Keymat Technology Limited
Trading as Storm Interface
Annual Report and Financial Statements
For the year ended 31 March 2023
Pages for Filing with Registrar
Company Registration No. 01981733 (England and Wales)
Keymat Technology Limited
Trading as Storm Interface
Contents
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 9
Keymat Technology Limited
Trading as Storm Interface
Directors' Report
For the year ended 31 March 2023
Page 1

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continues to be the design and manufacture of man/machine interfaces (e.g. keypads and keyboards) for use in 'hostile' environments including factories, quick service restaurants and outdoor public places. New interface products providing Assistive Technology have been developed to aid those with disabilities to use touch screen kiosks/terminals. These kiosks are now widely deployed in applications such as vending, airline check-in and electronic voting enabling Storm Interface to become a world leader in the supply of Assistive Technology interfaces.

 

Having recovered well from the impact of Covid-19, our revenues to March 2023 were impacted by the damage to trade from supply chain disruption and rapid energy price inflation caused by the war in Ukraine. More recently these problems have reduced and over the last six months our revenues have once again been increasing with our margins holding up; we are therefore optimistic concerning our future prospects.

 

Fortunately, the company remains extremely well financed and equipped to withstand whatever shocks come our way and take advantage of growth opportunities.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

P.J. Ward
P.W. Jarvis
Auditor

The auditor, Moore Kingston Smith LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

By order of the board
P.J. Ward
Secretary
9 November 2023
Keymat Technology Limited
Trading as Storm Interface
Balance Sheet
As at 31 March 2023
31 March 2023
Page 2
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
50,067
29,432
Tangible assets
4
105,836
166,418
155,903
195,850
Current assets
Stock
775,061
658,937
Debtors
5
322,063
340,080
Cash at bank and in hand
4,993,346
4,406,670
6,090,470
5,405,687
Creditors: amounts falling due within one year
6
(779,522)
(438,630)
Net current assets
5,310,948
4,967,057
Total assets less current liabilities
5,466,851
5,162,907
Provisions for liabilities
7
(26,366)
(26,366)
Net assets
5,440,485
5,136,541
Capital and reserves
Called up share capital
8
38,676
38,676
Share premium account
551,352
551,352
Profit and loss reserves
4,850,457
4,546,513
Total equity
5,440,485
5,136,541

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 9 November 2023 and are signed on its behalf by:
P.J. Ward
Director
Company Registration No. 01981733
Keymat Technology Limited
Trading as Storm Interface
Notes to the Financial Statements
For the year ended 31 March 2023
Page 3
1
Accounting policies
Company information

Keymat Technology Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Waterside Court, Waterside Drive, Langley, Berkshire, SL3 6EZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements are prepared on a going concern basis, which assumes the company will continue in operational existence for the foreseeable future. The directors have considered the company's historical and forecast performance. positive cashflows and lack of indebtedness. Future demand for the company's products remains strong and steps have been taken to mitigate the supply chain risks. The company has very strong cash reserves and based on projections is expected to be able to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of the financial statements. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
25-33% on cost
Development Costs
5 years straight line
Keymat Technology Limited
Trading as Storm Interface
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 4
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
20-25% on cost
Computer equipment
25-33% on cost
Motor vehicles
20-25% on cost
Improvements to property
20% on cost

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.

1.6
Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stock

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Keymat Technology Limited
Trading as Storm Interface
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 5
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

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 liabilities, including trade and other payables, are initially recognised at transaction price.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables 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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Keymat Technology Limited
Trading as Storm Interface
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

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

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.15
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Keymat Technology Limited
Trading as Storm Interface
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
1
Accounting policies
(Continued)
Page 7
1.16
Foreign exchange
Transactions denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the end of the financial year.  All exchange differences are dealt with in the profit and loss account.
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
28
30
3
Intangible fixed assets
Other
£
Cost
At 1 April 2022
244,861
Additions
32,746
Disposals
(70,020)
At 31 March 2023
207,587
Amortisation and impairment
At 1 April 2022
215,429
Amortisation charged for the year
12,111
Disposals
(70,020)
At 31 March 2023
157,520
Carrying amount
At 31 March 2023
50,067
At 31 March 2022
29,432
Keymat Technology Limited
Trading as Storm Interface
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 8
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2022
47,602
838,619
886,221
Additions
-
0
25,408
25,408
Disposals
-
0
(69,183)
(69,183)
At 31 March 2023
47,602
794,844
842,446
Depreciation and impairment
At 1 April 2022
33,746
686,057
719,803
Depreciation charged in the year
9,521
65,803
75,324
Eliminated in respect of disposals
-
0
(58,517)
(58,517)
At 31 March 2023
43,267
693,343
736,610
Carrying amount
At 31 March 2023
4,335
101,501
105,836
At 31 March 2022
13,856
152,562
166,418
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
62,726
189,790
Other debtors
48,022
42,718
Prepayments and accrued income
211,315
107,572
322,063
340,080
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
136,452
142,031
Corporation tax
56,560
8,557
Other taxation and social security
34,448
40,522
Other creditors
334,544
15,778
Accruals and deferred income
217,518
231,742
779,522
438,630
Keymat Technology Limited
Trading as Storm Interface
Notes to the Financial Statements (Continued)
For the year ended 31 March 2023
Page 9
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
26,366
26,366
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
38,676
38,676
38,676
38,676
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ian Matthews
Statutory Auditor:
Moore Kingston Smith LLP
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
61,087
172,061
2023-03-312022-04-01false15 November 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityThis audit opinion is unqualifiedP.W. JarvisP.W. JarvisP.J. Ward019817332022-04-012023-03-3101981733bus:CompanySecretaryDirector12022-04-012023-03-3101981733bus:Director12022-04-012023-03-3101981733bus:Director22022-04-012023-03-3101981733bus:CompanySecretary12022-04-012023-03-31019817332023-03-31019817332022-03-3101981733core:IntangibleAssetsOtherThanGoodwill2023-03-3101981733core:IntangibleAssetsOtherThanGoodwill2022-03-3101981733core:LandBuildings2023-03-3101981733core:OtherPropertyPlantEquipment2023-03-3101981733core:LandBuildings2022-03-3101981733core:OtherPropertyPlantEquipment2022-03-3101981733core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3101981733core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3101981733core:ShareCapital2023-03-3101981733core:ShareCapital2022-03-3101981733core:SharePremium2023-03-3101981733core:SharePremium2022-03-3101981733core:RetainedEarningsAccumulatedLosses2023-03-3101981733core:RetainedEarningsAccumulatedLosses2022-03-3101981733core:PlantMachinery2022-04-012023-03-3101981733core:ComputerEquipment2022-04-012023-03-3101981733core:MotorVehicles2022-04-012023-03-31019817332021-04-012022-03-3101981733core:IntangibleAssetsOtherThanGoodwill2022-03-3101981733core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3101981733core:LandBuildings2022-03-3101981733core:OtherPropertyPlantEquipment2022-03-31019817332022-03-3101981733core:LandBuildings2022-04-012023-03-3101981733core:OtherPropertyPlantEquipment2022-04-012023-03-3101981733core:CurrentFinancialInstruments2023-03-3101981733core:CurrentFinancialInstruments2022-03-3101981733bus:PrivateLimitedCompanyLtd2022-04-012023-03-3101981733bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3101981733bus:FRS1022022-04-012023-03-3101981733bus:Audited2022-04-012023-03-3101981733bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP