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REGISTERED NUMBER: 08536026 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 May 2024

for

Key Legal (North East) Limited

Key Legal (North East) Limited (Registered number: 08536026)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Key Legal (North East) Limited

Company Information
for the Year Ended 31 May 2024







DIRECTORS: A D Noble
J Corker
K L Noble





REGISTERED OFFICE: Catterick House
Morton Road
DARLINGTON
County Durham
DL1 4PT





REGISTERED NUMBER: 08536026 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Key Legal (North East) Limited (Registered number: 08536026)

Balance Sheet
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,610 6,051

CURRENT ASSETS
Debtors 5 117,795 112,020
Cash at bank and in hand 311,615 343,833
429,410 455,853
CREDITORS
Amounts falling due within one year 6 99,489 107,674
NET CURRENT ASSETS 329,921 348,179
TOTAL ASSETS LESS CURRENT
LIABILITIES

335,531

354,230

CREDITORS
Amounts falling due after more than one
year

7

(18,333

)

(38,333

)

PROVISIONS FOR LIABILITIES 10 (1,403 ) (1,151 )
NET ASSETS 315,795 314,746

CAPITAL AND RESERVES
Called up share capital 11 2 2
Retained earnings 315,793 314,744
SHAREHOLDERS' FUNDS 315,795 314,746

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

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

The directors acknowledge their 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.

Key Legal (North East) Limited (Registered number: 08536026)

Balance Sheet - continued
31 May 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 January 2025 and were signed on its behalf by:





A D Noble - Director


Key Legal (North East) Limited (Registered number: 08536026)

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

1. STATUTORY INFORMATION

Key Legal (North East) Limited 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.

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.

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.

Income Recognition
Turnover represents amounts chargeable to clients for professional services provided during the year excluding sales tax and third-party invoiced disbursements. Revenue is recognised on an individual engagement basis when the right to consideration has been obtained from the client in exchange for work performed and where the recoverability of the consideration can be assessed with reasonable certainty.

Unbilled turnover on individual client assignments is included in amounts recoverable on contracts within debtors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold property improvements - 20% on cost
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on cost

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


Key Legal (North East) Limited (Registered number: 08536026)

Notes to the Financial Statements - continued
for the Year Ended 31 May 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 balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 18 ) .

4. TANGIBLE FIXED ASSETS
Leasehold Fixtures
property and Computer
improvements fittings equipment Totals
£    £    £    £   
COST
At 1 June 2023 13,523 2,892 44,460 60,875
Additions - 365 1,474 1,839
At 31 May 2024 13,523 3,257 45,934 62,714
DEPRECIATION
At 1 June 2023 13,523 1,163 40,138 54,824
Charge for year - 394 1,886 2,280
At 31 May 2024 13,523 1,557 42,024 57,104
NET BOOK VALUE
At 31 May 2024 - 1,700 3,910 5,610
At 31 May 2023 - 1,729 4,322 6,051

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 32,570 32,137
Amounts owed by group undertakings 1,230 1,230
Amounts recoverable on contract 73,000 73,000
Prepayments and accrued income 10,995 5,653
117,795 112,020

Key Legal (North East) Limited (Registered number: 08536026)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,000 20,000
Taxation and social security 61,080 70,735
Other creditors 8,547 8,553
Directors' current accounts 2,250 1,000
Accruals and deferred income 7,612 7,386
99,489 107,674

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 18,333 20,000
Bank loans - 2-5 years - 18,333
18,333 38,333

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 20,164 28,855
Between one and five years 26,292 46,456
46,456 75,311

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 38,333 58,333

The bank loan is secured by a fixed and floating charge over the company's assets.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,403 1,151

Deferred
tax
£   
Balance at 1 June 2023 1,151
Charge to Statement of Income and Retained Earnings during year 252
Accelerated capital allowances
Balance at 31 May 2024 1,403

Key Legal (North East) Limited (Registered number: 08536026)

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

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £0.01 1 1
100 Ordinary A £0.01 1 1
2 2

12. RELATED PARTY DISCLOSURES

2024 2023
£    £   
Amounts owed to directors 2,250 1,000

No interest has been charged.

13. ULTIMATE PARENT COMPANY

The ultimate parent undertaking is Elbon Enterprises (North East) Limited, registered office: 31 St. Phillips Close, Auckland Park, Bishop Auckland, England, DL14 8BD.