Company registration number 09080600 (England and Wales)
KEYLINE KEYS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAGES FOR FILING WITH REGISTRAR
KEYLINE KEYS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 8
KEYLINE KEYS LIMITED
BALANCE SHEET
AS AT 30 JUNE 2023
30 June 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
748
Current assets
Stocks
43,357
44,630
Debtors
5
8,495
20,286
Cash at bank and in hand
3,286
2,108
55,138
67,024
Creditors: amounts falling due within one year
6
(146,019)
(134,716)
Net current liabilities
(90,881)
(67,692)
Net liabilities
(90,881)
(66,944)
Capital and reserves
Called up share capital
7
100
100
Equity reserve
6,804
6,804
Profit and loss reserves
(97,785)
(73,848)
Total equity
(90,881)
(66,944)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 4 October 2024 and are signed on its behalf by:
Giacomo Alpago
Director
Company registration number 09080600 (England and Wales)
KEYLINE KEYS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
Share capital
Equity reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2021
100
6,804
(54,852)
(47,948)
Year ended 30 June 2022:
Loss and total comprehensive income
-
-
(18,996)
(18,996)
Balance at 30 June 2022
100
6,804
(73,848)
(66,944)
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
(23,937)
(23,937)
Balance at 30 June 2023
100
6,804
(97,785)
(90,881)
KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
1
Accounting policies
Company information

Keyline Keys Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, Sigma Business Centre, 7 Havelock Place, Harrow, Middlesex, HA1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime, but amended to reflect the fact that the going concern basis is not appropriate. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 

As stated in note 12 to the financial statements, the company ceased trading on 31 January 2023 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis, includes, where applicable, writing the company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

These financial statements are prepared on a basis other than that of the going concern basis, as stated in note 12.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% Reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell on a first in first out basis. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stocks

Stocks are stated at lower of cost and estimated selling price less costs to sell. Determining value of stocks held at the year end requires an estimation of future selling price less costs to complete and sell. The carrying amount of stocks at the reporting end date was £43,357.

KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 July 2022 and 30 June 2023
3,151
Depreciation and impairment
At 1 July 2022
2,403
Depreciation charged in the year
748
At 30 June 2023
3,151
Carrying amount
At 30 June 2023
-
0
At 30 June 2022
748
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
261
16,784
Other debtors
5,047
3,502
Prepayments
3,187
-
0
8,495
20,286
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
90,834
79,211
Amounts owed to group undertakings
50,477
49,374
Taxation and social security
-
0
695
Other creditors
141
299
Accruals
4,567
5,137
146,019
134,716
KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
7
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was qualified and the auditor reported as follows:

Qualified opinion

We have audited the financial statements of Keyline Keys Limited (the 'company') for the year ended 30 June 2023 which comprise, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the effects of the matter described in the Basis for Qualified Opinion paragraph, the financial statements:

Basis for qualified opinion

 

The Company's stock are carried in the balance sheet at £43,357. Management has not stated the stock at the lower of cost and net realisable value but have stated them solely at cost, which constitute a departure from FRS 102.

 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter: financial statements prepared on a basis other than that of the going concern basis

We draw attention to note 12 to the financial statements which explains that the company has ceased trading on 31 January 2023 and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than that of the going concern basis as described in note 12.

KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
8
Audit report information
(Continued)
- 8 -
Senior Statutory Auditor:
Masud Abdul-Karim
Statutory Auditor:
Georgiades Charalambou & Co LLP
Date of audit report:
4 October 2024
9
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
20,276
31,949
10
Related party transactions

During the year, the company received £7,000 (2022:£12,000) for the sublet of its warehouse from a company controlled by related parties.

 

11
Parent company

The company is a wholly owned subsidiary of Keyline SPA, a company incorporated in Italy. The consolidated financial statements of the company can be obtained from Via Camillo Bianchi, 2, 31015 Conegliano (TV), Italy. The company is ultimately controlled by ABG Holding S.r.l. by virtue of their indirect holding of 96% of its parent company's issued ordinary share capital. ABG Holding S.r.l. is also incorporated in Italy.

 

12
Going concern

These financial statements are prepared on the basis other than that of the going concern basis on the grounds that the group has decided to change the business strategy for the UK market and focus its direct presence on more profitable areas. For this reason the company has ceased trading on 31 January 2023 and already dismiss its personnel. The shareholder will support the company to meet its obligation.

2023-06-302022-07-01false04 October 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityGiacomo AlpagoElena Bianchifalsefalse2024-10-043090806002022-07-012023-06-30090806002023-06-30090806002022-06-3009080600core:PlantMachinery2023-06-3009080600core:PlantMachinery2022-06-3009080600core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3009080600core:CurrentFinancialInstrumentscore:WithinOneYear2022-06-3009080600core:CurrentFinancialInstruments2023-06-3009080600core:CurrentFinancialInstruments2022-06-3009080600core:ShareCapital2023-06-3009080600core:ShareCapital2022-06-3009080600core:OtherReservesSubtotal2023-06-3009080600core:OtherReservesSubtotal2022-06-3009080600core:RetainedEarningsAccumulatedLosses2023-06-3009080600core:RetainedEarningsAccumulatedLosses2022-06-3009080600core:ShareCapital2021-06-3009080600core:OtherReservesSubtotal2021-06-3009080600core:RetainedEarningsAccumulatedLosses2021-06-3009080600bus:Director12022-07-012023-06-3009080600core:RetainedEarningsAccumulatedLosses2021-07-012022-06-30090806002021-07-012022-06-3009080600core:RetainedEarningsAccumulatedLosses2022-07-012023-06-3009080600core:PlantMachinery2022-07-012023-06-3009080600core:PlantMachinery2022-06-3009080600bus:PrivateLimitedCompanyLtd2022-07-012023-06-3009080600bus:SmallCompaniesRegimeForAccounts2022-07-012023-06-3009080600bus:FRS1022022-07-012023-06-3009080600bus:Audited2022-07-012023-06-3009080600bus:Director22022-07-012023-06-3009080600bus:FullAccounts2022-07-012023-06-30xbrli:purexbrli:sharesiso4217:GBP