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Company Registration No. SC684007 (Scotland)
Home Key Ltd Unaudited accounts for the year ended 31 December 2023
Home Key Ltd Unaudited accounts Contents
Page
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Home Key Ltd Company Information for the year ended 31 December 2023
Directors
Puneet Dwivedi Nidhi Dwivedi
Company Number
SC684007 (Scotland)
Registered Office
92 Bavelaw Road Balerno Scotland EH14 7AE
Accountants
Kelly Tax Services Limited New Alderston House 3 Dove Wynd, Strathclyde Business Park Bellshill North Lanarkshire ML4 3FB
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Home Key Ltd Statement of financial position as at 31 December 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Investment property
467,059 
467,059 
Current assets
Debtors
309 
- 
Cash at bank and in hand
15,277 
13,023 
15,586 
13,023 
Creditors: amounts falling due within one year
(134,769)
(131,867)
Net current liabilities
(119,183)
(118,844)
Total assets less current liabilities
347,876 
348,215 
Creditors: amounts falling due after more than one year
(334,683)
(334,682)
Provisions for liabilities
Deferred tax
(950)
(950)
Net assets
12,243 
12,583 
Capital and reserves
Called up share capital
100 
100 
Fair value reserve
5,000 
5,000 
Profit and loss account
7,143 
7,483 
Shareholders' funds
12,243 
12,583 
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by
Puneet Dwivedi Director Company Registration No. SC684007
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Home Key Ltd Notes to the Accounts for the year ended 31 December 2023
1
Statutory information
Home Key Ltd is a private company, limited by shares, registered in Scotland, registration number SC684007. The registered office is 92 Bavelaw Road, Balerno, Scotland, EH14 7AE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Going concern
The directors have prepared the financial statement on a going concern basis. The directors have confirmed that they will give continue financial support to the company to meet its labilities when they fall due.
Turnover
Turnover in the accounts relates to rental income. Rental income is recognised to the extent that it is probable that the economic benefits will flow to the Company and income can be reliably measured over the period of the lease. Income is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Income is recognised in the period in which the rental service is provided, when the income and the associated costs can be measured reliably and it is probable that the consideration will be received in respect of the rental service provided.
4
Investment property
2023 
£ 
Fair value at 1 January 2023
467,059 
At 31 December 2023
467,059 
The investment property was valued by the directors based on current market information
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Home Key Ltd Notes to the Accounts for the year ended 31 December 2023
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
309 
- 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Taxes and social security
2,351 
- 
Other creditors
1,300 
- 
Loans from directors
131,105 
131,867 
Accruals
13 
- 
134,769 
131,867 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
334,683 
334,682 
Within creditors more than one year is included mortgage herd by The Mortgage Works and is secured against property situated at 143/8 South Gyle Wynd, Edinburgh, EH12 9EY Within creditors more than one year is a mortgage held by Paragon and is secured against the property situated at 28 Dunipace Road, Edinburgh, EH12 9GH
8
Transactions with related parties
During the period to 31 December 2023, the directors, have provided company with interest free loan of £131,105 (2022: £131,867). There is no fixed terms of repayment.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).
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