ACCOUNTS - Final Accounts

KENNEDY SOLUTIONS LIMITED - Company Information

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Registered number: 08578984

Kennedy Solutions Limited

Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 December 2020

Kennedy Solutions Limited

Company Information

Directors	Mr George Kennedy
	Mrs Christine Kennedy


Registered number	08578984


Registered office	Deepwell House
	Chilham Castle Estate
	Canterbury
	CT4 8DB


Accountants	Kreston Reeves LLP
	Chartered Accountants
	37 St Margaret's Street
	Canterbury
	Kent
	CT1 2TU

Kennedy Solutions Limited

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Kennedy Solutions Limited for the year ended 31 December 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Kennedy Solutions Limited for the year ended 31 December 2020 which comprise the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of directors of Kennedy Solutions Limited, as a body, in accordance with the terms of our engagement letter dated 23 February 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Kennedy Solutions Limited and state those matters that we have agreed to state to the Board of directors of Kennedy Solutions Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kennedy Solutions Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Kennedy Solutions Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Kennedy Solutions Limited. You consider that Kennedy Solutions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Kennedy Solutions 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.

Kreston Reeves LLP

Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU

4 March 2021

Page 1

Kennedy Solutions Limited

Registered number: 08578984

Balance sheet

As at 31 December 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		221		4
			221		4
Current assets
Debtors: amounts falling due within one year	5	230,237		230,000
Cash at bank and in hand		96		967
		230,333		230,967
Creditors: amounts falling due within one year	6	(4,414)		(4,039)
Net current assets			225,919		226,928
Total assets less current liabilities			226,140		226,932

Net assets			226,140		226,932

Capital and reserves
Called up share capital	2	2
Profit and loss account	226,138	226,930
	226,140	226,932

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 income and retained earnings 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 4 March 2021.

Mr George Kennedy

Director

The notes on pages 3 to 5 form part of these financial statements.

Page 2

Kennedy Solutions Limited

Notes to the financial statements

For the year ended 31 December 2020

1.	General information

Kennedy Solutions Limited is a private company limited by shares which was incorporated in England and Wales.
The company’s registered office is Deepwell House, Chilham Castle Estate, Canterbury, Kent, CT4 8DB.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis. While the impact of the Covid-19 virus has been assessed by the directors, so far as reasonably possible, due to its unprecedented impact on the wider economy, it is difficult to evaluate with any certainty the potential outcomes on the company itself. However, taking into consideration the UK Government’s response, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future.

2.3

Interest income

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

2.4

Taxation

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 balance sheet date in the countries where the company operates and generates income.

2.5

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.

Page 3

Kennedy Solutions Limited

Notes to the financial statements

For the year ended 31 December 2020

2.Accounting policies (continued)

2.5

Tangible fixed assets (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:

Office equipment

25% 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.

2.6

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.

2.7

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.

2.8

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.

Employees

The average monthly number of employees, including directors, during the year was 2 (2019 - 2).

Page 4

Kennedy Solutions Limited

Notes to the financial statements

For the year ended 31 December 2020

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 January 2020	2,740
	Additions	290
	At 31 December 2020	3,030
	Depreciation
	At 1 January 2020	2,736
	Charge for the year on owned assets	73
	At 31 December 2020	2,809
	Net book value
	At 31 December 2020	221
	At 31 December 2019	4

Debtors

					2020	2019
					£	£


Other debtors	230,237	230,000

6.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Corporation tax	-	1,724
Other creditors	3,514	1,415
Accruals and deferred income	900	900
	4,414	4,039

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