Company No: SC384204 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2022		2021
		£		£
Fixed assets
Tangible assets	3	12,585		2,916
		12,585		2,916
Current assets
Debtors	4	447,773		139,609
Cash at bank and in hand	5	20,018		185,809
		467,791		325,418
Creditors: amounts falling due within one year	6	( 211,184)		( 108,471)
Net current assets		256,607		216,947
Total assets less current liabilities		269,192		219,863
Provision for liabilities	7, 8	( 477)		( 729)
Net assets		268,715		219,134
Capital and reserves
Called-up share capital	9	70		70
Profit and loss account		268,645		219,064
Total shareholders' funds		268,715		219,134

For the financial year ending 30 September 2022 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of E.D. Kennedy Consulting Ltd (registered number: SC384204) were approved and authorised for issue by the Director on 30 June 2023. They were signed on its behalf by:

Dr E Kennedy Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

E.D. Kennedy Consulting Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Larachan, Kirkhill, Inverness, IV5 7PD, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Turnover

Turnover represents amounts receivable for consultancy services.

Revenue is recognised when the company has entitlement to the income in exchange for the provision of services.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	35 years straight line
Plant and machinery etc.	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Deferred tax provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation.

2. Employees

	2022		2021
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		1

3. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 October 2021	0		11,636		11,636
Additions	10,676		0		10,676
At 30 September 2022	10,676		11,636		22,312
Accumulated depreciation
At 01 October 2021	0		8,720		8,720
Charge for the financial year	0		1,007		1,007
At 30 September 2022	0		9,727		9,727
Net book value
At 30 September 2022	10,676		1,909		12,585
At 30 September 2021	0		2,916		2,916

4. Debtors

	2022		2021
	£		£
Trade debtors	69,031		113,432
Other debtors	378,742		26,177
	447,773		139,609

5. Cash and cash equivalents

	2022		2021
	£		£
Cash at bank and in hand	20,018		185,809

6. Creditors: amounts falling due within one year

	2022		2021
	£		£
Trade creditors	28,636		32,974
Corporation tax	83,069		65,756
Other creditors	99,479		9,741
	211,184		108,471

7. Provision for liabilities

	2022		2021
	£		£
Deferred tax	477		729

8. Deferred tax

	2022		2021
	£		£
At the beginning of financial year	( 729)		( 413)
Credited/(charged) to the Statement of Income and Retained Earnings	252		( 316)
At the end of financial year	( 477)		( 729)

9. Called-up share capital

	2022		2021
	£		£
Allotted, called-up and fully-paid
50 A ordinary shares of £ 1.00 each	50		50
20 B ordinary shares of £ 1.00 each	20		20
	70		70

10. Related party transactions

Transactions with the entity's director

	2022		2021
	£		£
Amounts owed by Director	283,356		19,756

Advances totalling £498,191 were made to the director in the year and £238,343 was repaid, interest of 2% has been charged totalling £3,752. The loan is unsecured and taxation under S455 has been charged on amounts outstanding .