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Registration number: 00664417

G H Keylock Limited

Annual Report and

Unaudited Financial Statements


for the Year Ended 31 July 2023

 

G H Keylock Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 6

 

G H Keylock Limited

Company Information

Director

Mr C D J Keylock

Company secretary

Mrs C L Keylock

Registered office

Beech House
Lion Street
Hay On Wye
Powys
HR3 5AD

 

Bankers

Barclays Bank plc
9 The Bulwark
Brecon
Powys
LD3 7AF

Accountants

W J James & Co
Chartered Accountants
Bishop House
10 Wheat Street
Brecon
Powys
LD3 7DG

 

G H Keylock Limited

(Registration number: 00664417)

Balance Sheet
as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

900,000

900,000

Current assets

 

Debtors

5

479

1,354

Cash at bank and in hand

 

29,967

21,056

 

30,446

22,410

Creditors: Amounts falling due within one year

6

(26,012)

(31,832)

Net current assets/(liabilities)

 

4,434

(9,422)

Total assets less current liabilities

 

904,434

890,578

Provisions for liabilities

(108,815)

(108,815)

Net assets

 

795,619

781,763

Capital and reserves

 

Called up share capital

1,580

1,580

Capital redemption reserve

1,420

1,420

Other reserves

720,261

720,261

Profit and loss account

72,358

58,502

Total equity

 

795,619

781,763

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 his 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.

The profit and loss account and directors' report have not been delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

G H Keylock Limited

(Registration number: 00664417)

Balance Sheet
as at 31 July 2023

Approved and authorised by the director on 13 March 2024
 

.........................................

Mr C D J Keylock

Director

 

G H Keylock Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Beech House
Lion Street
Hay On Wye
Powys
HR3 5AD

These financial statements were authorised for issue by the director on 13 March 2024.

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 represents gross rents receivable.

Tax

The tax expense for the period comprises current 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 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.

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:

 

G H Keylock Limited

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

Asset class

Depreciation method and rate

Fixtures and fittings

20% on reducing balance

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

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 2 (2022 - 2).

 

G H Keylock Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

900,000

400

900,400

At 31 July 2023

900,000

400

900,400

Depreciation

At 1 August 2022

-

400

400

At 31 July 2023

-

400

400

Carrying amount

At 31 July 2023

900,000

-

900,000

At 31 July 2022

900,000

-

900,000

Included within the net book value of land and buildings above is £900,000 (2022 - £900,000) in respect of freehold land and buildings.
 

5

Debtors

2023
£

2022
£

Other debtors

479

1,354

479

1,354

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

373

209

Accruals and deferred income

12,995

13,315

Other creditors

12,644

18,308

26,012

31,832