Registration number: SC030420

Messrs Kennedy Ltd

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 9

Messrs Kennedy Ltd

(Registration number: SC030420)
Balance Sheet as at 28 November 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	1,487,534	1,511,506
Other financial assets	5	500	500
		1,488,034	1,512,006
Current assets
Stocks	6	82,389	97,381
Debtors	7	25,173	12,991
Cash at bank and in hand		34,170	52,311
		141,732	162,683
Creditors: Amounts falling due within one year	8	(55,787)	(100,279)
Net current assets		85,945	62,404
Total assets less current liabilities		1,573,979	1,574,410
Creditors: Amounts falling due after more than one year	8	(40,860)	(75,073)
Net assets		1,533,119	1,499,337
Capital and reserves
Called up share capital	9	500	500
Retained earnings		1,532,619	1,498,837
Shareholders' funds		1,533,119	1,499,337

Messrs Kennedy Ltd

(Registration number: SC030420)
Balance Sheet as at 28 November 2025

For the financial year ending 28 November 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 August 2026 and signed on its behalf by:
 

.........................................

Mr Andrew Kennedy
Director

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2025

1	General information

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

The address of its registered office is:
Seggarsdean
Haddington
East Lothian
EH41 4LD

These financial statements were authorised for issue by the Board on 27 August 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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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

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

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.

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2025

Tax

The tax expense for the period comprises current 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.

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
Plant and machinery	10% Reducing Balance
Tractors, combines and vehicles	25% Reducing Balance

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2025

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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2024 - 1).

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2025

4	Tangible assets

	Land and buildings £	Tractors, combine and vehicles £	Plant and machinery £	Total £
Cost or valuation
At 29 November 2024	950,650	480,929	671,292	2,102,871
Additions	-	30,873	53,364	84,237
Disposals	-	(13,208)	(7,100)	(20,308)
At 28 November 2025	950,650	498,594	717,556	2,166,800
Depreciation
At 29 November 2024	-	227,083	364,282	591,365
Charge for the year	-	70,849	36,037	106,886
Eliminated on disposal	-	(11,885)	(7,100)	(18,985)
At 28 November 2025	-	286,047	393,219	679,266
Carrying amount
At 28 November 2025	950,650	212,547	324,337	1,487,534
At 28 November 2024	950,650	253,846	307,010	1,511,506

Included within the net book value of land and buildings above is £950,650 (2024 - £950,650) in respect of freehold land and buildings.
 

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2025

5	Other financial assets (current and non-current)

	Financial assets at cost less impairment £	Total £
Non-current financial assets
Cost or valuation
At 29 November 2024	500	500
At 28 November 2025	500	500
Impairment
Carrying amount
At 28 November 2025	500	500

6

Stocks

	2025 £	2024 £
Crop stock	74,217	89,421
Other stock	8,172	7,960
	82,389	97,381

7

Debtors

Current	2025 £	2024 £
Trade debtors	-	3,800
Prepayments	5,050	7,818
Other debtors	20,123	1,373
	25,173	12,991

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2025

8

Creditors

Creditors: amounts falling due within one year

	2025 £	2024 £
Due within one year
Bank loans and overdrafts	34,230	40,625
Trade creditors	6,737	6,881
Accruals and deferred income	2,640	1,912
Other creditors	12,180	50,861
	55,787	100,279

Current loans and borrowings

	2025 £	2024 £
HP and finance lease liabilities	34,230	40,625

Creditors: amounts falling due after more than one year

Non-current loans and borrowings

	2025 £	2024 £
HP and finance lease liabilities	40,860	75,073

9	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary Class 1 of £1 each	500	500	500	500

10

Dividends

		2025		2024
		£		£
Interim dividend of £67.00 (2024 - £61.00) per ordinary share		33,500		30,500

Messrs Kennedy Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 November 2025

11	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2025 £	2024 £
Remuneration	5,640	5,640