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REGISTERED NUMBER: 05346624 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

SUREKEY LTD

SUREKEY LTD (Registered number: 05346624)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


SUREKEY LTD

Company Information
for the Year Ended 31 January 2024







DIRECTOR: Mr N Schlussel





REGISTERED OFFICE: 50 Wellington Avenue
London
N15 6BA





REGISTERED NUMBER: 05346624 (England and Wales)






SUREKEY LTD (Registered number: 05346624)

Statement of Financial Position
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 88,032 117,375
Investments 5 4 4
Investment property 6 8,803,464 8,803,464
8,891,500 8,920,843

CURRENT ASSETS
Debtors 7 1,974,365 2,026,088
Prepayments and accrued income 8,000 8,000
Cash at bank and in hand 9,074 6,665
1,991,439 2,040,753
CREDITORS
Amounts falling due within one year 8 1,785,466 1,640,717
NET CURRENT ASSETS 205,973 400,036
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,097,473

9,320,879

CREDITORS
Amounts falling due after more than one
year

9

(7,286,639

)

(7,196,437

)

PROVISIONS FOR LIABILITIES 11 (218,951 ) (218,951 )
NET ASSETS 1,591,883 1,905,491

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 12 911,260 911,260
Retained earnings 680,523 994,131
SHAREHOLDERS' FUNDS 1,591,883 1,905,491

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

SUREKEY LTD (Registered number: 05346624)

Statement of Financial Position - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2024 and were signed by:





Mr N Schlussel - Director


SUREKEY LTD (Registered number: 05346624)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

SUREKEY LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about SUREKEY LTD as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

SUREKEY LTD (Registered number: 05346624)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Initial recognition of financial assets and liabilities.

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Initial measurement
When a financial asset or liability is recognised initially, the company shall measure it at the transaction price including transaction costs except in the initial measurement of financial assets and liabilities that are measured at fair value through profit or loss unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financial transaction, the company shall measure the financial asset or financial liability at the present value of the future payments discounted at the market rate of interest for a similar debt instrument.

Subsequent measurement
At the end of each reporting period, the company shall measure financial instruments without any deduction for transaction costs the company may incur on sale or other disposal. Debt instruments shall be measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year shall be measured at the undiscounted amount of the cash or other consideration expected to be paid or received unless the arrangement constitutes, in effect, a financial transaction. If the arrangement constitutes a financing transaction, the company shall measure the debt instrument at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Impairment of financial instruments

Impairment of financial instruments measured at cost or amortised cost. At the end of each reporting period, the company shall assess whether there is objective evidence of impairment of any financial assets that are measured at cost or amortised cost.If there is objective evidence of impairment, the company shall recognise an impairment loss in profit or loss immediately.

Derecognition of a financial asset

The company shall derecognise a financial asset only when the contractual rights to the cash flows from the financial asset expire or are settled, or the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the company, despite having retained some significant risks and rewards of ownership, has transferred control of the asset to another party and other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company shall derecognise the asset and recognise separately any rights and obligations retained or created in the transfer

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


SUREKEY LTD (Registered number: 05346624)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 February 2023
and 31 January 2024 257,899
DEPRECIATION
At 1 February 2023 140,524
Charge for year 29,343
At 31 January 2024 169,867
NET BOOK VALUE
At 31 January 2024 88,032
At 31 January 2023 117,375

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2023
and 31 January 2024 4
NET BOOK VALUE
At 31 January 2024 4
At 31 January 2023 4

SUREKEY LTD (Registered number: 05346624)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023
and 31 January 2024 8,803,464
NET BOOK VALUE
At 31 January 2024 8,803,464
At 31 January 2023 8,803,464

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2022 1,700,004
Cost 7,103,460
8,803,464

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Trade debtors 29,103 30,108
Amounts owed by group undertakings 898,489 776,372
Amounts owed by participating interests 213,915 386,750
Other debtors 832,858 832,858
1,974,365 2,026,088

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loans and overdrafts 43,305 43,305
Other loans 29,500 72,500
Trade creditors 6 4
Amounts owed to group undertakings - 84,203
Amounts owed to participating interests 1,388,745 1,110,145
Directors' current accounts 135,528 135,528
Directors' loan accounts 181,132 181,132
Accrued expenses 7,250 13,900
1,785,466 1,640,717

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.1.24 31.1.23
£    £   
Bank loans - 2-5 years 162,429 168,719
Bank loans more 5 yr by instal 7,124,210 7,027,718
7,286,639 7,196,437

SUREKEY LTD (Registered number: 05346624)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.1.24 31.1.23
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 7,124,210 7,027,718

10. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans 7,329,944 7,239,742

Loans are secured on the investment properties owned by the company, except bounce back loan in the sum of £39,834 ( 2023 - £46,,124) which is not secured.

11. PROVISIONS FOR LIABILITIES
31.1.24 31.1.23
£    £   
Deferred tax 218,951 218,951

Deferred
tax
£   
Balance at 1 February 2023 218,951
Balance at 31 January 2024 218,951

12. RESERVES
Fair
value
reserve
£   
At 1 February 2023
and 31 January 2024 911,260

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the directors of the company provided interest free loan to the company. The amount owed at the year end £316,660 ( 2023 -£316,660).

The directors current account balances were in credit at the begging, end and throughout the year. At no time in the year, the directors current account were in debit.