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REGISTERED NUMBER: 13055729 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

FOR

KEYFACTOR UK HOLDINGS LIMITED

KEYFACTOR UK HOLDINGS LIMITED (REGISTERED NUMBER: 13055729)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


KEYFACTOR UK HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 NOVEMBER 2022







Director: Mr J Deblasio





Secretary: Vistra Cosec Limited





Registered office: Suite 1,
7th Floor 50 Broadway,
London
SW1H 0BL





Registered number: 13055729 (England and Wales)





Auditors: WD Audit Limited Statutory Auditors
5th Floor
111 Charterhouse Street
London
EC1M 6AW

KEYFACTOR UK HOLDINGS LIMITED (REGISTERED NUMBER: 13055729)

BALANCE SHEET
30 NOVEMBER 2022

2022 2021
Notes £    £   
FIXED ASSETS
Tangible assets 4 23,530 39,262

CURRENT ASSETS
Debtors 5 208,611 13,467
Cash at bank and in hand 335,124 104,199
543,735 117,666
CREDITORS
Amounts falling due within one year 6 (355,362 ) (95,232 )
NET CURRENT ASSETS 188,373 22,434
TOTAL ASSETS LESS CURRENT
LIABILITIES

211,903

61,696

CREDITORS
Amounts falling due after more than one year 7 (24,308 ) -

PROVISIONS FOR LIABILITIES (4,811 ) (7,086 )
NET ASSETS 182,784 54,610

CAPITAL AND RESERVES
Called up share capital 8 1 1
Retained earnings 182,783 54,609
SHAREHOLDERS' FUNDS 182,784 54,610

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 November 2023 and were signed by:





Mr J Deblasio - Director


KEYFACTOR UK HOLDINGS LIMITED (REGISTERED NUMBER: 13055729)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1. STATUTORY INFORMATION

Keyfactor UK Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The Company's functional and presentational currency is pounds sterling (GBP) and the financial statements have been rounded to the nearest pound (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. All of the turnover arises from the cost plus agreement with the parent company Keyfactor Inc.

Tangible fixed assets
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes the orginal purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation is provided at the following annual rates on a straight-line basis in order to write off each asset over its estimated useful life.

Computer Equipment- 33% on cost

The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 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.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, and loans from fellow group companies are initially 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. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


KEYFACTOR UK HOLDINGS LIMITED (REGISTERED NUMBER: 13055729)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 7 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
Cost
At 1 December 2021
and 30 November 2022 47,196
Depreciation
At 1 December 2021 7,934
Charge for year 15,732
At 30 November 2022 23,666
Net book value
At 30 November 2022 23,530
At 30 November 2021 39,262

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Amounts owed by group undertakings 167,754 -
VAT 17,786 282
Prepayments 23,071 13,185
208,611 13,467

Amounts owed by group undertakings are interest free, unsecured and repayable on demand.

KEYFACTOR UK HOLDINGS LIMITED (REGISTERED NUMBER: 13055729)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2022

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 30,565 13,848
Amounts owed to group undertakings 78,117 9,478
Tax 33,969 3,735
Social security and other taxes 53,595 45,163
Pensions - 3,697
Other creditors - (997 )
Accrued expenses 159,116 20,308
355,362 95,232

Amounts owed to group undertakings are interest free, unsecured and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Accruals and deferred income 24,308 -

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £    £   
1 Ordinary 1 1 1

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Roy Davis (Senior Statutory Auditor)
for and on behalf of WD Audit Limited Statutory Auditors

10. RELATED PARTY DISCLOSURES

Creditors includes £78,117 (2021 - £9,478) due to Keyfactor Inc, the parent company. This amount is unsecured, interest free and repayable on demand.

Debtors includes £167,754 (2021- £nil) due from Primekey Solutions AB and Primekey Labs GmbH which are both companies within the Keyfactor Inc group.

Intercompany balances are unsecured, interest free and repayable on demand.

11. ULTIMATE CONTROLLING PARTY

The immediate parent company and ultimate controlling party is Keyfactor Inc, a company registered and incorporated in the United States of America: 6150 Oak Tree Blvd Suite 200, Independence, OH 44131.