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31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
03022389
2022-04-01
2023-03-31
03022389
2023-03-31
03022389
2022-03-31
03022389
2021-04-01
2022-03-31
03022389
2022-03-31
03022389
2021-03-31
03022389
core:NetGoodwill
2022-04-01
2023-03-31
03022389
core:FurnitureFittingsToolsEquipment
2022-04-01
2023-03-31
03022389
core:MotorVehicles
2022-04-01
2023-03-31
03022389
bus:RegisteredOffice
2022-04-01
2023-03-31
03022389
bus:LeadAgentIfApplicable
2022-04-01
2023-03-31
03022389
bus:Director1
2022-04-01
2023-03-31
03022389
core:RetainedEarningsAccumulatedLosses
2021-04-01
2022-03-31
03022389
core:RetainedEarningsAccumulatedLosses
2022-04-01
2023-03-31
03022389
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2023-03-31
03022389
core:WithinOneYear
2022-03-31
03022389
core:AfterOneYear
2023-03-31
03022389
core:AfterOneYear
2022-03-31
03022389
core:ShareCapital
2023-03-31
03022389
core:ShareCapital
2022-03-31
03022389
core:RetainedEarningsAccumulatedLosses
2023-03-31
03022389
core:RetainedEarningsAccumulatedLosses
2022-03-31
03022389
core:ShareCapital
2021-03-31
03022389
core:RetainedEarningsAccumulatedLosses
2021-03-31
03022389
bus:Director1
2022-03-31
03022389
bus:Director1
2023-03-31
03022389
bus:Director1
2021-03-31
03022389
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2022-03-31
03022389
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2021-04-01
2022-03-31
03022389
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2022-04-01
2023-03-31
03022389
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03022389
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2022-04-01
2023-03-31
03022389
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03022389
1
2022-04-01
2023-03-31
Company registration number:
03022389
Key Solutions Mortgages Limited
Unaudited abridged financial statements
31 March 2023
Brooking Ruse
Chartered Accountants
2 Stafford Place
Weston-super-Mare
Somerset, BS23 2QZ
Key Solutions Mortgages Limited
Contents
Directors and other information
Director's report
Abridged statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Key Solutions Mortgages Limited
Directors and other information
|
|
|
|
Director |
Mr J White |
|
|
|
|
|
|
|
Company number |
03022389 |
|
|
|
|
|
|
|
Registered office |
Summer Lane |
|
|
West Wick |
|
|
Weston-super-Mare |
|
|
Somerset |
|
|
BS24 7TE |
|
|
|
|
|
|
|
Accountants |
Brooking Ruse |
|
|
2 Stafford Place |
|
|
Weston-super-Mare |
|
|
Somerset |
|
|
BS23 2QZ |
|
|
|
Key Solutions Mortgages Limited
Director's report
Year ended 31 March 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 March 2023.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
17 November 2023
and signed on behalf of the board by:
Mr J White
Director
Key Solutions Mortgages Limited
Abridged statement of comprehensive income
Year ended 31 March 2023
|
|
|
|
2023 |
2022 |
|
|
|
|
Note |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
|
388,190 |
469,046 |
|
|
|
|
|
|
|
|
|
|
Administrative expenses |
|
|
|
(
381,849) |
(
426,021) |
|
|
|
|
|
|
_______ |
_______ |
|
|
Operating profit |
|
|
|
6,341 |
43,025 |
|
|
|
|
|
|
|
|
|
|
Other interest receivable and similar income |
|
|
|
722 |
3 |
|
|
Interest payable and similar expenses |
|
|
|
(
28,432) |
(
17,069) |
|
|
|
|
|
|
_______ |
_______ |
|
|
(Loss)/profit before taxation |
|
5 |
|
(
21,369) |
25,959 |
|
|
|
|
|
|
|
|
|
|
Tax on (loss)/profit |
|
|
|
(
239) |
(
16,647) |
|
|
|
|
|
|
_______ |
_______ |
|
|
(Loss)/profit for the financial year and total comprehensive income |
|
|
|
(
21,608) |
9,312 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
All the activities of the company are from continuing operations.
Key Solutions Mortgages Limited
Abridged statement of financial position
31 March 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
6 |
- |
|
|
|
- |
|
|
Tangible assets |
|
7 |
215,722 |
|
|
|
149,994 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
215,722 |
|
|
|
149,994 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
|
736,233 |
|
|
|
830,113 |
|
|
Cash at bank and in hand |
|
|
111,742 |
|
|
|
81,747 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
847,975 |
|
|
|
911,860 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
|
(
320,178) |
|
|
|
(
247,388) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
527,797 |
|
|
|
664,472 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
743,519 |
|
|
|
814,466 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
|
|
|
(
280,031) |
|
|
|
(
279,370) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
463,488 |
|
|
|
535,096 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
|
|
|
2 |
|
|
|
2 |
Profit and loss account |
|
|
|
|
463,486 |
|
|
|
535,094 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholder funds |
|
|
|
|
463,488 |
|
|
|
535,096 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
For the year ending 31 March 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the
board of directors
and authorised for issue on
17 November 2023
, and are signed on behalf of the board by:
Mr J White
Director
Company registration number:
03022389
Key Solutions Mortgages Limited
Statement of changes in equity
Year ended 31 March 2023
|
|
Called up share capital |
|
Profit and loss account |
Total |
|
|
|
|
|
|
|
£ |
|
£ |
£ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 1 April 2021 |
|
2 |
|
575,782 |
575,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the year |
|
|
|
9,312 |
9,312 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
9,312 |
9,312 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
50,000) |
(
50,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
50,000) |
(
50,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2022 and 1 April 2022 |
|
2 |
|
535,094 |
535,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss)/profit for the year |
|
|
|
(
21,608) |
(
21,608) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total comprehensive income for the year |
|
- |
|
(
21,608) |
(
21,608) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid and payable |
|
|
|
(
50,000) |
(
50,000) |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
Total investments by and distributions to owners |
|
- |
|
(
50,000) |
(
50,000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
At 31 March 2023 |
|
2 |
|
463,486 |
463,488 |
|
|
|
|
|
|
|
_______ |
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Solutions Mortgages Limited
Notes to the financial statements
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in . The address of the registered office is Westwick House, Summer Lane, West Wick, Weston-super-Mare, Somerset, BS24 7TE.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
33 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Fittings fixtures and equipment |
- |
15 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
18
(2022:
23
).
5.
Loss/profit before taxation
Loss/profit before taxation is stated after charging/(crediting):
|
|
|
|
2023 |
2022 |
|
|
|
|
£ |
£ |
|
Depreciation of tangible assets |
|
|
73,240 |
32,411 |
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
6.
Intangible assets
|
|
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
33,790 |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 April 2022 and 31 March 2023 |
33,790 |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 March 2023 |
- |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
At 31 March 2022 |
- |
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
7.
Tangible assets
|
|
|
|
|
|
|
|
|
|
|
£ |
|
|
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2022 |
356,470 |
|
|
|
|
|
|
|
Additions |
190,675 |
|
|
|
|
|
|
|
Disposals |
(
91,950) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 March 2023 |
455,195 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2022 |
206,476 |
|
|
|
|
|
|
|
Charge for the year |
73,240 |
|
|
|
|
|
|
|
Disposals |
(
40,243) |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 March 2023 |
239,473 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2023 |
215,722 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
At 31 March 2022 |
149,994 |
|
|
|
|
|
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.
Directors advances, credits and guarantees
|
During the year the director entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Amounts repaid |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr J White |
649,914 |
(
50,000) |
599,914 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Amounts repaid |
Balance o/standing |
|
|
|
|
|
£ |
£ |
£ |
|
|
|
|
Mr J White |
699,914 |
(
50,000) |
649,914 |
|
|
|
|
|
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
9.
Controlling party
The company is controlled by the sole director and shareholder,
Mr J White
.