-02-28 07223254 1 2024-03-01 2025-02-28 07223254 2024-02-29 07223254 core:Goodwill 2024-02-29 07223254 core:FurnitureFittingsToolsEquipment 2024-02-29 07223254 core:LandBuildings 2024-02-29 07223254 core:MotorVehicles 2024-02-29 07223254 1 2024-02-29 07223254 2023-03-01 2024-02-29 07223254 2024-02-29 07223254 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-02-29 07223254 core:CurrentFinancialInstruments 2024-02-29 07223254 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 07223254 core:Non-currentFinancialInstruments 2024-02-29 07223254 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 07223254 core:FurnitureFittingsToolsEquipment 2024-02-29 07223254 core:LandBuildings 2024-02-29 07223254 core:MotorVehicles 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 07223254

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

Company Information

Directors

Mr D Small

Mrs E Allchurch

Mrs J E M Jones

Company secretary

Mrs E Allchurch

Registered office

Chichester Business Park
Unit 3, City Fields Way Park
Tangmere, Chichester
West Sussex
PO20 2FT

Accountants

Blue Spire Limited Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited
for the Year Ended 28 February 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of The Owen Kenny Partnership Limited for the year ended 28 February 2025 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of The Owen Kenny Partnership Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of The Owen Kenny Partnership Limited and state those matters that we have agreed to state to the Board of Directors of The Owen Kenny Partnership Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Owen Kenny Partnership Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that The Owen Kenny Partnership Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of The Owen Kenny Partnership Limited. You consider that The Owen Kenny Partnership Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of The Owen Kenny Partnership Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

4 June 2025

 

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

(Registration number: 07223254)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

5

64,475

42,716

Current assets

 

Stocks

6

304,795

343,723

Debtors

7

329,634

358,557

 

634,429

702,280

Creditors: Amounts falling due within one year

8

(363,435)

(369,313)

Net current assets

 

270,994

332,967

Total assets less current liabilities

 

335,469

375,683

Creditors: Amounts falling due after more than one year

8

(10,000)

(68,251)

Net assets

 

325,469

307,432

Capital and reserves

 

Called up share capital

9

3,000

3,000

Retained earnings

322,469

304,432

Shareholders' funds

 

325,469

307,432

For the financial year ending 28 February 2025 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.

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 4 June 2025 and signed on its behalf by:
 

.........................................
Mrs E Allchurch
Company secretary and director

 

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

1

General information

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

The address of its registered office is:
Chichester Business Park
Unit 3, City Fields Way Park
Tangmere, Chichester
West Sussex
PO20 2FT

These financial statements were authorised for issue by the Board on 4 June 2025.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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:

 

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised 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 held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

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 from customers for merchandise sold or 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.

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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. 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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

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.

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.

 

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 30 (2024 - 27).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2024

240,000

240,000

At 28 February 2025

240,000

240,000

Amortisation

At 1 March 2024

240,000

240,000

At 28 February 2025

240,000

240,000

Carrying amount

At 28 February 2025

-

-

 

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2024

44,338

16,204

-

60,542

Additions

-

1,485

28,083

29,568

At 28 February 2025

44,338

17,689

28,083

90,110

Depreciation

At 1 March 2024

4,434

13,392

-

17,826

Charge for the year

4,434

1,035

2,340

7,809

At 28 February 2025

8,868

14,427

2,340

25,635

Carrying amount

At 28 February 2025

35,470

3,262

25,743

64,475

At 29 February 2024

39,904

2,812

-

42,716

Included within the net book value of land and buildings above is £35,470 (2024 - £39,904) in respect of long leasehold land and buildings.
 

6

Stocks

2025
£

2024
£

Work in progress

304,795

343,723

7

Debtors

Current

Note

2025
£

2024
£

Trade debtors

 

287,261

227,199

Amounts owed by related parties

12

-

2,000

Prepayments

 

16,497

7,359

Other debtors

 

25,876

121,999

   

329,634

358,557

 

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

8

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

10

179,145

255,212

Taxation and social security

 

80,690

73,984

Accruals and deferred income

 

5,700

26,811

Other creditors

 

97,900

13,306

 

363,435

369,313

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

10

10,000

68,251

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

3,000

3,000

3,000

3,000

       

10

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

10,000

68,251

Current loans and borrowings

2025
£

2024
£

Bank borrowings

68,827

73,031

Bank overdrafts

110,318

182,181

179,145

255,212

11

Dividends

2025

2024

£

£

Interim dividend of £0.33 (2024 - £2.00) per ordinary share

1,000

6,000

 

 
 

The Owen Kenny Partnership Limited

trading as Owen Kenny Partnership Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

12

Related party transactions

Transactions with directors

2025

At 1 March 2024
£

Repayments by director
£

At 28 February 2025
£

Balance owed to directors

(76,646)

144,663

68,017