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Registered number: 01872325
Keylex Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 01872325
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,913,252 1,961,780
1,913,252 1,961,780
CURRENT ASSETS
Stocks 39,302 38,105
Debtors 5 20,781 263,019
Investments 6 148 148
Cash at bank and in hand 1,100,768 672,695
1,160,999 973,967
Creditors: Amounts Falling Due Within One Year 7 (148,764 ) (167,965 )
NET CURRENT ASSETS (LIABILITIES) 1,012,235 806,002
TOTAL ASSETS LESS CURRENT LIABILITIES 2,925,487 2,767,782
Creditors: Amounts Falling Due After More Than One Year 8 - (10,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (163,157 ) (153,000 )
NET ASSETS 2,762,330 2,604,782
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 13 647,329 664,486
Profit and Loss Account 2,114,901 1,940,196
SHAREHOLDERS' FUNDS 2,762,330 2,604,782
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Edward Clarke
Director
4 September 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Keylex Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01872325 . The registered office is 16-18 Upton Road, Claughton Village, Wirral, CH41 0DF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Not depreciated - see below
Plant & Machinery 25% reducing balance
Motor Vehicles 25% reducing balance
The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

The Company has not depreciated its land and buildings. The directors are of the opinion that as there is a policy and practice of regular maintenance and repair the assets will be kept to their previously assessed standard and there is little likelihood of the assets suffering economic obsolescence.
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the Statement of comprehensive income.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Finance costs
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated instrument.
2.9. Borrowing costs
All borrowing costs are recognised in the Statement of comprehensive income in the period in which they are incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 72 (2022: 69)
72 69
4. Tangible Assets
Land & Property
Freehold Investment Properties Plant & Machinery Motor Vehicles Total
£ £ £ £ £
Cost or Valuation
As at 1 January 2023 525,000 1,296,000 524,839 68,110 2,413,949
Additions 121,668 - - - 121,668
Disposals - (135,000 ) - - (135,000 )
As at 31 December 2023 646,668 1,161,000 524,839 68,110 2,400,617
Depreciation
As at 1 January 2023 - - 430,443 21,726 452,169
Provided during the period - - 23,592 11,604 35,196
As at 31 December 2023 - - 454,035 33,330 487,365
...CONTINUED
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Page 5
Net Book Value
As at 31 December 2023 646,668 1,161,000 70,804 34,780 1,913,252
As at 1 January 2023 525,000 1,296,000 94,396 46,384 1,961,780
The valuations were made by the Directors on an open market value.
If the following tangible fixed assets had been accounted for under historical cost accounting rules, the amounts would be:
Land & Property
Freehold Investment Properties Total
£ £ £
Cost 339,930 820,409 1,160,339
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 1,173 555
Prepayments and accrued income 10,523 14,856
Other debtors 9,085 7,608
Amounts owed by subsidiaries - 240,000
20,781 263,019
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairment.
6. Current Asset Investments
2023 2022
£ £
Shares in subsidiaries 98 98
Unlisted investments 50 50
148 148
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 19,786 17,897
Corporation tax 50,281 6,609
Other taxes and social security 16,213 13,228
Other creditors 8,780 29,747
Other loans - secured 10,000 40,000
Accruals and deferred income 38,720 55,500
Directors' loan accounts 4,984 4,984
148,764 167,965
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Short term creditors are measured at the transaction price. Other financial liabilities, including Other loans are measured ititially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method.
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Secured Loans - 10,000
- 10,000
Secured Loans
The loans are secured on land and buildings. The lender is Keylex Limited (1999) SSAS Pension Fund with interest charged at 6%.
9. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances and freehold property revaluation reserve.
2023 2022
£ £
Accelerated capital allowances 26,396 19,911
Other timing differences 136,761 133,089
163,157 153,000
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
11. Other Commitments
The future minimum lease annual payments under non-cancellable operating leases are as following:
2023 2022
£ £
Later than one year and not later than five years 61,420 76,202
61,420 76,202
12. Pension Commitments
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £1,026 (2022 £1,002) were due to the fund. They are included in Other Creditors.
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13. Reserves
Revaluation Reserve
£
As at 1 January 2023 664,486
Transfer to profit and loss (17,157 )
As at 31 December 2023 647,329
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the Statement of comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit and loss.
14. Related Party Transactions
The Company was under the control of the directors throughout the current period. Mr and Mrs Clarke received rent of £28,800 (2022 £30,200) from the company during the period.
The balance owed to Mr & Mrs Clarke by the Company at 31 December 2023 was £4,984 (2022 £4,984)
15. Subsidiary Company
Leverman Limited, company registration number 03314188 is the 98% subsidiary of Keylex Limited. The net assets of Leverman at 31 December 2023 were £1,227 (2022 £79,328). The company is not active.
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