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Registration number: 02325565

Key Growing Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Key Growing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Key Growing Limited

Company Information

Directors

C J Los

J Z Los

Company secretary

J Shaw

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
HU17 0RT

 

Key Growing Limited

(Registration number: 02325565)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

273,673

256,414

Investment property

5

9,768,755

9,825,000

 

10,042,428

10,081,414

Current assets

 

Stocks

6

109,436

93,431

Debtors

7

346,966

302,057

Cash at bank and in hand

 

411,294

385,100

 

867,696

780,588

Creditors: Amounts falling due within one year

8

(589,911)

(556,030)

Net current assets

 

277,785

224,558

Total assets less current liabilities

 

10,320,213

10,305,972

Creditors: Amounts falling due after more than one year

8

(4,306,093)

(4,481,647)

Provisions for liabilities

(871,947)

(724,890)

Net assets

 

5,142,173

5,099,435

Capital and reserves

 

Called up share capital

325

325

Share premium reserve

89,775

89,775

Other reserves

2,958,924

2,958,924

Retained earnings

2,093,149

2,050,411

Shareholders' funds

 

5,142,173

5,099,435

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 Directors acknowledge their 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 Directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Key Growing Limited

(Registration number: 02325565)
Balance Sheet as at 31 December 2023

Approved and authorised by the Board on 1 May 2024 and signed on its behalf by:
 

.........................................
C J Los
Director

 

Key Growing Limited

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

1

General information

The company is a private company limited by share capital incorporated in England & Wales and the company registration number is 02325565.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
HU17 0RT

These financial statements were authorised for issue by the Board on 1 May 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 and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services and rental of investment properties 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.

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable.

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.

 

Key Growing Limited

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Motor vehicles

25% on written down value

Equipment, fixtures and fittings

15% on written down value

Plant and machinery

12.5% on written down value / 5% straight line

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains.

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 rental services provided in the ordinary course of business.

Trade debtors are recognised initially at the transaction price less any bad debts. A provision for the bad debts 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.

Stocks

Stock represents the ongoing costs associated with a new project under development. Amounts are recognised at cost with any impairment loss recognised immediately in the profit and loss account.

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.

 

Key Growing Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 3 (2022 - 3).

 

Key Growing Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

23,341

878,510

69,361

971,212

Additions

-

12,175

54,653

66,828

Disposals

-

-

(5,000)

(5,000)

At 31 December 2023

23,341

890,685

119,014

1,033,040

Depreciation

At 1 January 2023

20,426

668,585

25,787

714,798

Charge for the year

436

24,076

24,390

48,902

Eliminated on disposal

-

-

(4,333)

(4,333)

At 31 December 2023

20,862

692,661

45,844

759,367

Carrying amount

At 31 December 2023

2,479

198,024

73,170

273,673

At 31 December 2022

2,915

209,925

43,574

256,414

5

Investment properties

2023
£

At 1 January

9,825,000

Disposals

(56,245)

At 31 December

9,768,755

The fair value of the investment properties was determined on 23rd July 2023 by an independent valuer.

Colliers International Valuation UK LLP valued the properties in a full review.

6

Stocks

2023
£

2022
£

Other inventories

109,436

93,431

 

Key Growing Limited

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

7

Debtors

2023
£

2022
£

Trade debtors

246,392

244,570

Other debtors

88,178

48,464

Prepayments

12,396

9,023

346,966

302,057

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

225,657

222,613

Trade creditors

 

38,102

21,067

Taxation and social security

 

120,118

96,426

Accruals and deferred income

 

206,034

215,924

 

589,911

556,030

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

4,306,093

4,481,647

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

4,222,280

4,415,221

Obligations under hire purchase and finance lease agreements

83,813

66,426

4,306,093

4,481,647

2023
£

2022
£

Current loans and borrowings

Bank borrowings

200,000

200,000

Obligations under hire purchase and finance lease agreements

25,657

22,613

225,657

222,613

Bank borrowings are secured on the land and buildings that the company owns and a debenture over the company's assets. The obligations under finance lease and hire purchase contracts are secured on the assets that they relate to.

 

Key Growing Limited

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

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £16,000 (2022 - £79,202).
The company has a lease commitment for rent until 31/12/2025.

The total amount of contingencies not included in the balance sheet is £173,890 (2022 - £173,890).

11

Related party transactions

Transactions with Directors

2023

At 1 January 2023
£

Advances to Director
£

Repayments by Director
£

At 31 December 2023
£

C J Los

Unsecured and interest free loan repayable on demand

39,567

81,798

(40,000)

81,365

         
       

 

Other transactions with Directors

At the year end, the amount due from the Director was £81,365 (2022: £39,567). The amount is unsecured, interest-free and repayable on demand.