Company No: 01205226 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	677,342		762,932
		677,342		762,932
Current assets
Stocks	4	199,877		210,499
Debtors	5	830,836		985,857
Cash at bank and in hand		197,509		245,332
		1,228,222		1,441,688
Creditors: amounts falling due within one year	6	( 371,847)		( 699,601)
Net current assets		856,375		742,087
Total assets less current liabilities		1,533,717		1,505,019
Creditors: amounts falling due after more than one year	7	0		( 16,243)
Provision for liabilities		( 145,817)		( 162,344)
Net assets		1,387,900		1,326,432
Capital and reserves
Called-up share capital	8	215		215
Capital redemption reserve		100		100
Profit and loss account		1,387,585		1,326,117
Total shareholders' funds		1,387,900		1,326,432

For the financial year ending 31 March 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Kelly Bros Limited (registered number: 01205226) were approved and authorised for issue by the Board of Directors on 16 September 2025. They were signed on its behalf by:

B M Kelly Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Kelly Bros Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Drumcoo House, 1 Hawkesworth Road, Yate, BS37 5NW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery	20 % reducing balance
Vehicles	20 % reducing balance
Fixtures and fittings	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 stocks 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.

Financial instruments

Classification

The company holds the following financial instruments:
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.

Recognition and measurement

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	24		26

3. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£
Cost
At 01 April 2024	2,696,254		436,884		190,455		3,323,593
Additions	101,460		20,494		0		121,954
Disposals	( 230,474)		( 64,438)		0		( 294,912)
At 31 March 2025	2,567,240		392,940		190,455		3,150,635
Accumulated depreciation
At 01 April 2024	2,222,606		236,722		101,333		2,560,661
Charge for the financial year	104,895		41,372		22,281		168,548
Disposals	( 213,442)		( 42,474)		0		( 255,916)
At 31 March 2025	2,114,059		235,620		123,614		2,473,293
Net book value
At 31 March 2025	453,181		157,320		66,841		677,342
At 31 March 2024	473,648		200,162		89,122		762,932

4. Stocks

	2025		2024
	£		£
Stocks	191,377		168,321
Work in progress	8,500		42,178
	199,877		210,499

5. Debtors

	2025		2024
	£		£
Trade debtors	491,139		533,220
Amounts owed by Group undertakings	0		7,248
Amounts owed by directors	160,588		268,913
Prepayments	121,941		81,798
Other debtors	57,168		94,678
	830,836		985,857

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	108,378		155,034
Amounts owed to Group undertakings	21,014		177,506
Amounts owed to directors	8,090		0
Accruals	61,059		72,680
Corporation tax	82,031		185,390
Other taxation and social security	48,611		48,578
Obligations under finance leases and hire purchase contracts	16,243		33,390
Other creditors	26,421		27,023
	371,847		699,601

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Obligations under finance leases and hire purchase contracts	0		16,243

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
15 Ordinary A shares of £ 1.00 each	15		15
200 Ordinary shares of £ 1.00 each	200		200
	215		215

9. Financial commitments

Commitments

The company is acting as guarantor to the immediate and ultimate parent company, registered in England and Wales, in respect of a £860,000 new bank loan granted during March 2020. The guarantees are secured by way of fixed charge and floating charge over the assets of the company.