REGISTERED NUMBER: NI025481 (Northern Ireland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

KEENAN SEAFOOD LIMITED

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

9

DIRECTORS:

A Crawford

A R Lynas

A Magee

REGISTERED OFFICE:

17 Clarendon Road

Belfast

BT1 3BG

REGISTERED NUMBER:

NI025481 (Northern Ireland)

ACCOUNTANTS:

Baker Tilly Mooney Moore

Chartered Certified Accountants

17 Clarendon Road

Clarendon Dock

Belfast

BT1 3BG

BANKERS:

Bank of Ireland

364 Lisburn Road

Belfast

Co. Antrim

BT9 6GL

FIXED ASSETS

Intangible assets

4

128

3,167

Tangible assets

5

582,154

652,351

Investment property

6

-

296,219

582,282

951,737

CURRENT ASSETS

Stocks

7

125,509

156,527

Debtors

8

497,556

563,369

Cash at bank and in hand

176,124

375,658

799,189

1,095,554

CREDITORS

Amounts falling due within one year

9

527,260

582,142

NET CURRENT ASSETS

271,929

513,412

TOTAL ASSETS LESS CURRENT LIABILITIES

854,211

1,465,149

CREDITORS

Amounts falling due after more than one year

10

(25,086

)

(84,524

)

PROVISIONS FOR LIABILITIES

(53,759

)

(54,232

)

ACCRUALS AND DEFERRED INCOME

(72,184

)

(74,047

)

NET ASSETS

703,182

1,252,346

CAPITAL AND RESERVES

Called up share capital

20,000

20,000

Retained earnings

683,182

1,232,346

703,182

1,252,346

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each 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.

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 29 September 2025 and were signed on its behalf by:

A R Lynas - Director

1.	STATUTORY INFORMATION

Keenan Seafood Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's investment property. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the recoverability of other debtors and the need for impairment provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience, current market conditions and knowledge of the sector. Amounts identified as irrecoverable will be provided against in the relevant period.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

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 2000, is being amortised evenly over its estimated useful life of twenty 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

2% on cost

Plant and machinery etc

-

15% on cost and 10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 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 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 32 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2023

and 30 September 2024

76,000

AMORTISATION

At 1 October 2023

72,833

Amortisation for year

3,039

At 30 September 2024

75,872

NET BOOK VALUE

At 30 September 2024

128

At 30 September 2023

3,167

5.	TANGIBLE FIXED ASSETS

Fixtures,

Freehold

Plant and

fittings

Motor

property

machinery

& equipment

vehicles

Totals

£

£

£

£

£

COST

At 1 October 2023

508,139

526,779

174,948

361,281

1,571,147

Additions

1,703

3,955

1,065

16,040

22,763

Disposals

-

-

-

(73,975

)

(73,975

)

At 30 September 2024

509,842

530,734

176,013

303,346

1,519,935

DEPRECIATION

At 1 October 2023

142,465

469,322

118,705

188,304

918,796

Charge for year

10,177

9,271

10,151

27,201

56,800

Eliminated on disposal

-

-

-

(37,815

)

(37,815

)

At 30 September 2024

152,642

478,593

128,856

177,690

937,781

NET BOOK VALUE

At 30 September 2024

357,200

52,141

47,157

125,656

582,154

At 30 September 2023

365,674

57,457

56,243

172,977

652,351

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 October 2023

142,405

Additions

16,040

Disposals

(50,975

)

Transfer to ownership

(39,690

)

At 30 September 2024

67,780

DEPRECIATION

At 1 October 2023

33,067

Charge for year

19,230

Eliminated on disposal

(19,152

)

Transfer to ownership

(21,095

)

At 30 September 2024

12,050

NET BOOK VALUE

At 30 September 2024

55,730

At 30 September 2023

109,338

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

296,219

Disposals

(296,219

)

At 30 September 2024

-

NET BOOK VALUE

At 30 September 2024

-

At 30 September 2023

296,219

7.

STOCKS

30.9.24

30.9.23

£

£

Stocks

125,509

156,527

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Trade debtors

449,458

477,791

Other debtors

48,098

85,578

497,556

563,369

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans and overdrafts

-

71,316

Hire purchase contracts

11,186

20,420

Trade creditors

402,337

388,013

Taxation and social security

35,352

27,084

Other creditors

78,385

75,309

527,260

582,142

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans

-

19,057

Hire purchase contracts

25,086

65,467

25,086

84,524

Amounts falling due in more than five years:

Repayable by instalments

Bank loans

-

19,057

The bank loan facility is available on an "until further notice" basis and as such is repayable on demand. However, in the absence of such demand, the facility will be repaid from the sale of the property or refinanced on terms satisfactory to the bank.

11.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.24

30.9.23

£

£

Bank loans

-

43,205

Hire purchase contracts

36,272

85,887

36,272

129,092

Hire purchase agreements are secured against the asset to which they relate.

12.	ULTIMATE CONTROLLING PARTY

On 3 September 2024 the entire share capital of the company was purchased by Sarcon (No. 338) Limited, a company registered in Northern Ireland.

The ultimate controlling party of Sarcon (No. 338) Limited is Mr A R Lynas, by virtue of shareholding.