Registered number:
09146841
Key Solutions Europe Limited
Filleted Accounts
31 July 2023
MAT & CO
ACCOUNTANCY SERVICES LTD
Chartered Certified Accountants
Registered Auditors
264 High Street
Beckenham
Kent
BR3 1DZ
Key Solutions Europe Limited
Report and accounts
Contents
Page
Balance sheet 4
Notes to the accounts 6
Key Solutions Europe Limited
Registered number: 09146841
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 12,366 10,364
Current assets
Debtors 4 189,530 148,432
Cash at bank and in hand 156,513 309,733
346,043 458,165
Creditors: amounts falling due within one year 5 (132,585) (237,330)
Net current assets 213,458 220,835
Total assets less current liabilities 225,824 231,199
Creditors: amounts falling due after more than one year 6 (19,668) (29,066)
Net assets 206,156 202,133
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 205,156 201,133
Shareholder's funds 206,156 202,133
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
________________________________________
Mr. Steven Defries
Director
Approved by the board on 19 April 2024
Key Solutions Europe Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% Reducing balance method
Fixtures, fittings, tools and equipment 20% Reducing balance method
Motor Vehicles 25% Reducing balance method
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 8,195 27,558 35,753
Additions - 5,925 5,925
At 31 July 2023 8,195 33,483 41,678
Depreciation
At 1 August 2022 5,215 20,174 25,389
Charge for the year 596 3,327 3,923
At 31 July 2023 5,811 23,501 29,312
Net book value
At 31 July 2023 2,384 9,982 12,366
At 31 July 2022 2,980 7,384 10,364
4 Debtors 2023 2022
£ £
Trade debtors 143,190 144,336
Other debtors 46,340 4,096
189,530 148,432
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,648 10,648
Trade creditors 41,807 128,158
Taxation and social security costs 78,314 96,849
Other creditors 1,816 1,675
132,585 237,330
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,668 29,066
7 Controlling party
Mr. Steven Defries is the controlling party.
8 Other information
Key Solutions Europe Limited is a private company limited by shares and incorporated in England. Its registered office is:
264 High Street
Beckenham
Kent
BR31DZ
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