Registered number
07917994
Key Transitions Ltd
Filleted Accounts
31 January 2024
Key Transitions Ltd
Registered number: 07917994
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 26,857 14,242
Current assets
Debtors 4 826,685 409,051
Cash at bank and in hand 727,203 532,647
1,553,888 941,698
Creditors: amounts falling due within one year 5 (460,237) (402,473)
Net current assets 1,093,651 539,225
Net assets 1,120,508 553,467
Capital and reserves
Called up share capital 1 1
Profit and loss account 1,120,507 553,466
Shareholder's funds 1,120,508 553,467
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 his 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.
C Brim
Director
Approved by the board on 17 October 2024
Key Transitions 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:
Motor vehicles 20% reducing balance basis
Equipment 20% reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 15 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2023 20,455 19,185 39,640
Additions 2,911 15,000 17,911
At 31 January 2024 23,366 34,185 57,551
Depreciation
At 1 February 2023 13,906 11,492 25,398
Charge for the year 1,892 3,404 5,296
At 31 January 2024 15,798 14,896 30,694
Net book value
At 31 January 2024 7,568 19,289 26,857
At 31 January 2023 6,549 7,693 14,242
4 Debtors 2024 2023
£ £
Trade debtors 579,982 363,413
Other debtors 246,703 45,638
826,685 409,051
Included in other debtors is an amount owed to the company by it's director totalling £199,184.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 22,945
Trade creditors 49,492 91,570
Taxation and social security costs 384,227 253,124
Other creditors 26,518 34,834
460,237 402,473
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
C Brim
Interest free loan (22,299) 325,053 (103,570) 199,184
(22,299) 325,053 (103,570) 199,184
7 Related party transactions
Included in other debtors is a loan to C.A.B Estates Ltd of which Mr Brim is also a director and shareholder. The loan is made under normal market conditions.
8 Controlling party
The company is owned and controlled by Mr C Brim, a director who owns 100% of the company's issued share capital.
9 Other information
Key Transitions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bradgate Suite
The Crescent
27 King Street
Leicester
LE1 6RX
Key Transitions Ltd 07917994 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 C Brim No description of principal activity 07917994 2022-02-01 2023-01-31 07917994 core:WithinOneYear 2023-01-31 07917994 core:ShareCapital 2023-01-31 07917994 core:RetainedEarningsAccumulatedLosses 2023-01-31 07917994 2023-02-01 2024-01-31 07917994 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 07917994 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 07917994 bus:Director40 2023-02-01 2024-01-31 07917994 1 2023-02-01 2024-01-31 07917994 2 2023-02-01 2024-01-31 07917994 core:PlantMachinery 2023-02-01 2024-01-31 07917994 core:Vehicles 2023-02-01 2024-01-31 07917994 bus:Director1 2023-02-01 2024-01-31 07917994 bus:Director1 1 2023-02-01 2024-01-31 07917994 countries:England 2023-02-01 2024-01-31 07917994 bus:FRS102 2023-02-01 2024-01-31 07917994 bus:FilletedAccounts 2023-02-01 2024-01-31 07917994 2024-01-31 07917994 core:WithinOneYear 2024-01-31 07917994 core:ShareCapital 2024-01-31 07917994 core:RetainedEarningsAccumulatedLosses 2024-01-31 07917994 core:PlantMachinery 2024-01-31 07917994 core:Vehicles 2024-01-31 07917994 bus:Director1 1 2024-01-31 07917994 2023-01-31 07917994 core:PlantMachinery 2023-01-31 07917994 core:Vehicles 2023-01-31 07917994 bus:Director1 1 2023-01-31 iso4217:GBP xbrli:pure