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Registered number: 3994848
KAYS LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2023
Xerxes Associates LLP
Warnford Court
29 Throgmorton Street
London
EC2N 2AT
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 3994848
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 5,000,000 5,000,000
Investment Properties 5 450,000 450,000
5,450,000 5,450,000
CURRENT ASSETS
Debtors 6 10,233 9,333
Cash at bank and in hand 3,088,840 2,570,904
3,099,073 2,580,237
Creditors: Amounts Falling Due Within One Year 7 (150,542 ) (163,479 )
NET CURRENT ASSETS (LIABILITIES) 2,948,531 2,416,758
TOTAL ASSETS LESS CURRENT LIABILITIES 8,398,531 7,866,758
Creditors: Amounts Falling Due After More Than One Year 8 (1,838,375 ) (1,374,375 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,006,425 ) (1,006,425 )
NET ASSETS 5,553,731 5,485,958
CAPITAL AND RESERVES
Called up share capital 9 137 137
Revaluation reserve 11 2,266,922 2,266,922
Profit and Loss Account 3,286,672 3,218,899
SHAREHOLDERS' FUNDS 5,553,731 5,485,958
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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
Ms Jayne Hatfield
Director
18/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
KAYS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 3994848 . The registered office is Pinewood Studios, Pinewood Road, Iver Heath, Bucks, SL0 0NH.
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.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. 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 profit and loss account.
2.4. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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Page 4
4. Intangible Assets
Other Intangible Assets
£
Cost
As at 1 January 2023 5,000,000
As at 31 December 2023 5,000,000
Net Book Value
As at 31 December 2023 5,000,000
As at 1 January 2023 5,000,000
The company's intangible fixed assets comprise the directors' valuation at fair value of its investment in book titles, the internet and mobile apps as at 31 December 2023.
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 and 31 December 2023 450,000
Investment property comprises the company's premises in The Media City, Salford Quays, Manchester. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by the directors. The valuation eas made on an open market value basis by reference to market evidence of transaction prices for simiar properties.
2023 2022
£ £
Cost 361,916 361,916
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 8,975 7,143
Other debtors 1,258 2,190
10,233 9,333
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 7,547 5,700
Other creditors 134,944 151,204
Taxation and social security 8,051 6,575
150,542 163,479
Included within creditors are the following loans due to the directors £128,685 (2022 - £127,392) 
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Amounts owed to participating interests 1,838,375 1,374,375
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 137 137
10. Directors Advances, Credits and Guarantees
The company's banking facilities are secured by the personal guarantees of the directors.
11. Reserves
Revaluation Reserve
£
As at 1 January 2023 2,266,922
As at 31 December 2023 2,266,922
12. Related Party Transactions
The Company is related to Kays Publishing Limited, incorporated in England & Wales, through the common control of the directors.
During the year ended 31 December 2023, Kays Publishing Limited defrayed certain expenditure on behalf of Kays Limited. In addition, Kays Publishing Limited transferred funds to Kays Limited'
These transactions were all during the normal course of business and at market value.
At 31 December 2023, the amount due to Kays Publishing Limited was £1,828,375) (2022 - £1,374,375)
The inter-company indebtedness is unsecured, interest free and repayable after 12 months.
13. Ultimate Controlling Party
The company is under the joint control of the directors.
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