Company registration number 2968744 (England and Wales)
I M KELLY R & A LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
PAGES FOR FILING WITH REGISTRAR
I M KELLY R & A LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 9
I M KELLY R & A LTD
BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
4
410,960
535,670
Current assets
Stocks
1,294,429
1,178,915
Debtors
5
858,545
1,118,546
Cash at bank and in hand
446,962
422,358
2,599,936
2,719,819
Creditors: amounts falling due within one year
6
(1,176,401)
(942,714)
Net current assets
1,423,535
1,777,105
Total assets less current liabilities
1,834,495
2,312,775
Provisions for liabilities
7
(405,560)
(79,342)
Net assets
1,428,935
2,233,433
Capital and reserves
Called up share capital
890,000
890,000
Share premium account
169,156
169,156
Profit and loss reserves
369,779
1,174,277
Total equity
1,428,935
2,233,433

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 18 June 2025 and are signed on its behalf by:
Mr J A Matthews
Mr K Griffiths
Director
Director
Company Registration No. 2968744
I M KELLY R & A LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -
1
Accounting policies
Company information

I M Kelly R & A Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 4 Weekley Wood Avenue, Kettering, Northamptonshire, United Kingdom, NN14 1UD.

The principal place of business is The Moorings Business Park, Channel Way, Exhall, Coventry, CV6 6RH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of I M Kelly Holdings Limited.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

I M KELLY R & A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 3 -
1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
Pre 2016 assets at 25% reducing balance and post 2016 assets at 12.5% on cost. Tooling over the expected production run of the individual tools
Fixtures and fittings
33% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

I M KELLY R & A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 4 -

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

I M KELLY R & A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

I M KELLY R & A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 6 -
1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Useful economic life of tangible fixed assets

The useful economic life of tangible fixed assets is judged at the point of purchase and is then re-assessed at each reporting date as necessary. The useful economic life of each asset class is stated in the accounting policies above.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provision for irrecoverable trade debtors

At each balance sheet date, management undertake a review of the outstanding trade debtor balances and estimate the balance that should be either impaired or provided against.

This calculation is based on the financial position of the customers, the historical speed of payment and any ongoing discussions.

Provision for slow moving and obsolete stock

At each balance sheet date, management undertake and assessment of the value at which stock items are held within the accounts. The provision is calculated on a stock usage basis, allowing for known obsolete stock items. This provision is reviewed and updated at each reporting date.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
62
58
I M KELLY R & A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2024
1,352,385
Disposals
(90,790)
At 31 January 2025
1,261,595
Depreciation and impairment
At 1 February 2024
816,715
Depreciation charged in the year
117,435
Eliminated in respect of disposals
(83,515)
At 31 January 2025
850,635
Carrying amount
At 31 January 2025
410,960
At 31 January 2024
535,670
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
690,402
653,371
Amounts owed by group undertakings
124,937
405,815
Other debtors
43,206
59,360
858,545
1,118,546
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
468,433
610,134
Amounts owed to group undertakings
107,323
-
0
Taxation and social security
135,960
44,730
Other creditors
464,685
287,850
1,176,401
942,714
I M KELLY R & A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
7
Provisions for liabilities
2025
2024
£
£
Other provisions
348,968
-
Deferred tax liabilities
8
56,592
79,342
405,560
79,342
Movements on provisions apart from deferred tax liabilities:
Other provisions
£
Additional provisions in the year
348,968

Other provisions include the directors best estimates regarding warranty and other customer claims for products produced during the year. The company is currently undertaking further reviews of such claims and will take all reasonable steps to reduce this liability as far as possible. The company is disputing the validity of many of these claims and the results of these reviews will only be known in future periods.

8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
68,251
91,324
Short term timing differences
(11,659)
(11,982)
56,592
79,342
2025
Movements in the year:
£
Liability at 1 February 2024
79,342
Credit to profit or loss
(22,750)
Liability at 31 January 2025
56,592
I M KELLY R & A LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 9 -
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Paul Tyler
Statutory Auditor:
Azets Audit Services
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
19,049
22,950
11
Related party transactions
Transactions with related parties

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
96,604
-
Other related parties
10,719
-

The amounts outstanding are due on demand, unsecured, interest-free and are expected to be settled in cash.

2025
2024
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the company
124,937
105,815
Other related parties
-
300,000
12
Parent company

The company's parent undertaking is I M Kelly Holdings Limited whose registered office is Unit 4 Weekley Wood Avenue, Kettering, Northamptonshire, NN14 1UD. The company's ultimate parent undertaking is ECA NV, a company registered in Belgium.

The ultimate controlling parties are L Christiaen and Mrs M Christiaen.

2025-01-31 2024-02-01 false false false 03 July 2025 CCH Software CCH Accounts Production 2025.300 No description of principal activity Mr L Christiaen Mrs M Christiaen Ms N Christiaen ECA NV Mr J A Matthews Mr G Hughes Mr K Griffiths Mr J S Sanders unqualified 2968744 2024-02-01 2025-01-31 2968744 2025-01-31 2968744 2024-01-31 2968744 core:OtherPropertyPlantEquipment 2025-01-31 2968744 core:OtherPropertyPlantEquipment 2024-01-31 2968744 core:CurrentFinancialInstruments core:WithinOneYear 2025-01-31 2968744 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 2968744 core:CurrentFinancialInstruments 2025-01-31 2968744 core:CurrentFinancialInstruments 2024-01-31 2968744 core:ShareCapital 2025-01-31 2968744 core:ShareCapital 2024-01-31 2968744 core:SharePremium 2025-01-31 2968744 core:SharePremium 2024-01-31 2968744 core:RetainedEarningsAccumulatedLosses 2025-01-31 2968744 core:RetainedEarningsAccumulatedLosses 2024-01-31 2968744 bus:Director5 2024-02-01 2025-01-31 2968744 bus:Director7 2024-02-01 2025-01-31 2968744 core:PlantMachinery 2024-02-01 2025-01-31 2968744 core:FurnitureFittings 2024-02-01 2025-01-31 2968744 core:MotorVehicles 2024-02-01 2025-01-31 2968744 2023-02-01 2024-01-31 2968744 core:OtherPropertyPlantEquipment 2024-01-31 2968744 core:OtherPropertyPlantEquipment 2024-02-01 2025-01-31 2968744 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2025-01-31 2968744 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-31 2968744 bus:FRS102 2024-02-01 2025-01-31 2968744 bus:Audited 2024-02-01 2025-01-31 2968744 bus:Director1 2024-02-01 2025-01-31 2968744 bus:Director2 2024-02-01 2025-01-31 2968744 bus:Director3 2024-02-01 2025-01-31 2968744 bus:Director4 2024-02-01 2025-01-31 2968744 bus:Director6 2024-02-01 2025-01-31 2968744 bus:Director8 2024-02-01 2025-01-31 2968744 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-31 2968744 bus:FullAccounts 2024-02-01 2025-01-31 xbrli:pure xbrli:shares iso4217:GBP