Keytags Direct Limited 06897092 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is the sale of products to the motor industry. Digita Accounts Production Advanced 6.30.9574.0 true 06897092 2022-08-01 2023-07-31 06897092 2023-07-31 06897092 bus:OrdinaryShareClass1 2023-07-31 06897092 core:CurrentFinancialInstruments 2023-07-31 06897092 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 06897092 core:Goodwill 2023-07-31 06897092 core:MotorVehicles 2023-07-31 06897092 core:OfficeEquipment 2023-07-31 06897092 core:PlantMachinery 2023-07-31 06897092 bus:SmallEntities 2022-08-01 2023-07-31 06897092 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 06897092 bus:FilletedAccounts 2022-08-01 2023-07-31 06897092 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 06897092 bus:RegisteredOffice 2022-08-01 2023-07-31 06897092 bus:Director1 2022-08-01 2023-07-31 06897092 bus:OrdinaryShareClass1 2022-08-01 2023-07-31 06897092 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 06897092 core:Goodwill 2022-08-01 2023-07-31 06897092 core:FurnitureFittingsToolsEquipment 2022-08-01 2023-07-31 06897092 core:MotorVehicles 2022-08-01 2023-07-31 06897092 core:OfficeEquipment 2022-08-01 2023-07-31 06897092 core:PlantMachinery 2022-08-01 2023-07-31 06897092 countries:AllCountries 2022-08-01 2023-07-31 06897092 2022-07-31 06897092 core:Goodwill 2022-07-31 06897092 core:MotorVehicles 2022-07-31 06897092 core:OfficeEquipment 2022-07-31 06897092 core:PlantMachinery 2022-07-31 06897092 2021-08-01 2022-07-31 06897092 2022-07-31 06897092 bus:OrdinaryShareClass1 2022-07-31 06897092 core:CurrentFinancialInstruments 2022-07-31 06897092 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 06897092 core:MotorVehicles 2022-07-31 06897092 core:OfficeEquipment 2022-07-31 06897092 core:PlantMachinery 2022-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06897092

Keytags Direct Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Keytags Direct Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Keytags Direct Limited

Company Information

Director

Mrs M T Bradfield

Registered office

Unit 12
Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

Accountants

Fuller & Roper Limited
Unit 12
Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

 

Keytags Direct Limited

(Registration number: 06897092)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

373

597

Current assets

 

Debtors

6

50,015

80,735

Cash at bank and in hand

 

6,046

7,284

 

56,061

88,019

Creditors: Amounts falling due within one year

7

(53,957)

(71,025)

Net current assets

 

2,104

16,994

Total assets less current liabilities

 

2,477

17,591

Provisions for liabilities

(93)

(113)

Net assets

 

2,384

17,478

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

2,284

17,378

Shareholders' funds

 

2,384

17,478

For the financial year ending 31 July 2023 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 accounts for the year in question in accordance with section 476; and

The director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 April 2024
 

.........................................
Mrs M T Bradfield
Director

 

Keytags Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

1

General information

Keytags Direct Limited is a private company, limited by shares, domiciled in England and Wales. The company's registration number is 06897092. The registered office is Unit 12 Old Mills Industrial Estate, Paulton, Bristol, BS39 7SU. The principle place of business is Unit 2, Handlemaker Road, Marston Trading Estate, Frome, BA11 4RW.

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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Keytags Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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

17% on cost

Office equipment

33% on cost

Fixtures and fittings

33% on cost

Motor vehicles

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Written off over 5 years

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.

 

Keytags Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

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.

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 the director) during the year, was 0 (2022 - 0).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2022

10,000

10,000

At 31 July 2023

10,000

10,000

Amortisation

At 1 August 2022

10,000

10,000

At 31 July 2023

10,000

10,000

Carrying amount

At 31 July 2023

-

-

 

Keytags Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

37,512

26,862

10,500

74,874

At 31 July 2023

37,512

26,862

10,500

74,874

Depreciation

At 1 August 2022

37,512

26,265

10,500

74,277

Charge for the year

-

224

-

224

At 31 July 2023

37,512

26,489

10,500

74,501

Carrying amount

At 31 July 2023

-

373

-

373

At 31 July 2022

-

597

-

597

6

Debtors

Current

2023
£

2022
£

Trade debtors

28,513

28,554

Other debtors

21,502

52,181

 

50,015

80,735

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

3,284

2,254

Taxation and social security

24,612

21,948

Accruals and deferred income

1,535

22,297

Other creditors

24,526

24,526

53,957

71,025

 

Keytags Direct Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2023

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Related party transactions

At the 31 July 2023 an amount of £21,501 (2022 7,818 owed to) was owed from Autotag Trading Limited, a company in which Mrs M T Bradfield is a director. During the year the company charged management fees of £60,000 (2022 £60,000) to Autotag Trading Limited and incurred fulfilment costs of £19,776 (2022 £21,072) from Autotag Trading Limited.

At the 31 July 2023 an amount of £24,526 (2022 £24,526) was owed to EJMTM Limited a company in which Mrs M T Bradfield is a director and shareholder.