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REGISTERED NUMBER: 04394255 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31st October 2024

for

KELLS HOLDINGS LIMITED

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)






Contents of the Consolidated Financial Statements
for the Year Ended 31st October 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Consolidated Income Statement 7

Consolidated Other Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 16


KELLS HOLDINGS LIMITED

Company Information
for the Year Ended 31st October 2024







DIRECTORS: E M Broderick
Mrs A D Broderick



REGISTERED OFFICE: Unit 2
Riverside Industrial Park
Coneger Road
Eastleigh
Hampshire
SO50 6JQ



REGISTERED NUMBER: 04394255 (England and Wales)



AUDITORS: Eastleigh Accountants Limited
Statutory Auditors and Accountants
89 Leigh Road
Eastleigh
Hampshire
SO50 9DQ



BANKERS: Santander
Bootle
Merseyside
L30 4GB

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Group Strategic Report
for the Year Ended 31st October 2024

The directors present their strategic report of the company and the group for the year ended 31st October 2024.

REVIEW OF BUSINESS
The building industry as a whole is finding the current economic and political environment challenging with the group being no exception. There is a reluctance on the part of house builders to commence new sites, together with ongoing inflationary pressures.The results for the year need to be reviewed in this context.

A summary of the key financial indicators are listed below:-

Turnover for the year has increased from £24,774,197 in 2023 to £32,638,988 in 2024, however cost of sales have increased from £21,431,441 to £28,426,383. As a consequence gross profit for the year was £4,212,605 (12.91%) compared to £3,342,756 (13.49%) in 2023.

General overheads have remained comparable with the prior year after taking into account the bad debt of £341,628.

The net effect of the above is a profit for the year after tax of £1,359,017 (2023: £931,760) of which £1,136,152 is attributable to the group (2023: £703,942).

After accounting for dividends of £116,262 (2023: £262,113) there is a retained profit for the year of £1,019,890 which has increased group retained earnings at 31st October 2024 to £11,892,224 (2023: £10,872,334). Shareholders' funds have increased from £11,502,337 to £12,522,224.

Group liquidity at the year end had increased to 222.31% (2023: 231.24%) and gearing had increased from 0.03% to 1.84%.

PRINCIPAL RISKS AND UNCERTAINTIES
Given the current economic and political climate, together with uncertainty over interest rates, there is a current downturn in the housing industry.. Whilst this situation remains the directors are aware of the need to manage funds accordingly. They believe that they have sufficient reserves to navigate through this difficult period.

Further, the group is always at the ongoing risk of incurring significant costs as a result of uninsured defective site work. Full provision is made in the financial statements in this regard, where deemed appropriate, on an annual basis.

ON BEHALF OF THE BOARD:





E M Broderick - Director


9th July 2025

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Report of the Directors
for the Year Ended 31st October 2024

The directors present their report with the financial statements of the company and the group for the year ended 31st October 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31st October 2024 will be £ 116,262 .

FUTURE DEVELOPMENTS
The directors have no plans to fundamentally change the nature or level of business undertaken with the group.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st November 2023 to the date of this report.

E M Broderick
Mrs A D Broderick

POLITICAL DONATIONS AND EXPENDITURE
During the year the group made charitable donations totalling £8,782 (2023: £1,712) to registered charities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:





E M Broderick - Director


9th July 2025

Report of the Independent Auditors to the Members of
Kells Holdings Limited

Opinion
We have audited the financial statements of Kells Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st October 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st October 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Kells Holdings Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misstatements in respect of irregularities, including fraud. We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements , whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as
well as actual, suspected, and alleged fraud;
- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on
the financial statements or the operations of the entity through enquiry and inspection;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations;
- Performing audit work over the risk of management bias and override of controls, including testing of journal
entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Report of the Independent Auditors to the Members of
Kells Holdings Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Duncan Jefferies FCCA (Senior Statutory Auditor)
for and on behalf of Eastleigh Accountants Limited
Statutory Auditors and Accountants
89 Leigh Road
Eastleigh
Hampshire
SO50 9DQ

9th July 2025

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Consolidated
Income Statement
for the Year Ended 31st October 2024

2024 2023
Notes £    £    £    £   

TURNOVER 32,638,988 24,774,197

Cost of sales 28,758,618 21,431,441
GROSS PROFIT 3,880,370 3,342,756

Administrative expenses 2,909,354 2,757,811
971,016 584,945

Other operating income 10,607 26,182
Gain/loss on revaluation of investments 184 69
OPERATING PROFIT 4 981,807 611,196

Non-trading loan write back 5 - 200,000
981,807 811,196

Income from interest in associated
undertakings

6,400

10,000
Interest receivable and similar income 502,876 705,659
509,276 715,659
1,491,083 1,526,855

Interest payable and similar expenses 6 7,599 20,919
PROFIT BEFORE TAXATION 1,483,484 1,505,936

Tax on profit 7 124,467 574,176
PROFIT FOR THE FINANCIAL YEAR 1,359,017 931,760
Profit attributable to:
Owners of the parent 1,136,152 703,942
Non-controlling interests 222,865 227,818
1,359,017 931,760

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Consolidated
Other Comprehensive Income
for the Year Ended 31st October 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,359,017 931,760


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,359,017

931,760

Total comprehensive income attributable to:
Owners of the parent 1,232,152 703,942
Non-controlling interests 126,865 227,818
1,359,017 931,760

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Consolidated Balance Sheet
31st October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 2,259,407 2,517,621
Investments 12
Interest in associate 40 40
Other investments 3,933,648 2,681,688
6,193,095 5,199,349

CURRENT ASSETS
Debtors 13 9,329,702 8,660,900
Investments 14 1,526 1,342
Cash at bank and in hand 4,638,226 4,634,455
13,969,454 13,296,697
CREDITORS
Amounts falling due within one year 15 6,283,672 5,750,261
NET CURRENT ASSETS 7,685,782 7,546,436
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,878,877

12,745,785

CREDITORS
Amounts falling due after more than one
year

16

(212,373

)

-

PROVISIONS FOR LIABILITIES 18 (335,582 ) (561,619 )
NET ASSETS 13,330,922 12,184,166

CAPITAL AND RESERVES
Called up share capital 19 190 190
Share premium 20 629,810 629,810
Retained earnings 20 11,892,224 10,872,334
SHAREHOLDERS' FUNDS 12,522,224 11,502,334

NON-CONTROLLING INTERESTS 808,698 681,832
TOTAL EQUITY 13,330,922 12,184,166

The financial statements were approved by the Board of Directors and authorised for issue on 9th July 2025 and were signed on its behalf by:





E M Broderick - Director


KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Company Balance Sheet
31st October 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 4,789,853 3,537,893
4,789,853 3,537,893

CURRENT ASSETS
Debtors 13 3,724,597 4,121,509
Cash at bank 1,741,882 2,667,162
5,466,479 6,788,671
CREDITORS
Amounts falling due within one year 15 68,212 756,600
NET CURRENT ASSETS 5,398,267 6,032,071
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,188,120

9,569,964

CAPITAL AND RESERVES
Called up share capital 19 190 190
Share premium 20 629,810 629,810
Retained earnings 20 9,558,120 8,939,964
SHAREHOLDERS' FUNDS 10,188,120 9,569,964

Company's profit/(loss) for the financial year 734,418 (17,472 )

The financial statements were approved by the Board of Directors and authorised for issue on 9th July 2025 and were signed on its behalf by:





E M Broderick - Director


KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Consolidated Statement of Changes in Equity
for the Year Ended 31st October 2024

Called up
share Retained Share
capital earnings premium
£    £    £   
Balance at 1st November 2022 190 10,430,505 629,810

Changes in equity
Dividends - (262,113 ) -
Total comprehensive income - 703,942 -
Balance at 31st October 2023 190 10,872,334 629,810

Changes in equity
Dividends - (116,262 ) -
Total comprehensive income - 1,136,152 -
Balance at 31st October 2024 190 11,892,224 629,810
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1st November 2022 11,060,505 454,014 11,514,519

Changes in equity
Dividends (262,113 ) - (262,113 )
Total comprehensive income 703,942 227,818 931,760
Balance at 31st October 2023 11,502,334 681,832 12,184,166

Changes in equity
Dividends (116,262 ) - (116,262 )
Total comprehensive income 1,136,152 126,865 1,263,017
Balance at 31st October 2024 12,522,224 808,697 13,330,921

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Company Statement of Changes in Equity
for the Year Ended 31st October 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1st November 2022 190 9,219,549 629,810 9,849,549

Changes in equity
Dividends - (262,113 ) - (262,113 )
Total comprehensive income - (17,472 ) - (17,472 )
Balance at 31st October 2023 190 8,939,964 629,810 9,569,964

Changes in equity
Dividends - (116,262 ) - (116,262 )
Total comprehensive income - 734,418 - 734,418
Balance at 31st October 2024 190 9,558,120 629,810 10,188,120

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Consolidated Cash Flow Statement
for the Year Ended 31st October 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,865,347 1,553,581
Interest paid - (17,066 )
Interest element of hire purchase payments
paid

(7,599

)

(3,853

)
Tax paid (296,131 ) (425,925 )
Net cash from operating activities 1,561,617 1,106,737

Cash flows from investing activities
Purchase of tangible fixed assets (1,052,662 ) (196,126 )
Purchase of fixed asset investments (1,254,000 ) (200 )
Sale of tangible fixed assets 84,661 171,201
Sale of fixed asset investments 46,342 53,200
Interest received 502,876 705,659
Dividends received 6,400 10,000
Net cash from investing activities (1,666,383 ) 743,734

Cash flows from financing activities
Share of Profit in LLP's not received (44,202 ) (37,353 )
Capital repayments in year 365,001 (133,188 )
Dividends paid to Minority (96,000 ) -
Equity dividends paid (116,262 ) (262,113 )
Net cash from financing activities 108,537 (432,654 )

Increase in cash and cash equivalents 3,771 1,417,817
Cash and cash equivalents at beginning of
year

2

4,634,455

3,216,638

Cash and cash equivalents at end of year 2 4,638,226 4,634,455

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st October 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 1,483,484 1,505,936
Depreciation charges 1,289,521 1,099,225
Profit on disposal of fixed assets (63,305 ) (84,109 )
Gain on revaluation of fixed assets (184 ) (69 )
Finance costs 7,599 20,919
Finance income (509,276 ) (715,659 )
2,207,839 1,826,243
(Increase)/decrease in trade and other debtors (668,905 ) 1,326,093
Increase/(decrease) in trade and other creditors 326,413 (1,598,755 )
Cash generated from operations 1,865,347 1,553,581

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st October 2024
31.10.24 1.11.23
£    £   
Cash and cash equivalents 4,638,226 4,634,455
Year ended 31st October 2023
31.10.23 1.11.22
£    £   
Cash and cash equivalents 4,634,455 3,216,638


KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st October 2024

3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23 Cash flow At 31.10.24
£    £    £   
Net cash
Cash at bank and in hand 4,634,455 3,771 4,638,226
4,634,455 3,771 4,638,226

Liquid resources
Current asset investments 1,342 184 1,526
1,342 184 1,526
Debt
Finance leases (5,310 ) (365,001 ) (370,311 )
(5,310 ) (365,001 ) (370,311 )
Total 4,630,487 (361,046 ) 4,269,441

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Financial Statements
for the Year Ended 31st October 2024

1. STATUTORY INFORMATION

Kells Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost
Office Equipment - 25% on cost

Investments in associates
Investments in associate undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st October 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The group operate a defined contribution, and funded unapproved, pension schemes for its directors. Contributions payable to the schemes are charged to the profit and loss account in the period to which they relate.

Long term contracts
Amounts recoverable on contracts are valued at anticipated net sale value after provision for contingencies and anticipated future losses on contracts.

Claims are included in the valuation of contracts and credited to the profit and loss account only when entitlement has been established.

Cash received on account of contracts is deducted from amounts recoverable on contracts. Such amounts that have been received and exceed amounts recoverable are included in creditors. Contract provisions in excess of amounts recoverable are included in provisions for liabilities and charges.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 3,339,267 3,110,510
Social security costs 318,525 322,199
Other pension costs 141,207 83,465
3,798,999 3,516,174

The average number of employees during the year was as follows:
2024 2023

Office and Administration 22 22
Labour and direct employees 48 53
70 75

2024 2023
£    £   
Directors' remuneration 133,057 169,977

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Plant hire 620,812 191,442
Other operating leases 296,541 275,399
Depreciation - owned assets 1,289,520 1,099,225
Profit on disposal of fixed assets (63,305 ) (84,109 )
Auditors' remuneration 40,905 19,350

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st October 2024

5. EXCEPTIONAL ITEMS
2024 2023
£    £   
Non-trading loan write back - 200,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other interest - 17,066
Hire purchase 7,599 3,853
7,599 20,919

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 350,504 529,258

Deferred tax (226,037 ) 44,918
Tax on profit 124,467 574,176

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,483,484 1,505,936
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

370,871

376,484

Effects of:
Expenses not deductible for tax purposes 8,294 6,846
Income not taxable for tax purposes (1,600 ) (2,500 )
Capital allowances in excess of depreciation (226,037 ) -
Depreciation in excess of capital allowances - 109,532


Change in rate of tax (27,061 ) 83,814
Total tax charge 124,467 574,176

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st October 2024

9. DIVIDENDS
2024 2023
£    £   
Interim 116,262 262,113

10. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st November 2023
and 31st October 2024 64,582
AMORTISATION
At 1st November 2023
and 31st October 2024 64,582
NET BOOK VALUE
At 31st October 2024 -
At 31st October 2023 -

11. TANGIBLE FIXED ASSETS

Group
Plant and Motor Office
machinery vehicles Equipment Totals
£    £    £    £   
COST
At 1st November 2023 6,624,750 2,962,566 119,069 9,706,385
Additions 671,439 374,475 6,748 1,052,662
Disposals (103,562 ) (146,213 ) (737 ) (250,512 )
At 31st October 2024 7,192,627 3,190,828 125,080 10,508,535
DEPRECIATION
At 1st November 2023 5,098,806 1,989,601 100,357 7,188,764
Charge for year 847,924 433,455 8,141 1,289,520
Eliminated on disposal (87,368 ) (141,788 ) - (229,156 )
At 31st October 2024 5,859,362 2,281,268 108,498 8,249,128
NET BOOK VALUE
At 31st October 2024 1,333,265 909,560 16,582 2,259,407
At 31st October 2023 1,525,944 972,965 18,712 2,517,621

Included in the above net book value are £455,439 (2023: £Nil) assets held under hire purchase and finance lease agreements.

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st October 2024

12. FIXED ASSET INVESTMENTS

Group
Interest
in Unlisted
associate investments Totals
£    £    £   
COST
At 1st November 2023 40 2,681,688 2,681,728
Additions - 1,254,000 1,254,000
Disposals - (46,342 ) (46,342 )
Share of profit/(loss) - 44,302 44,302
At 31st October 2024 40 3,933,648 3,933,688
NET BOOK VALUE
At 31st October 2024 40 3,933,648 3,933,688
At 31st October 2023 40 2,681,688 2,681,728
Company
Shares in
group Unlisted
undertakings investments Totals
£    £    £   
COST
At 1st November 2023 856,205 2,681,688 3,537,893
Additions - 1,254,000 1,254,000
Disposals - (46,342 ) (46,342 )
Share of profit/(loss) - 44,302 44,302
At 31st October 2024 856,205 3,933,648 4,789,853
NET BOOK VALUE
At 31st October 2024 856,205 3,933,648 4,789,853
At 31st October 2023 856,205 2,681,688 3,537,893

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Blaze Construction Limited
Registered office: Unit 2 Riverside Industrial Park, Coneger Road Eastleigh SO50 6JQ
Nature of business: Building and Civil construction
%
Class of shares: holding
Ordinary £1 76.00
2024 2023
£    £   
Aggregate capital and reserves 2,905,281 2,064,139
Profit for the year 841,142 619,641

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st October 2024

12. FIXED ASSET INVESTMENTS - continued

Allround Plant Limited
Registered office: Unit 2 Riverside Industrial Park, Coneger Road Eastleigh SO50 6JQ
Nature of business: Hire of plant, machinery and vehicles
%
Class of shares: holding
£1 Ordinary 76.00
2024 2023
£    £   
Aggregate capital and reserves 159,280 471,824
Profit for the year 87,456 329,594



13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 448,601 909,615 - -
Amounts owed by group undertakings - - - 562,387
Amounts owed by participating interests 6,166 2,179 6,166 6,266
Amounts recoverable on contract 4,629,108 3,559,463 - -
Other debtors 3,767,551 3,806,591 3,718,431 3,552,856
VAT 275,411 220,135 - -
Prepayments 202,865 162,917 - -
9,329,702 8,660,900 3,724,597 4,121,509

14. CURRENT ASSET INVESTMENTS

Group
2024 2023
£    £   
Listed investments 1,526 1,342

Market value of listed investments held by the group at 31st October 2024 - £1,526 (2023 - £1,342).

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Hire purchase contracts (see note 17) 157,938 5,310 - -
Payments on account 1,670,900 872,144 - -
Trade creditors 3,812,230 2,551,565 - -
Tax 96,887 42,514 58,132 -
Social security and other taxes 100,580 106,747 - -
Other creditors 209,984 1,944,413 - 745,000
Accrued expenses 235,153 227,568 10,080 11,600
6,283,672 5,750,261 68,212 756,600

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st October 2024

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Hire purchase contracts (see note 17) 212,373 -

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 157,938 5,310
Between one and five years 212,373 -
370,311 5,310

18. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 335,582 561,619

Group
Deferred
tax
£   
Balance at 1st November 2023 561,619
Provided during year (226,037 )
Balance at 31st October 2024 335,582

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
190 Ordinary £1 1 190 190

KELLS HOLDINGS LIMITED (REGISTERED NUMBER: 04394255)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st October 2024

20. RESERVES

Group
Retained Share
earnings premium Totals
£    £    £   

At 1st November 2023 10,872,334 629,810 11,502,144
Profit for the year 1,136,152 1,136,152
Dividends (116,262 ) (116,262 )
At 31st October 2024 11,892,224 629,810 12,522,034

Company
Retained Share
earnings premium Totals
£    £    £   

At 1st November 2023 8,939,964 629,810 9,569,774
Profit for the year 734,418 734,418
Dividends (116,262 ) (116,262 )
At 31st October 2024 9,558,120 629,810 10,187,930


21. RELATED PARTY DISCLOSURES

Kells Holdings Limited is a partner in Blackmore Vale Homes LLP (25% interest). Its share of the loss for the year ended 31st October 2024 was £100 thereby reducing its indebtedness to the group to £6,166.

At 31st October 2024 the company was owed £323,366 by Shillingstone LLP. It is a 1/3rd partner in this business. Its share of the loss for the year was £118 which reduced its capital contribution from £323,484 in 2023.

At 31st October 2024 the company was owed £455,435 by Chilcomb (Winchester) LLP. It is a 76% partner in this business. Its share of the profit for the year was £46,112, and it received £46,343 by way of capital repayments which reduced its capital contribution from £455,666 in 2023.

At 31st October 2024 the company was owed £3,154,846 by Martin James Homes LLP. It is a 76% partner in this business. Its share of the loss for the year was £1,692, however a further £1,254,000 capital contribution advanced, which increased its capital contribution from £1,902,538 in 2023.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr E.M. Broderick by virtue of his majority shareholding.