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Registration number: 06780175

Keston Communications Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Keston Communications Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Keston Communications Limited

(Registration number: 06780175)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Tangible assets

4

9,215,000

9,215,000

Investments

990,669

990,669

 

10,205,669

10,205,669

Current assets

 

Debtors

6

729,841

761,677

Cash at bank and in hand

 

2,406

4,025

 

732,247

765,702

Creditors: Amounts falling due within one year

7

(3,670,648)

(4,237,476)

Net current liabilities

 

(2,938,401)

(3,471,774)

Total assets less current liabilities

 

7,267,268

6,733,895

Creditors: Amounts falling due after more than one year

7

(4,938,057)

(4,311,120)

Provisions for liabilities

(411,871)

(456,071)

Net assets

 

1,917,340

1,966,704

Capital and reserves

 

Called up share capital

8

100

100

Revaluation reserve

1,235,612

1,368,213

Profit and loss account

681,628

598,391

Total equity

 

1,917,340

1,966,704

 

Keston Communications Limited

(Registration number: 06780175)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 4 December 2024 and signed on its behalf by:
 

P A Manning

Director

 

Keston Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office and principal place of business is:
Citybridge House
235-245 Goswell Road
LONDON
EC1V 7JD

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, Financial Reporting Standard 102 - 'The Financial Reporting standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102 1A'), and with the Companies Act 2006.

These financial statements have been prepared using the historical cost convention.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historic 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

Keston Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Long leasehold property held and used in the company's own activities is stated in the balance sheet at its revalued amount. The revalued amount relates to the fair value at the date of revaluation, less any depreciation or impairment losses subsequently accumulated.

Any revaluation increase or decrease on long leasehold property is credited to the property revaluation reserve.

Once a revalued property is sold or retired any attributable revaluation surplus that is remaining in the property revaluation reserve is transferred to retained earnings. No transfer is made from the revaluation reserve to retained earnings unless an asset is derecognised.

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold property

See below

Long leasehold property is not depreciated on the basis that it is maintained to a high standard such that the useful life is so long and the residual value so high that any charge for depreciation would not be material.

 

Keston Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets are classified as financial assets at fair value through profit or loss, loans and debtors, held-to-maturity investments, available-for-sale financial assets, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial assets at initial recognition.

Financial liabilities are classified as financial liabilities at fair value through profit and loss, loans and borrowings, trade and other creditors, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The company determines the classification of its financial liabilities at initial recognition.

 Recognition and measurement
All financial instruments are recognised initially at fair value plus transaction costs. Thereafter financial instruments are stated at amortised cost using the effective interest rate method (less impairment where appropriate) unless the effect of discounting would be immaterial in which case they are stated at cost (less impairment where appropriate). The exception to this are those financial instruments where it is a requirement to continue recording them at fair value through profit and loss.

 Impairment
Financial assets are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the asset have been affected.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Other debtors

Other debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment.

 

Keston Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Other creditors

Other creditors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, except where the effect of discounting would be immaterial. In such cases creditors are stated at transaction price.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Keston Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Long leasehold property
£

Total
£

Cost or valuation

At 1 April 2023

9,215,000

9,215,000

Revaluations

(176,801)

(176,801)

Additions

176,801

176,801

At 31 March 2024

9,215,000

9,215,000

Depreciation

Carrying amount

At 31 March 2024

9,215,000

9,215,000

At 31 March 2023

9,215,000

9,215,000

The long leasehold property was valued by an external Chartered Surveyor on 29 March 2022. The basis of valuation is Market Value in accordance with the definition and supporting commentary as set out in the RICS Valuation - Global Standards 2017. In the opinion of the directors this valuation is not materially different to Fair Value.

5

Investments in subsidiaries, joint ventures and associates

2024
£

2023
£

Investments in subsidiaries

990,669

990,669

Subsidiaries

£

Cost or valuation

At 1 April 2023

990,669

Provision

Carrying amount

At 31 March 2024

990,669

At 31 March 2023

990,669

 

Keston Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

Rapidity Communications Limited

England

Ordinary

100%

100%

The principal activity of Rapidity Communications Limited is the provision of digital printing and managed print services.

6

Debtors

2024
£

2023
£

Prepayments

-

2,055

Other debtors

729,841

759,622

729,841

761,677

7

Creditors

Note

2024
 £

2023
 £

Due within one year

 

Bank loans and overdrafts

10

110,943

423,880

Amounts owed to group undertakings

 

3,401,339

3,813,596

Other creditors

 

158,366

-

 

3,670,648

4,237,476

Due after one year

 

Loans and borrowings

10

4,938,057

4,311,120

 

Keston Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

98

98

98

98

"A" Non voting shares of £1 each

1

1

1

1

"B" Non voting shares of £1 each

1

1

1

1

 

100

100

100

100

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
The holders of all classes of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All Ordinary shares rank equally with regard to the company's residual assets.

9

Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption in FRS 102 1A from disclosing transactions with other members of the group.
 

 

Keston Communications Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Loans from related parties

2024

Key management
£

Total
£

At start of period

(310,456)

(310,456)

Advanced

(312,517)

(312,517)

Repaid

311,346

311,346

At end of period

(311,627)

(311,627)

2023

Key management
£

Total
£

At start of period

(254,260)

(254,260)

Advanced

(400,466)

(400,466)

Repaid

344,270

344,270

At end of period

(310,456)

(310,456)

Terms of loans from related parties

Loans from/(to) key management are interest free and repayable on demand.
 

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

4,938,057

4,311,120

2024
£

2023
£

Current loans and borrowings

Bank borrowings

110,943

423,880

Bank borrowings

Bank borrowings are secured by a debenture, a group guarantee, a charge over contract monies from Rapidity Communications Limited and a first legal mortgage over the long leasehold property.