BrightAccountsProduction v1.0.0 v1.0.0 2023-07-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts The main activity of the company is the processing and preserving meat. 28 April 2025 10 9 NI642275 2024-06-30 NI642275 2023-06-30 NI642275 2022-06-30 NI642275 2023-07-01 2024-06-30 NI642275 2022-07-01 2023-06-30 NI642275 uk-bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 NI642275 uk-curr:PoundSterling 2023-07-01 2024-06-30 NI642275 uk-bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 NI642275 uk-bus:FullAccounts 2023-07-01 2024-06-30 NI642275 uk-core:ShareCapital 2024-06-30 NI642275 uk-core:ShareCapital 2023-06-30 NI642275 uk-core:RetainedEarningsAccumulatedLosses 2024-06-30 NI642275 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 NI642275 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2024-06-30 NI642275 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-06-30 NI642275 uk-bus:FRS102 2023-07-01 2024-06-30 NI642275 uk-core:Goodwill 2023-07-01 2024-06-30 NI642275 uk-core:PlantMachinery 2023-07-01 2024-06-30 NI642275 uk-core:FurnitureFittingsToolsEquipment 2023-07-01 2024-06-30 NI642275 uk-core:MotorVehicles 2023-07-01 2024-06-30 NI642275 uk-core:Goodwill 2023-06-30 NI642275 uk-core:Goodwill 2024-06-30 NI642275 uk-core:CurrentFinancialInstruments 2024-06-30 NI642275 uk-core:CurrentFinancialInstruments 2023-06-30 NI642275 uk-core:WithinOneYear 2024-06-30 NI642275 uk-core:WithinOneYear 2023-06-30 NI642275 uk-core:WithinOneYear 2024-06-30 NI642275 uk-core:WithinOneYear 2023-06-30 NI642275 uk-core:WithinOneYear 2024-06-30 NI642275 uk-core:WithinOneYear 2023-06-30 NI642275 uk-core:AfterOneYear 2024-06-30 NI642275 uk-core:AfterOneYear 2023-06-30 NI642275 uk-core:AfterOneYear 2024-06-30 NI642275 uk-core:AfterOneYear 2023-06-30 NI642275 uk-core:AfterOneYear 2024-06-30 NI642275 uk-core:AfterOneYear 2023-06-30 NI642275 uk-core:BetweenOneTwoYears 2024-06-30 NI642275 uk-core:BetweenOneTwoYears 2023-06-30 NI642275 uk-core:BetweenTwoFiveYears 2024-06-30 NI642275 uk-core:BetweenTwoFiveYears 2023-06-30 NI642275 uk-core:MoreThanFiveYears 2024-06-30 NI642275 uk-core:MoreThanFiveYears 2023-06-30 NI642275 uk-core:BetweenOneFiveYears 2024-06-30 NI642275 uk-core:BetweenOneFiveYears 2023-06-30 NI642275 uk-core:EmployeeBenefits 2023-06-30 NI642275 uk-core:EmployeeBenefits 2023-07-01 2024-06-30 NI642275 uk-core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 NI642275 uk-core:TaxLossesCarry-forwardsDeferredTax 2024-06-30 NI642275 uk-core:OtherDeferredTax 2024-06-30 NI642275 uk-core:RevaluationPropertyPlantEquipmentDeferredTax 2024-06-30 NI642275 uk-core:EmployeeBenefits 2024-06-30 NI642275 2023-07-01 2024-06-30 NI642275 uk-bus:Director1 2023-07-01 2024-06-30 NI642275 uk-bus:AuditExempt-NoAccountantsReport 2023-07-01 2024-06-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
 
 
Company Registration Number: NI642275
 
 
Kennedy Bacon Ltd
 
Unaudited Financial Statements
 
for the financial year ended 30 June 2024
Kennedy Bacon Ltd
Company Registration Number: NI642275
BALANCE SHEET
as at 30 June 2024

2024 2023
Notes £ £
 
Fixed Assets
Intangible assets 4 5,382 5,850
Tangible assets 5 121,056 124,916
───────── ─────────
Fixed Assets 126,438 130,766
───────── ─────────
 
Current Assets
Stocks 6 190,867 188,481
Debtors 7 127,271 166,927
Cash and cash equivalents 1,789 3,414
───────── ─────────
319,927 358,822
───────── ─────────
Creditors: amounts falling due within one year 8 (128,521) (147,618)
───────── ─────────
Net Current Assets 191,406 211,204
───────── ─────────
Total Assets less Current Liabilities 317,844 341,970
 
Creditors:
amounts falling due after more than one year 9 (320,445) (338,251)
 
Provisions for liabilities 10 4,771 (980)
───────── ─────────
Net Assets 2,170 2,739
═════════ ═════════
 
Capital and Reserves
Called up share capital 10 10
Retained earnings 2,160 2,729
───────── ─────────
Equity attributable to owners of the company 2,170 2,739
═════════ ═════════
 
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 company has taken advantage of the exemption under section 444 not to file the Profit and Loss Account and Director's Report.
           
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The director confirms that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The director acknowledges his responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Director and authorised for issue on 28 April 2025
           
           
________________________________          
Mr Mervyn Kennedy          
Director          
           



Kennedy Bacon Ltd
NOTES TO THE FINANCIAL STATEMENTS
for the financial year ended 30 June 2024

   
1. General Information
 
Kennedy Bacon Ltd is a company limited by shares incorporated in Northern Ireland. The registered office of the company is 30 Glenhordial Road, Omagh, Co Tyrone, BT79 7JT, Northern Ireland which is also the principal place of business of the company. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 June 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Goodwill
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise.  On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.

 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Plant and machinery - 10% Reducing Balance
  Fixtures, fittings and equipment - 10% Reducing Balance
  Motor vehicles - 20% reducing Balance
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including director, during the financial year was:
 
  2024 2023
  Number Number
 
Employees 10 9
  ═════════ ═════════
       
4. Intangible assets
     
  Goodwill Total
  £ £
Cost
At 1 July 2023 11,700 11,700
  ───────── ─────────
 
At 30 June 2024 11,700 11,700
  ───────── ─────────
Amortisation
At 1 July 2023 5,850 5,850
Charge for financial year 468 468
  ───────── ─────────
At 30 June 2024 6,318 6,318
  ───────── ─────────
Net book value
At 30 June 2024 5,382 5,382
  ═════════ ═════════
At 30 June 2023 5,850 5,850
  ═════════ ═════════
           
5. Tangible assets
  Plant and Fixtures, Motor Total
  machinery fittings and vehicles  
    equipment    
  £ £ £ £
Cost
At 1 July 2023 95,364 59,821 41,734 196,919
Additions 1,525 - 12,750 14,275
Disposals - - (6,000) (6,000)
  ───────── ───────── ───────── ─────────
At 30 June 2024 96,889 59,821 48,484 205,194
  ───────── ───────── ───────── ─────────
Depreciation
At 1 July 2023 22,639 21,305 28,059 72,003
Charge for the financial year 7,425 3,852 4,892 16,169
On disposals - - (4,034) (4,034)
  ───────── ───────── ───────── ─────────
At 30 June 2024 30,064 25,157 28,917 84,138
  ───────── ───────── ───────── ─────────
Net book value
At 30 June 2024 66,825 34,664 19,567 121,056
  ═════════ ═════════ ═════════ ═════════
At 30 June 2023 72,725 38,516 13,675 124,916
  ═════════ ═════════ ═════════ ═════════
       
6. Stocks 2024 2023
  £ £
 
Finished goods and goods for resale 190,867 188,481
  ═════════ ═════════
 
The replacement cost of stock did not differ significantly from the figures shown.
       
7. Debtors 2024 2023
  £ £
 
Trade debtors 61,333 62,163
Amounts owed by related parties 26,931 21,341
Other debtors 29,215 38,142
Taxation 9,792 10,281
Prepayments and accrued income - 35,000
  ───────── ─────────
  127,271 166,927
  ═════════ ═════════
       
8. Creditors 2024 2023
Amounts falling due within one year £ £
 
Bank overdrafts 9,475 19,478
Bank loan 12,164 17,493
Net obligations under finance leases
and hire purchase contracts 9,838 11,224
Trade creditors 81,530 82,683
Taxation 9,170 10,858
Other creditors 1,368 945
Accruals:
Pension accrual 118 79
Other accruals 4,858 4,858
  ───────── ─────────
  128,521 147,618
  ═════════ ═════════
       
9. Creditors 2024 2023
Amounts falling due after more than one year £ £
 
Bank loan 74,359 82,474
Finance leases and hire purchase contracts 30,020 24,690
Director's loan accounts 216,066 231,087
  ───────── ─────────
  320,445 338,251
  ═════════ ═════════
 
Loans
Repayable in one year or less, or on demand (Note 8) 21,639 36,971
Repayable between one and two years 13,536 19,536
Repayable between two and five years 60,823 56,038
Repayable in five years or more - 6,900
  ───────── ─────────
  95,998 119,445
  ═════════ ═════════
 
 
Net obligations under finance leases
and hire purchase contracts
Repayable within one year 9,838 11,224
Repayable between one and five years 30,020 24,690
  ───────── ─────────
  39,858 35,914
  ═════════ ═════════
           
10. Provisions for liabilities
 
The amounts provided for deferred taxation are analysed below:
 
  Capital Losses Total Total
  allowances      
         
      2024 2023
  £ £ £ £
 
At financial year start 19,285 (18,305) 980 13,676
Charged to profit and loss 1,787 (7,538) (5,751) (12,696)
  ───────── ───────── ───────── ─────────
At financial year end 21,072 (25,843) (4,771) 980
  ═════════ ═════════ ═════════ ═════════
           
11. Related party transactions
 
Net balances with related parties:
      2024 2023
      £ £
 
Trading amounts (due from) related parties     (26,931) (21,341)
      ═════════ ═════════
 
Mr Mervyn Kennedy is the principal shareholder and director of Bagún Uí Chinnéide Teoranta. During the year, Kennedy Bacon Ltd had purchases from Bagún Uí Chinnéide Teoranta totalling £15,950 and invoiced sales to Bagún Uí Chinnéide Teoranta totalling £5,583. These transactions are deemed, by the directors, to be at arms length value.

At the start of the year Kennedy Bacon Ltd owed  Bagún Uí Chinnéide Teoranta £21,341. During the year Kennedy Bacon Ltd borrowed £23,142 and repaid £17,552 to  Bagún Uí Chinnéide Teoranta. At the year end Kennedy Bacon Ltd is owed £26,931 (2023: £21,341) from Bagún Uí Chinnéide Teoranta and this is included in the debtors section of the balance sheet.

At the start of the year Kennedy Bacon Ltd owed the director £231,087. During the year a further £97,958 was borrowed and £112,979 repaid, leaving a closing balance of £216,066 (2023: £231,087) owed to the director. This amount is included in the creditors section of the balance sheet.