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Registration number: NI005715

R Kennedy & Co (NI) Limited
Annual Report and Financial Statements
for the Year Ended 31 December 2025

R Kennedy & Co (NI) Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3 to 4
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 8
Profit and Loss Account | 9
Statement of Comprehensive Income | 10
Balance Sheet | 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13
Notes to the Financial Statements | 14 to 24

R Kennedy & Co (NI) Limited

Company Information

Directors | Mr John McAllister Mr Alexander James McCloy

Registered office | 168B Larne Road Ballymena Co Antrim BT42 3HA

Solicitors | Boal Anderson & Co 56 High Street Ballymena BT43 6UH

Auditors | D T Carson & Co Chartered Accountants & Registered Auditors51-53 Thomas Street Ballymena Co. Antrim BT43 6AZ

R Kennedy & Co (NI) Limited

Strategic Report for the Year Ended 31 December 2025

The directors present their strategic report for the year ended 31 December 2025.

Principal activity

The principal activity of the company is agricultural machinery dealers

Fair review of the business

The directors consider the company's performance during the year to be satisfactory. Turnover increased significantly by 32.4% to £44.5 million (2024: £33.6 million), reflecting strong trading activity across the business. Gross profit margin improved modestly from 8.67% to 8.69%, while profit before taxation increased to over £2. million (2024: £1.24 million), demonstrating improved overall profitability.
The principal activity of the company is the sale, servicing and support of agricultural machinery as an authorised dealer for JCB and New Holland. The company continues to maintain strong relationships with both manufacturers and does not anticipate any significant issues affecting its customer or supplier base.
Trading performance is influenced by wider economic conditions within the agricultural sector, including levels of farm income, interest rates, commodity prices and changes in government agricultural policy. The board regularly undertakes strategic reviews of the business, monitoring competitor activity, market trends, customer demand and industry forecasts to ensure the company remains well positioned to respond to changing market conditions and to capitalise on opportunities where they arise.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs | Unit | 2025 | 2024
Turnover | £ | 44,479,727 | 33,596,116
Turnover growth | % | 32.4 | (8.43)
Gross profit margin | % | 8.69 | 8.67
Profit before tax | £ | 2,005,358 | 1,236,209

Principal risks and uncertainties

As the company has a New Holland and also a JCB dealership, it is dependent on the supply from, and the continued success of New Holland and JCB as UK market leaders.As an authorised dealer for both JCB and New Holland, the company is dependent on maintaining its franchise agreements and on the continued market strength, product availability and commercial performance of these manufacturers. The directors continue to monitor these relationships closely and remain satisfied that both suppliers are well established within the UK agricultural machinery market. In addition, the business is exposed to fluctuations in agricultural market conditions, customer confidence and government policy, which may influence demand for agricultural machinery and related services.

Approved and authorised by the Board on 21 July 2026 and signed on its behalf by:

......................................... Mr Alexander James McCloy Director

R Kennedy & Co (NI) Limited

Directors' Report for the Year Ended 31 December 2025

The directors present their report and the financial statements for the year ended 31 December 2025.

Directors of the company

The directors who held office during the year were as follows:

Mr John McAllister

Mr Alexander James McCloy

Financial instruments

Objectives and policies

The company has and maintains a good relationship with the bank, they have sufficient monetary assets to cover the creditors amount and have a healthy and well managed bank balance.

Price risk, credit risk, liquidity risk and cash flow risk

The business's principal financial instruments comprise bank balances, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business's operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and the flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Loans comprise loans from directors. The business manages the liquidity risk by ensuring that there are sufficient funds to meet payments.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

R Kennedy & Co (NI) Limited

Directors' Report for the Year Ended 31 December 2025

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the strategic report and directors' report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved and authorised by the Board on 21 July 2026 and signed on its behalf by:

......................................... Mr Alexander James McCloy Director

R Kennedy & Co (NI) Limited

Independent Auditor's Report to the Members of R Kennedy & Co (NI) Limited

Opinion

We have audited the financial statements of R Kennedy & Co (NI) Limited (the 'company') for the year ended 31 December 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, 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).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the year then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

R Kennedy & Co (NI) Limited

Independent Auditor's Report to the Members of R Kennedy & Co (NI) Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities ,set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

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 auditor’s 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:

R Kennedy & Co (NI) Limited

Independent Auditor's Report to the Members of R Kennedy & Co (NI) Limited

• We obtained an understanding of the legal and regulatory framework applicable to the Company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006 and UK corporate taxation laws and we determined that the financial reporting framework used was FRS 102;
• We obtained an understanding of how the Company are complying with those legal and regulatory frameworks by making inquiries to the management
• We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur.
Audit procedures performed included:
-identifying the nature of the industry sector, business performance:
-enquiring from management about their own identification and assessment of the risk of irregularities and whether they have any knowledge of any actual, suspected or alleged fraud;
-identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
-understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
-identifying and -assessing the extent of compliance with laws and regulations and enquiring of management if they are aware of any instance of noncompliance;
-assessing assumptions and judgments made by management in its significant accounting estimates for reasonableness;
-performing analytical procedures to identify any unusual or unexpected variations that may indicate risk of material misstatement due to fraud:
-obtaining an understanding of provisions and holding discussions with management to understand the basis of recognition or non-recognition of tax provisions
-in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business;
-identifying and -assessing the extent of compliance with laws and regulations and enquiring of management if they are aware of any instance of noncompliance;
-enquiring of management concerning actual and potential litigation and claims
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

R Kennedy & Co (NI) Limited

Independent Auditor's Report to the Members of R Kennedy & Co (NI) Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Edwin McLaughlin (Senior Statutory Auditor)
For and on behalf of D T Carson & Co, Statutory Auditor
51-53 Thomas Street
Ballymena
Co. Antrim
BT43 6AZ

21 July 2026

R Kennedy & Co (NI) Limited

Profit and Loss Account for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Turnover | 3 | 44,479,727 | 33,596,116
Cost of sales |  | (40,612,523) | (30,683,417)
Gross profit |  | 3,867,204 | 2,912,699
Administrative expenses |  | (1,844,586) | (1,706,190)
Operating profit | 5 | 2,022,618 | 1,206,509
Other interest receivable and similar income | 6 | (17,211) | 31,183
Interest payable and similar expenses |  | (49) | (1,483)
|  | (17,260) | 29,700
Profit before tax |  | 2,005,358 | 1,236,209
Tax on profit | 10 | (508,386) | (305,545)
Profit for the financial year |  | 1,496,972 | 930,664

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

R Kennedy & Co (NI) Limited

Statement of Comprehensive Income for the Year Ended 31 December 2025

| 2025 £ | 2024 £
Profit for the year | 1,496,972 | 930,664
Total comprehensive income for the year | 1,496,972 | 930,664

R Kennedy & Co (NI) Limited

(Registration number: NI005715)
Balance Sheet as at 31 December 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 11 | 939,698 | 965,425
Investment property | 12 | 118,450 | 118,450
|  | 1,058,148 | 1,083,875
Current assets |  |  |
Stocks | 13 | 4,265,514 | 6,530,421
Debtors | 14 | 3,377,975 | 1,544,538
Cash at bank and in hand |  | 3,835,796 | 550,615
|  | 11,479,285 | 8,625,574
Creditors: Amounts falling due within one year | 16 | (5,446,717) | (3,683,138)
Net current assets |  | 6,032,568 | 4,942,436
Total assets less current liabilities |  | 7,090,716 | 6,026,311
Provisions for liabilities | 17 | (53,112) | (35,679)
Net assets |  | 7,037,604 | 5,990,632
Capital and reserves |  |  |
Called up share capital |  | 2,000 | 2,000
Other reserves |  | 41,757 | 41,757
Retained earnings |  | 6,993,847 | 5,946,875
Shareholders' funds |  | 7,037,604 | 5,990,632

Approved and authorised by the Board on 21 July 2026 and signed on its behalf by:

......................................... Mr John McAllister Director
......................................... Mr Alexander James McCloy Director

R Kennedy & Co (NI) Limited

Statement of Changes in Equity for the Year Ended 31 December 2025

| Share capital £ | Other reserves £ | Retained earnings £ | Total £
At 1 January 2025 | 2,000 | 41,757 | 5,946,875 | 5,990,632
Profit for the year | - | - | 1,496,972 | 1,496,972
Dividends | - | - | (450,000) | (450,000)
At 31 December 2025 | 2,000 | 41,757 | 6,993,847 | 7,037,604

| Share capital £ | Other reserves £ | Retained earnings £ | Total £
At 1 January 2024 | 2,000 | 41,757 | 5,316,211 | 5,359,968
Profit for the year | - | - | 930,664 | 930,664
Dividends | - | - | (300,000) | (300,000)
At 31 December 2024 | 2,000 | 41,757 | 5,946,875 | 5,990,632

R Kennedy & Co (NI) Limited

Statement of Cash Flows for the Year Ended 31 December 2025

| Note | 2025 £ | 2024 £
Cash flows from operating activities
Profit for the year |  | 1,496,972 | 930,664
Adjustments to cash flows from non-cash items |  |  |
Depreciation and amortisation | 5 | 161,807 | 163,235
(Profit)/loss on disposal of tangible assets | 4 | (14,044) | 980
Finance income | 6 | 17,211 | (31,183)
Finance costs |  | 49 | 1,483
Income tax expense | 10 | 508,386 | 305,545
|  | 2,170,381 | 1,370,724
Working capital adjustments |  |  |
Decrease/(increase) in stocks | 13 | 2,264,907 | (114,298)
Decrease/(increase) in debtors | 14 | (1,833,437) | 495,790
(Decrease)/increase in creditors | 16 | 1,574,481 | (1,143,234)
Cash generated from operations |  | 4,176,332 | 608,982
Income taxes paid | 10 | (286,200) | (340,330)
Net cash flow from operating activities |  | 3,890,132 | 268,652
Cash flows from investing activities |  |  |
Interest received | 6 | (17,211) | 31,183
Acquisitions of tangible assets |  | (154,036) | (334,661)
Proceeds from sale of tangible assets |  | 32,000 | 39,500
Acquisition of investment properties |  | - | (118,450)
Net cash flows from investing activities |  | (139,247) | (382,428)
Cash flows from financing activities |  |  |
Interest paid |  | (49) | (1,483)
Proceeds from bank borrowing draw downs |  | (15,654) | (40,451)
Dividends paid | 21 | (450,000) | (300,000)
Net cash flows from financing activities |  | (465,703) | (341,934)
Net increase/(decrease) in cash and cash equivalents |  | 3,285,182 | (455,710)
Cash and cash equivalents at 1 January |  | 544,114 | 999,824
Cash and cash equivalents at 31 December |  | 3,829,296 | 544,114

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
168B Larne Road
Ballymena
Co Antrim
BT42 3HA

These financial statements were authorised for issue by the Board on 21 July 2026.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act2006
The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The presentation currency of these financial statements is sterling. All amounts in the financial statements have been rounded to the nearest £1.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the trading and cashflow position at sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expenses. Actual results may differ from these estimates

Key sources of estimation uncertainty

Stock provision
The stock provision is based on management's knowledge and experience. An appropriate level of provision is determined based on what management would expect to realise for any old or slow moving stock. The directors are of the opinion that the stock provision is sufficient at the year end. The carrying amount is £4,354,834 (2024 -£6,530,421).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants received under the Coronavirus Job Retention Scheme and Statutory Sick Pay Rebate are recognised on the accrual model and recognised as income on a systematic basis over the period in which the related cost of the furlong for which it is intended to compensate
The Coronavirus Business Support Grant is recognised under the accrual model and as the purpose is to give immediate financial support with no further related costs it is included as income in the period in which it becomes receivable

Tax

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

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Land and buildings | 5% Reducing balance method
Motor Vehicles | 25% Reducing balance method
Furniture, fittings and equipment | 20% Reducing balance method
Plant and machinery | 20% Reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

| 2025 £ | 2024 £
Sale of goods | 44,479,727 | 33,596,116

The analysis of the company's Turnover for the year by market is as follows:

| 2025 £ | 2024 £
UK | 42,481,775 | 31,568,154
Europe | 1,997,952 | 2,027,962
| 44,479,727 | 33,596,116

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

4 | Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

| 2025 £ | 2024 £
Gain/(loss) on disposal of Tangible assets | 14,044 | (980)

5 | Operating profit

Arrived at after charging/(crediting)

| 2025 £ | 2024 £
Depreciation expense | 161,807 | 163,235
(Profit)/loss on disposal of property, plant and equipment | (14,044) | 980

6 | Other interest receivable and similar income

| 2025 £ | 2024 £
Interest income on bank deposits | 45,181 | 31,127
Other finance income | (62,392) | 56
| (17,211) | 31,183

7 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 2025 £ | 2024 £
Wages and salaries | 1,905,393 | 1,716,249
Social security costs | 225,286 | 171,817
Pension costs, defined contribution scheme | 48,045 | 40,428
| 2,178,724 | 1,928,494

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

| 2025 No. | 2024 No.
Administration and support | 12 | 12
Other departments | 34 | 34
| 46 | 46

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

8 | Directors' remuneration

The directors' remuneration for the year was as follows:

| 2025 £ | 2024 £
Remuneration | 264,441 | 261,377

In respect of the highest paid director:

| 2025 £ | 2024 £
Remuneration | 127,229 | 118,610

9 | Auditors' remuneration

| 2025 £ | 2024 £
Audit of the financial statements | 7,010 | 6,320

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

10 | Taxation

Tax charged/(credited) in the profit and loss account

| 2025 £ | 2024 £
Current taxation |  |
UK corporation tax | 490,953 | 286,201
Deferred taxation |  |
Arising from origination and reversal of timing differences | 17,433 | 19,344
Tax expense in the income statement | 508,386 | 305,545

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 2025 £ | 2024 £
Profit before tax | 2,005,358 | 1,236,209
Corporation tax at standard rate | 501,340 | 309,052
Effect of expense not deductible in determining taxable profit (tax loss) | 405 | 517
Deferred tax expense from unrecognised temporary difference from a prior period | 17,433 | 19,344
Tax decrease from effect of capital allowances and depreciation | (10,792) | (23,368)
Total tax charge | 508,386 | 305,545

Deferred tax

Deferred tax include ... / is calculated ...

Deferred tax assets and liabilities

2025 | Asset £ | Liability £
Difference between accumulated depreciation and amortisation of capital allowances | - | 17,433
| - | 17,433

2024 | Asset £ | Liability £
Difference between accumulated depreciation and amortisation of capital allowances | - | 19,344
| - | 19,344

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

11 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Plant and machinery £ | Total £
Cost or valuation
At 1 January 2025 | 939,568 | 173,334 | 809,131 | 167,996 | 2,090,029
Additions | - | 15,471 | 125,610 | 12,955 | 154,036
Disposals | - | (6,067) | (50,950) | - | (57,017)
At 31 December 2025 | 939,568 | 182,738 | 883,791 | 180,951 | 2,187,048
Depreciation
At 1 January 2025 | 398,194 | 123,818 | 464,375 | 138,217 | 1,124,604
Charge for the year | 27,069 | 12,630 | 113,561 | 8,547 | 161,807
Eliminated on disposal | - | (4,232) | (34,829) | - | (39,061)
At 31 December 2025 | 425,263 | 132,216 | 543,107 | 146,764 | 1,247,350
Carrying amount
At 31 December 2025 | 514,305 | 50,522 | 340,684 | 34,187 | 939,698
At 31 December 2024 | 541,374 | 49,516 | 344,756 | 29,779 | 965,425

Included within the net book value of land and buildings above is £514,305 (2024 - £541,374) in respect of freehold land and buildings.

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

12 | Investment properties

| 2025 £
At 1 January | 118,450
At 31 December | 118,450

The directors carried out a valuation at 31 December 2024 and consider the fair value to be reasonably stated.

There has been no valuation of investment property by an independent valuer.

13 | Stocks

| 2025 £ | 2024 £
Parts stock | 1,101,611 | 1,173,395
Tractors, machinery & implements | 3,163,903 | 5,357,026
| 4,265,514 | 6,530,421

14 | Debtors

Current | 2025 £ | 2024 £
Trade debtors | 3,001,763 | 1,018,734
Other debtors | 345,265 | 422,594
Prepayments | 30,947 | 103,210
| 3,377,975 | 1,544,538

15 | Cash and cash equivalents

| 2025 £ | 2024 £
Cash on hand | 832 | 913
Cash at bank | 3,834,964 | 549,702
| 3,835,796 | 550,615
Bank overdrafts | (6,500) | (6,501)
Cash and cash equivalents in statement of cash flows | 3,829,296 | 544,114

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

16 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Loans and borrowings | 20 | 6,500 | 22,155
Trade creditors |  | 2,670,643 | 2,344,042
Social security and other taxes |  | 240,171 | 56,242
Other payables |  | 78,582 | 65,067
Accruals |  | 131,818 | 153,490
Corporation tax | 10 | 490,954 | 286,201
Gross amount due to customers for contract work |  | 1,828,049 | 755,941
|  | 5,446,717 | 3,683,138

Trade creditors includes an amount of approximately £2,547,824 (2024-£2,239,698 ) in respect of goods for which ownership is not passed until payment is made.

17 | Provisions for liabilities

| Deferred tax £ | Total £
At 1 January 2025 | 35,679 | 35,679
Increase (decrease) in existing provisions | 17,433 | 17,433
At 31 December 2025 | 53,112 | 53,112

18 | Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £48,045 (2024 - £40,428).

19 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary Share Capital of £1 each | 2,000 | 2,000 | 2,000 | 2,000

R Kennedy & Co (NI) Limited

Notes to the Financial Statements for the Year Ended 31 December 2025

20 | Loans and borrowings

Current loans and borrowings

| 2025 £ | 2024 £
Bank borrowings | - | 15,654
Bank overdrafts | 6,500 | 6,501
| 6,500 | 22,155

Bank borrowings

Danske Bank As security for the total exposure with the Danske Bank, the bank hold an undertaking over the premises at Lisburn Road, Ballynahinch and a mortgage on real property at Larne Road, Ballymena, Co. Antrim, BT42 3HA. They also hold a fixed charge over book debts and a floating charge.

21 | Dividends

|  | 2025 |  | 2024
|  | £ |  | £
Interim dividend of £225.00 (2024 - £150.00) per ordinary share |  | 450,000 |  | 300,000

22 | Related party transactions

Key management compensation

| 2025 £ | 2024 £
Salaries and other short term employee benefits | 264,441 | 261,376

23 | Control

The company is controlled by A McCloy who owned 59% of the issued share capital.