REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
KEYVENTURE LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
KEYVENTURE LIMITED |
KEYVENTURE LIMITED (REGISTERED NUMBER: 03715898) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
KEYVENTURE LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
One Derby Square |
Liverpool |
L2 9QR |
KEYVENTURE LIMITED (REGISTERED NUMBER: 03715898) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
KEYVENTURE LIMITED (REGISTERED NUMBER: 03715898) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | STATUTORY INFORMATION |
Keyventure Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
On the basis of current financial projections and facilities available to the company the directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis of accounting in preparing the annual financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. |
Depreciation on all assets is calculated to allocate the depreciable amount to their residual values on a systematic basis over their estimated useful lives as follows: |
Freehold land - not depreciated |
Property and improvements - 4% on cost |
Plant and machinery - 4% on cost |
Fixtures and fittings - 20% reducing balance |
Computer equipment - 30% reducing balance and 20% on cost |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
KEYVENTURE LIMITED (REGISTERED NUMBER: 03715898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | ACCOUNTING POLICIES - continued |
Share capital |
Ordinary shares are classified as equity. |
Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
Borrowings |
Interest bearing loans are recorded at the proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis in the profit and loss account using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. |
Cash and cash equivalents |
Cash and cash equivalents includes cash in hand and cash held with banks. |
Hire purchase and operating lease commitments |
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The capital element of the future payments is treated as a liability. The interest element of these obligations is charged to the profit and loss account over the relevant period so as to produce a constant periodic rate of interest on the remaining balance of the liability. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Property | Fixtures |
and | Plant and | and | Computer |
improvements | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 April 2023 |
Additions |
At 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
Charge for year |
At 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
Included in cost or valuation of land and buildings is freehold land of £ 100,000 (2023 - £ 100,000 ) which is not depreciated. |
Included within the net book value of tangible fixed assets is £139,820 (2023 - £nil) in respect of assets held under finance leases. Depreciation charged in respect of these assets during the year amounted to £27,964 (2023 - £nil). |
KEYVENTURE LIMITED (REGISTERED NUMBER: 03715898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 March 2024 is represented by: |
Property | Fixtures |
and | Plant and | and | Computer |
improvements | machinery | fittings | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2014 | 212,685 | - | - | - | 212,685 |
Cost | 993,790 | 52,931 | 299,288 | 658,574 | 2,004,583 |
1,206,475 | 52,931 | 299,288 | 658,574 | 2,217,268 |
If property and improvements had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 993,790 | 993,790 |
Aggregate depreciation | 695,078 | 659,327 |
Value of land in freehold land and buildings | 100,000 | 100,000 |
Property and improvements were valued on an open market basis on 14 July 2014 by C Johnson FRICS FNAVA of Smith and Sons . |
This value has been adopted as deemed cost of the assets concerned on transition to FRS 102. |
The cost relates to freehold property, 7 Harrington Street Liverpool and its improvements. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CASH AT BANK AND IN HAND |
Within cash at bank and in hand there is included a sum of £65,218 (2023 - £65,520) relating to monies held in a bank account on behalf of barristers. Also included within other creditors is the corresponding balance of £65,218 (2023 - £65,520) owing to the barristers. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Finance leases |
Trade creditors |
Taxation and social security |
Other creditors |
KEYVENTURE LIMITED (REGISTERED NUMBER: 03715898) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Finance leases |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Finance leases | 143,883 | - |