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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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KELLY BROTHERS BUILDING CONTRACTORS LLP
INFORMATION
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KELLY BROTHERS BUILDING CONTRACTORS LLP
INFORMATION
Advisers (continued)
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KELLY BROTHERS BUILDING CONTRACTORS LLP
CONTENTS
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KELLY BROTHERS BUILDING CONTRACTORS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The members present their annual report together with the audited financial statements of Kelly Brothers Building Contractors LLP (the "LLP") for the year ended 31 March 2025.
Principal activities
The principal activity of the limited liability partnership continued to be that of the construction and sale of
residential developments and commercial building contractors. The reporting period covered in these financial statements is for the year to 31 March 2025, the prior reporting period was for 10 months to 31 March 2024.
Designated Members
Mr N Kelly, Mr M Kelly and Mr R Kelly were designated members of the LLP throughout the period.
Members
Mr C Kelly, Mr G Kelly, Ms L Kelly and Mrs N McMeel were members of the LLP throughout the period.
Members' capital and interests
Each member's subscription to the capital of the LLP is determined by their share of the profit and is repayable following retirement from the LLP.
Details of changes in members' capital in the year ended 31 March 2025 are set out in the Reconciliation of Members' Interests.
Disclosure of information to auditors
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
Auditors
The auditors, AAB Group Accountants Limited, have indicated their willingness to continue in office. The Designated members will propose a motion re-appointing the auditors at a meeting of the members.
This report was approved by the members on 22 December 2025 and signed on their behalf by:
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KELLY BROTHERS BUILDING CONTRACTORS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
The members are responsible for preparing the annual report and thefinancial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law, as applied to LLPs, the members 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 LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies for the LLP's financial statements and then apply them consistently;
∙make judgments 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 entity will continue in business.
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KELLY BROTHERS BUILDING CONTRACTORS LLP
We have audited the financial statements of Kelly Brothers Building Contractors LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Reconciliation of Members' Interests and the related notes, 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).
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 LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KELLY BROTHERS BUILDING CONTRACTORS LLP (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of 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.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KELLY BROTHERS BUILDING CONTRACTORS LLP (CONTINUED)
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 an Auditors' Report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory framework applicable to the company through enquiry of management, industry research and the application of cumulative audit knowledge. We identified the following
principal laws and regulations relevant to the company – Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls inplace to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. Our procedures to respond to those risks identified included, but were not limited to: • Enquiry of management, those charged with governance and the entity’s solicitors around actual and potential litigation and claims. • Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. • Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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 Auditors' Report.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF KELLY BROTHERS BUILDING CONTRACTORS LLP (CONTINUED)
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
Dromalane Mill
The Quays
Co. Down
BT35 8QS
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KELLY BROTHERS BUILDING CONTRACTORS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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KELLY BROTHERS BUILDING CONTRACTORS LLP
REGISTERED NUMBER: NC001307
BALANCE SHEET
AS AT 31 MARCH 2025
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KELLY BROTHERS BUILDING CONTRACTORS LLP
REGISTERED NUMBER: NC001307
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
The notes on pages 12 to 27 form part of these financial statements.
Kelly Brothers Building Contractors LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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KELLY BROTHERS BUILDING CONTRACTORS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Kelly Brothers Building Contractors LLP is a limited liability partnership incorporated in Northern Ireland.
The registered office is Milltown East Industrial Estate, Upper Dromore Road, Warrenpoint, Co. Down, Northern Ireland, BT34 3PN.
The financial statements are for the year ended 31 March 2025. The previous period was for the 10 months to 31 March 2024.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the LLP's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
In accordance with Section 23 – Revenue and Section 11 – Basic Financial Instruments of FRS 102, retention amounts are recognised only when it is probable that the economic benefits will flow to the LLP and the amount can be measured reliably. Due to the inherent uncertainty associated with retention balances — including exposure to defects claims, remedial works, set-offs, and the financial position of the customer — the Members consider that retention amounts are not reliably recoverable until they are received. Accordingly, retentions are not recognised as trade debtors. Revenue in respect of retention amounts is recognised only upon receipt, at which point the amount is included within turnover.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.
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 limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.
The LLP classifies distributions of profits as operating cash flows in the Statement of Cash Flows.
At each reporting period end date, the limited liability partnership 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 limited liability partnership 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.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Dealing properties are subsequently measured at the lower of cost and estimated selling price less costs to sell. Any write-down to net realisable value is recognised as an expense in the period in which it arises. Where circumstances that caused a write-down no longer exist, the amount of the write-down is reversed to the extent of the original impairment. Revenue from the sale of dealing properties is recognised at the point of legal completion, when control of the property transfers to the purchaser, the significant risks and rewards of ownership have passed, and the consideration is receivable. The cost of the property sold is recognised in profit or loss at the same time as the related revenue. Properties under development that are not yet available for sale are included within stock and are not depreciated. Stocks also include development land.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately. Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period. The LLP applies judgement to determine the appropriate basis for revenue recognition for each contract, having regard to the reliability of outcome measurement. The LLP engages qualified quantity surveyors (QSs) to prepare periodic valuations and reports on work performed, costs incurred, variations, and forecast costs to complete. These reports are used by the Members to support the assessment of contract performance, but not automatically as a basis for recognising profit by reference to stage of completion. In determining the appropriate revenue recognition approach, the Members assess whether the outcome of the contract can be measured reliably, considering: •The degree of uncertainty surrounding variations, claims, and final contract value •The reliability of cost-to-complete estimates •Exposure to defects, remedial works, and final account negotiations •The contractual terms governing certification and settlement Where, despite QS involvement, the Members conclude that the outcome of a contract cannot be measured reliably, revenue is recognised only to the extent of contract costs incurred that it is probable will be recoverable. No contract profit is recognised until the contract is completed or substantially completed and the final outcome can be assessed with reasonable certainty. Contract costs are recognised as an expense as incurred.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The LLP has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the LLP's Balance Sheet when the LLP 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 LLP after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the LLP transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the LLP will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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. Amounts recoverable on long-term contracts and Accruals Contract assets represent amounts recoverable from customers in respect of work performed to date where costs incurred exceed amounts invoiced. In determining whether such amounts should be recognised, the Members assess whether it is probable that the economic benefits will flow to the LLP and whether the amounts can be measured reliably, the Members consider a range of factors when assessing recoverability, including: • The contractual terms governing certification, valuation, and payment • The stage of negotiation or agreement of interim valuations and variations • Exposure to defects, remedial works, liquidated damages, or contractual set-offs • The reliability of estimated costs to complete and the likelihood of final account agreement The LLP engages qualified quantity surveyors to provide independent assessments of work performed, costs incurred, and forecast costs to complete. These assessments support management’s evaluation of recoverability but do not, in isolation, determine whether a contract asset is recognised. When it is probable that the total contract costs will exceed total contract revenue, the expected loss is recognised immediately. In determining the stage of completion the LLP has efficient, coordinated systems for cost estimating, forecasting and revenue and costs reporting. The system also requires a consistent judgement (forecast) of the final outcome of the project, including variance analysis of divergences compared with earlier assessment dates. Estimates are an inherent part of this assessment and actual future outcome may deviate from the estimated outcome, specifically for major and complex construction contracts. However, historical experience has shown that estimates are, on the whole, sufficiently reliable. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the net assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. Impairment of debtors The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current rating of the debtor, the ageing profile of debtors and historical experience.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Analysis of turnover by country of destination:
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 23
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
11.Tangible fixed assets (continued)
Finance lease payments represent rentals payable by the limited liability partnership for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Page 25
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.
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KELLY BROTHERS BUILDING CONTRACTORS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The members, on behalf of the LLP have entered into a Limited Liability Agreement on 10 October 2024 with their auditors. The auditors liability is limited to an amount which is considered fair and reasonable. This has been disclosed in line with LLP's legislation..
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