REGISTERED NUMBER: 05654837 (England and Wales)

KAVANAGHS BELSIZE LTD

Financial Statements for the Year Ended 31 December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Noel Kavanagh Jnr

Noel Kavanagh Snr

REGISTERED OFFICE:

C/O Noel Kavanagh Jnr, Budgens Hinchley

Wood, 10-12 Manor Road North,

Esher,

Surrey

KT10 0SH

REGISTERED NUMBER:

05654837 (England and Wales)

INDEPENDENT AUDITORS:

Cooper Parry Audit (Ireland) Limited

Statutory Auditor

36-38 Northland Row

Dungannon

Co. Tyrone

BT71 6AP

BANKERS:

Natwest

190 The Broadway

Muswell Hill

United Kingdom

N10 3SD

SOLICITORS:

Knights Plc

The Brampton

Newcastle Under Lyme

Staffordshire

United Kingdom

ST5 OQW

NON-CURRENT ASSETS

Intangible assets

5

-

-

Tangible assets

6

2,102,696

2,497,135

2,102,696

2,497,135

CURRENT ASSETS

Stocks

214,360

205,158

Receivables: amounts falling due within one year

7

176,112

229,097

Cash at bank and in hand

283,624

175,288

674,096

609,543

PAYABLES

Amounts falling due within one year

8

(4,550,980

)

(4,585,879

)

NET CURRENT LIABILITIES

(3,876,884

)

(3,976,336

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,774,188

)

(1,479,201

)

PROVISIONS FOR LIABILITIES

(30,584

)

(21,889

)

NET LIABILITIES

(1,804,772

)

(1,501,090

)

CAPITAL AND RESERVES

Called up share capital

10,000

10,000

Retained earnings

(1,814,772

)

(1,511,090

)

(1,804,772

)

(1,501,090

)

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Noel Kavanagh Jnr - Director

1.	STATUTORY INFORMATION

Kavanaghs Belsize 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 Company Information page.

2.	STATEMENT OF COMPLIANCE

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The accounts are prepared under the historical cost convention modified when necessary to include the revaluation of certain fixed assets.

Revenue

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, has been fully amortised.

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.

Property, plant and equipment

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to the location and condition necessary for its intended use.

(i) Fixtures, fittings and equipment

Fixtures, fittings and equipment are carried at cost less accumulated depreciation and accumulated impairment losses.

(ii) Depreciation and residual values

Depreciation on assets is calculated, using the straight-line method over their estimated useful lives, at the following annual rates:

Equipment 15% straight line

Fixtures & Fittings 15% straight line

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each financial year. The effect of any change is accounted for prospectively.

(iii) Subsequent additions and major components

Subsequent costs, including major inspections, are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that economic benefits associated with the item will flow to the company and the cost can be measured reliably.

The carrying amount of any replaced component is derecognised. Major components are treated as separate assets where they have significantly different patterns of consumption of economic benefits and are depreciated separately over their useful lives.

Repairs, maintenance and minor inspection costs are expensed as incurred.

(iv) Derecognition

Tangible fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.

Inventories

Stocks are valued at the lower of cost and net realisable value. 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.

Taxation

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

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, include trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in the Statement of Comprehensive Income, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates.

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash flow statement

The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand and deposits held at call with banks. Cash and cash equivalents are initially measured at transaction price and subsequently measured at amortised cost.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 47 (2023 - 49 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2024

and 31 December 2024

872,608

AMORTISATION

At 1 January 2024

and 31 December 2024

872,608

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

6.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

machinery

fittings

Totals

£

£

£

COST

At 1 January 2024

1,182,550

3,105,884

4,288,434

Additions

1,200

62,571

63,771

At 31 December 2024

1,183,750

3,168,455

4,352,205

DEPRECIATION

At 1 January 2024

1,023,284

768,015

1,791,299

Charge for year

34,270

423,940

458,210

At 31 December 2024

1,057,554

1,191,955

2,249,509

NET BOOK VALUE

At 31 December 2024

126,196

1,976,500

2,102,696

At 31 December 2023

159,266

2,337,869

2,497,135

7.

RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

10,212

-

Other debtors

165,900

229,097

176,112

229,097

8.

PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade payables

339,391

388,871

Amounts owed to group undertakings

4,176,886

4,054,862

Taxation and social security

(34,494

)

42,224

Other payables

69,197

99,922

4,550,980

4,585,879

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Mr. Ryan Falls (F.C.A) (Senior Statutory Auditor)

for and on behalf of Cooper Parry Audit (Ireland) Limited