Company registration number 10228575 (England and Wales)
Keystoke Limited
Unaudited financial statements
For the year ended 30 June 2024
Keystoke Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Keystoke Limited
Statement of financial position
As at 30 June 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
2,250,000
2,250,000
Current assets
Debtors
5
357,586
406,824
Cash at bank and in hand
40,990
69,798
398,576
476,622
Creditors: amounts falling due within one year
6
(961,375)
(1,046,436)
Net current liabilities
(562,799)
(569,814)
Total assets less current liabilities
1,687,201
1,680,186
Creditors: amounts falling due after more than one year
7
(281,122)
(332,851)
Provisions for liabilities
(234,600)
(223,400)
Net assets
1,171,479
1,123,935
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
882,381
893,581
Profit and loss reserves
288,098
229,354
Total equity
1,171,479
1,123,935
Keystoke Limited
Statement of financial position (continued)
As at 30 June 2024
30 June 2024
- 2 -

For the financial year ended 30 June 2024 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 of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 11 November 2024 and are signed on its behalf by:
Mr G P Williams
Director
Company registration number 10228575 (England and Wales)
Keystoke Limited
Notes to the financial statements
For the year ended 30 June 2024
- 3 -
1
Accounting policies
Company information

Keystoke Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Glades, Festival Way, Festival Park, Stoke-on-Trent, Staffordshire, ST1 5SQ.

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. 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.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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:

Computers
25% on cost
Motor vehicles
25% on cost

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.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.4
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.

1.5
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 statement of financial position 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.

Keystoke Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors, cash and bank balances and loans from connected companies, 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Leases
Keystoke Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 5 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Employees

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

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Computers
Motor vehicles
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
2,358
5,000
7,358
Depreciation and impairment
At 1 July 2023 and 30 June 2024
2,358
5,000
7,358
Carrying amount
At 30 June 2024
-
0
-
0
-
0
At 30 June 2023
-
0
-
0
-
0
4
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
2,250,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out on 30th June 2024 by the Directors estimate. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
357,586
406,824
Keystoke Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
47,134
47,247
Taxation and social security
22,103
16,990
Other creditors
892,138
982,199
961,375
1,046,436
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
281,122
332,851

The long-term bank loan is secured by fixed charges over Clarence House, a property owned by the business.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
78,716
127,812
2024-06-302023-07-01false11 November 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr Gary Paul WilliamsMrs Carol Ann Williamsfalsefalse102285752023-07-012024-06-30102285752024-06-30102285752023-06-3010228575core:CurrentFinancialInstrumentscore:WithinOneYear2024-06-3010228575core:CurrentFinancialInstrumentscore:WithinOneYear2023-06-3010228575core:Non-currentFinancialInstrumentscore:AfterOneYear2024-06-3010228575core:Non-currentFinancialInstrumentscore:AfterOneYear2023-06-3010228575core:CurrentFinancialInstruments2024-06-3010228575core:CurrentFinancialInstruments2023-06-3010228575core:ShareCapital2024-06-3010228575core:ShareCapital2023-06-3010228575core:RevaluationReserve2024-06-3010228575core:RevaluationReserve2023-06-3010228575core:RetainedEarningsAccumulatedLosses2024-06-3010228575core:RetainedEarningsAccumulatedLosses2023-06-3010228575bus:Director12023-07-012024-06-3010228575core:ComputerEquipment2023-07-012024-06-3010228575core:MotorVehicles2023-07-012024-06-30102285752022-07-012023-06-3010228575core:ComputerEquipment2023-06-3010228575core:MotorVehicles2023-06-30102285752023-06-3010228575core:ComputerEquipment2024-06-3010228575core:MotorVehicles2024-06-3010228575core:ComputerEquipment2023-06-3010228575core:MotorVehicles2023-06-3010228575core:WithinOneYear2024-06-3010228575core:WithinOneYear2023-06-3010228575core:Non-currentFinancialInstruments2024-06-3010228575core:Non-currentFinancialInstruments2023-06-3010228575bus:PrivateLimitedCompanyLtd2023-07-012024-06-3010228575bus:SmallCompaniesRegimeForAccounts2023-07-012024-06-3010228575bus:FRS1022023-07-012024-06-3010228575bus:AuditExemptWithAccountantsReport2023-07-012024-06-3010228575bus:Director22023-07-012024-06-3010228575bus:FullAccounts2023-07-012024-06-30xbrli:purexbrli:sharesiso4217:GBP