Company Registration No. 04819163 (England and Wales)
Advanced Keys Limited
Unaudited accounts
for the year ended 30 June 2024
Advanced Keys Limited
Company Information
for the year ended 30 June 2024
Directors
Kim Stanier
Greg Chambers
Barry Boustead
Company Number
04819163 (England and Wales)
Registered Office
Unit D1, OYO Business Park
187 Park Lane
Birmingham
B35 6AN
Accountants
Debbie Howard
12 Plantation Drive
Sutton Coldfield
West Midlands
B75 7JQ
Advanced Keys Limited
Statement of financial position
as at 30 June 2024
Intangible assets
6,079
7,136
Inventories
194,262
224,479
Cash at bank and in hand
75,370
93,942
Creditors: amounts falling due within one year
(47,284)
(56,581)
Net current assets
315,583
310,350
Total assets less current liabilities
326,011
318,390
Provisions for liabilities
Deferred tax
(1,981)
(1,527)
Net assets
324,030
316,863
Called up share capital
90
90
Capital redemption reserve
30
30
Profit and loss account
323,910
316,743
Shareholders' funds
324,030
316,863
For the year ending 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 18 November 2024 and were signed on its behalf by
Greg Chambers
Director
Company Registration No. 04819163
Advanced Keys Limited
Notes to the Accounts
for the year ended 30 June 2024
Advanced Keys Limited is a private company, limited by shares, registered in England and Wales, registration number 04819163. The registered office is Unit D1, OYO Business Park, 187 Park Lane, Birmingham, B35 6AN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & Machinery over 4 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Advanced Keys Limited
Notes to the Accounts
for the year ended 30 June 2024
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other
The Directors have indicated a useful life of 7 years for a website shown as an intangible asset
5
Tangible fixed assets
Plant & machinery
Advanced Keys Limited
Notes to the Accounts
for the year ended 30 June 2024
Amounts falling due within one year
Trade debtors
32,834
43,280
Accrued income and prepayments
60,214
3,811
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
36,005
41,911
Taxes and social security
3,707
2,589
Proposed dividends
-
3,000
8
Operating lease commitments
2024
2023
At 30 June 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
4,309
-
Later than one year and not later than five years
17,238
-
Later than five years
8,619
-
10
Average number of employees
During the year the average number of employees was 5 (2023: 5).