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Registered number: 13411387
Keenwood Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2025
AJ Accounts and Taxation Limited
16a Revenge Road
Chatham
ME5 8UD
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 13411387
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 518,671 163,000
518,671 163,000
CURRENT ASSETS
Stocks 4 114,386 13,460
Debtors 5 627,299 157,046
Cash at bank and in hand 108,377 81,706
850,062 252,212
Creditors: Amounts Falling Due Within One Year 6 (863,496 ) (347,151 )
NET CURRENT ASSETS (LIABILITIES) (13,434 ) (94,939 )
TOTAL ASSETS LESS CURRENT LIABILITIES 505,237 68,061
Creditors: Amounts Falling Due After More Than One Year 7 (505,138 ) -
NET ASSETS 99 68,061
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (1 ) 67,961
SHAREHOLDERS' FUNDS 99 68,061
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For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Liam Wood
Director
27/05/2026
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Fixtures & Fittings 25% Reducing balance
Computer Equipment 33.33% Reducing balance
1.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.
1.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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1.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 13 (2024: 8)
13 8
3. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 June 2024 54,461 137,853 31,414 9,693 233,421
Additions 58,686 432,720 24,138 93,650 609,194
Disposals - (92,361 ) (554 ) - (92,915 )
As at 31 May 2025 113,147 478,212 54,998 103,343 749,700
Depreciation
As at 1 June 2024 19,095 37,208 10,887 3,231 70,421
Provided during the period 23,513 116,062 11,068 33,368 184,011
Disposals - (23,243 ) (160 ) - (23,403 )
As at 31 May 2025 42,608 130,027 21,795 36,599 231,029
Net Book Value
As at 31 May 2025 70,539 348,185 33,203 66,744 518,671
As at 1 June 2024 35,366 100,645 20,527 6,462 163,000
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4. Stocks
2025 2024
£ £
Stock - 13,460
Work in progress 114,386 -
114,386 13,460
5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 69,930 117,676
Prepayments and accrued income 256,016 29,495
Other debtors 10,000 -
Rent deposit 9,875 9,875
Director's loan account 281,478 -
627,299 157,046
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 45,456 -
Trade creditors 160,670 61,057
Bank loans and overdrafts 72,855 44,118
Corporation tax 10,385 3,934
Other taxes and social security 64,943 18,823
VAT 140,146 96,470
Loans 477,920 117,161
Pension creditor 747 148
Dividends creditor (109,626 ) 4,058
Director's loan account - 1,382
863,496 347,151
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Net obligations under finance lease and hire purchase contracts 34,763 -
Bank loans 470,375 -
505,138 -
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8. Obligations Under Finance Leases and Hire Purchase
2025 2024
£ £
The maturity of these amounts is as follows:
Within one year 45,456 -
Between one and five years 34,763 -
80,219 -
80,219 -
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2024 Amounts advanced Amounts repaid Amounts written off As at 31 May 2025
£ £ £ £ £
Mr Liam Wood - 281,478 - - 281,478
The above loan is unsecured, interest free and repayable on demand.
The loan was repaid on 24th September 2025.
11. General Information
Keenwood Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13411387 . The registered office is 16a Revenge Road, Chatham, ME5 8UD.
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