Registered number
12405956
18 KEYS LTD
Unaudited Filleted Accounts
31 January 2024
18 KEYS LTD
Registered number: 12405956
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 26,546 33,182
Current assets
Cash at bank and in hand 2,639 1,108
Creditors: amounts falling due within one year 4 (6,306) (10,394)
Net current liabilities (3,667) (9,286)
Total assets less current liabilities 22,879 23,896
Creditors: amounts falling due after more than one year 5 (19,575) (21,256)
Net assets 3,304 2,640
Capital and reserves
Called up share capital 100 100
Profit and loss account 3,204 2,540
Shareholder's funds 3,304 2,640
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Dr Michelle Zandvoort
Director
Approved by the board on 9 September 2024
18 KEYS LTD
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 1,499 40,518 42,017
At 31 January 2024 1,499 40,518 42,017
Depreciation
At 1 February 2023 732 8,103 8,835
Charge for the year - 6,636 6,636
At 31 January 2024 732 14,739 15,471
Net book value
At 31 January 2024 767 25,779 26,546
At 31 January 2023 767 32,415 33,182
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 4,556 8,644
Other creditors 1,750 1,750
6,306 10,394
5 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 19,575 21,256
6 Other information
18 KEYS LTD is a private company limited by shares and incorporated in England. Its registered office is:
Office 18 A&B Thatcham House
Turners Drive
Thatcham
Bershire
RG19 4QD
18 KEYS LTD 12405956 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 Dr Michelle Zandvoort No description of principal activity 12405956 2022-02-01 2023-01-31 12405956 core:WithinOneYear 2023-01-31 12405956 core:AfterOneYear 2023-01-31 12405956 core:ShareCapital 2023-01-31 12405956 core:RetainedEarningsAccumulatedLosses 2023-01-31 12405956 2023-02-01 2024-01-31 12405956 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 12405956 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 12405956 bus:Director40 2023-02-01 2024-01-31 12405956 2 2023-02-01 2024-01-31 12405956 core:PlantMachinery 2023-02-01 2024-01-31 12405956 core:Vehicles 2023-02-01 2024-01-31 12405956 countries:England 2023-02-01 2024-01-31 12405956 bus:FRS102 2023-02-01 2024-01-31 12405956 bus:FilletedAccounts 2023-02-01 2024-01-31 12405956 2024-01-31 12405956 core:WithinOneYear 2024-01-31 12405956 core:AfterOneYear 2024-01-31 12405956 core:ShareCapital 2024-01-31 12405956 core:RetainedEarningsAccumulatedLosses 2024-01-31 12405956 core:PlantMachinery 2024-01-31 12405956 core:Vehicles 2024-01-31 12405956 2023-01-31 12405956 core:PlantMachinery 2023-01-31 12405956 core:Vehicles 2023-01-31 iso4217:GBP xbrli:pure