ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Unaudited Financial Statements

Kennedy & Morrison Limited

For the year ended 31 December 2025

Registered number: R0000458


Kennedy & Morrison Limited

Company Information

Directors	CTJ Lowry
	A Hamilton


Company secretary	CTJ Lowry


Registered number	R0000458


Registered office	29-33 Boucher Road
	Belfast
	BT12 6QF


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Bankers	Ulster Bank Limited
	11-16 Donegall Square East
	Belfast
	BT1 5UB


Solicitors	Shean Dickson Merrick
	14-16 High Street
	Belfast
	BT1 2BS


Kennedy & Morrison Limited

Contents

	Page
Accountants' Report	1
Statement of Financial Position	2 - 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 - 13

Independent Accountant's Report to the directors of the unaudited financial statements of Kennedy & Morrison Limited for the year ended 31 December 2025

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Kennedy & Morrison Limited for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Kennedy & Morrison Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Kennedy & Morrison Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kennedy & Morrison Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 December 2025 and you have acknowledged on the Statement of Financial Position as at 31 December 2025 your duty to ensure that Kennedy & Morrison Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Kennedy & Morrison Limited is exempt from the statutory audit requirement for the year ended 31 December 2025.

We have not been instructed to carry out an audit or review the financial statements of Kennedy & Morrison Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Maeve Hunt FCA
for and on behalf of
Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 27 May 2026

Page 1


Kennedy & Morrison Limited Registered number:R0000458

Statement of Financial Position

As at 31 December 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	5		193,018		183,949
			193,018		183,949
Current assets
Stocks	6	668,602		594,802
Debtors: amounts falling due within one year	7	1,251,411		1,314,742
Current asset investments	8	2,882,791		3,334,102
Cash at bank and in hand	9	119,392		173,659
		4,922,196		5,417,305
Creditors: amounts falling due within one year	10	(1,109,663)		(1,276,520)
Net current assets			3,812,533		4,140,785
Total assets less current liabilities			4,005,551		4,324,734
Provisions for liabilities
Deferred tax	11	(21,252)		(15,903)
			(21,252)		(15,903)
Net assets			3,984,299		4,308,831

Capital and reserves
Called up share capital	12	17,700	17,700
Capital redemption reserve	13	42,300	42,300
Profit and loss account	13	3,924,299	4,248,831
		3,984,299	4,308,831

Page 2


Kennedy & Morrison Limited Registered number:R0000458

Statement of Financial Position (continued)

As at 31 December 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 May 2026.

CTJ Lowry

Director

The notes on pages 5 to 13 form part of these financial statements.

Page 3


Kennedy & Morrison Limited

Statement of Changes in Equity

For the year ended 31 December 2025

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2025	17,700	42,300	4,248,831	4,308,831

Profit for the year	-	-	425,594	425,594
Dividends: Equity capital	-	-	(750,126)	(750,126)
At 31 December 2025	17,700	42,300	3,924,299	3,984,299

The notes on pages 5 to 13 form part of these financial statements.

Statement of Changes in Equity

For the year ended 31 December 2024

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2024	17,700	42,300	4,203,949	4,263,949

Profit for the year	-	-	544,882	544,882
Dividends: Equity capital	-	-	(500,000)	(500,000)
At 31 December 2024	17,700	42,300	4,248,831	4,308,831

The notes on pages 5 to 13 form part of these financial statements.

Page 4


Kennedy & Morrison Limited

Notes to the Financial Statements

For the year ended 31 December 2025

1.	General information

Kennedy & Morrison Limited is a private company limited by shares and is incorporated and domiciled in Northern Ireland, within the United Kingdom. The address of the registered office is 29-33 Boucher Road, Belfast, BT12 6QF.
The principal activity of the company during the year continued to be that of an engineering products distributor.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 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 Company's accounting policies (see note 3).
The financial statements are presented in Sterling (£).

The following principal accounting policies have been applied:

2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 5


Kennedy & Morrison Limited

Notes to the Financial Statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.4

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 6


Kennedy & Morrison Limited

Notes to the Financial Statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the below basis..

Depreciation is provided on the following basis:

Plant and machinery	-	10%	Straight line
Motor vehicles	-	25%	Reducing balance
Fixtures and fittings	-	20%	Straight line

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.

Page 7


Kennedy & Morrison Limited

Notes to the Financial Statements

For the year ended 31 December 2025

2.Accounting policies (continued)

2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.16

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 8


Kennedy & Morrison Limited

Notes to the Financial Statements

For the year ended 31 December 2025

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors are considered.
b) 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 assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
c) Carrying value of stock
Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Selling and distribution	20	20
Administrative	10	10

	30	30

Page 9


Kennedy & Morrison Limited

Notes to the Financial Statements

For the year ended 31 December 2025

5.	Tangible fixed assets

	Plant and machinery	Motor vehicles	Fixtures and fittings	Total
	£	£	£	£
Cost or valuation
At 1 January 2025	212,785	294,934	188,097	695,816
Additions	-	72,445	-	72,445
Disposals	-	(55,208)	(15,262)	(70,470)
At 31 December 2025	212,785	312,171	172,835	697,791
Depreciation
At 1 January 2025	176,136	186,403	149,328	511,867
Charge for the year on owned assets	4,920	36,413	14,157	55,490
Disposals	-	(47,322)	(15,262)	(62,584)
At 31 December 2025	181,056	175,494	148,223	504,773
Net book value
At 31 December 2025	31,729	136,677	24,612	193,018
At 31 December 2024	36,649	108,531	38,769	183,949

6.	Stocks
		2025	2024
		£	£

Sundry stocks	7,302	6,350
Finished goods and goods for resale	661,300	588,452
	668,602	594,802

The cost of inventories recognised as a stock provision amounted to £120,300 (2024: £213,848).

Page 10


Kennedy & Morrison Limited

Notes to the Financial Statements

For the year ended 31 December 2025

Debtors

					2025	2024
					£	£


Trade debtors	906,603	985,129
Amounts owed by connected companies	178,544	175,194
Prepayments and accrued income	166,264	154,419
	1,251,411	1,314,742

8.	Current asset investments
		2025	2024
		£	£

Short term deposits	2,882,791	3,334,102
	2,882,791	3,334,102

9.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	119,392	173,659
Less: bank overdrafts	(36,741)	(30,242)
	82,651	143,417

10.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Bank overdrafts	36,741	30,242
Trade creditors	756,491	871,227
Corporation tax	137,337	187,444
Other taxation and social security	158,986	151,927
Other creditors	8,076	17,345
Accruals and deferred income	12,032	18,335
	1,109,663	1,276,520

Page 11


Kennedy & Morrison Limited

Notes to the Financial Statements

For the year ended 31 December 2025

11.	Deferred tax liability

	2025	2024
	£	£

At beginning of year	15,903	13,858
Charged to profit or loss	5,349	2,045
At end of year	21,252	15,903

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Fixed asset timing differences	22,108	16,756
Short term timing differences	(856)	(853)
	21,252	15,903

12.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

17,700 (2024 - 17,700) Ordinary shares of £1 each	17,700	17,700

13.

Reserves

Capital redemption reserve

Includes amounts transferred from the profit and loss account on the redemption of share capital.

Profit and loss account

Includes all current and prior period retained profits and losses.

14.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £47,539 (2024: £47,784). The balance outstanding at the year end is £8,038 (2024: £7,962).

Page 12


Kennedy & Morrison Limited

Notes to the Financial Statements

For the year ended 31 December 2025

Not later than 1 year	150,000	150,000
Later than 1 year and not later than 5 years	392,623	542,623
	542,623	692,623

16.

Related party transactions

The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of that group.
During the year Kennedy & Morrison Limited was charged rent of £150,000 by a company connected by virtue of common control. Kennedy & Morrison Limited also paid expenses on behalf of the connected company totalling £3,350. At the balance sheet date, the amount owed from the connected company was £178,544 (2024: £175,194). The loan is unsecured, interest free and repayable upon demand.

17.	Controlling party

The immediate and ultimate parent undertaking is Kentford Limited, a company incorporated in Northern Ireland. Kentford Limited have taken advantage of exemptions available to small groups not to prepare consolidated financial statements.
The ultimate controlling party is CTJ Lowry.

Page 13