KEY SOLUTIONS MORTGAGES LIMITED

Company Registration Number:
03022389 (England and Wales)

Unaudited abridged accounts for the year ended 31 March 2024

Period of accounts

Start date: 01 April 2023

End date: 31 March 2024

KEY SOLUTIONS MORTGAGES LIMITED

Contents of the Financial Statements

for the Period Ended 31 March 2024

Balance sheet
Notes

KEY SOLUTIONS MORTGAGES LIMITED

Balance sheet

As at 31 March 2024


Notes

2024

2023


£

£
Fixed assets
Tangible assets: 3 153,625 215,722
Total fixed assets: 153,625 215,722
Current assets
Debtors:   651,903 736,233
Cash at bank and in hand: 90,643 111,742
Total current assets: 742,546 847,975
Creditors: amounts falling due within one year: 4 (328,696) (320,178)
Net current assets (liabilities): 413,850 527,797
Total assets less current liabilities: 567,475 743,519
Creditors: amounts falling due after more than one year: 5 (212,846) (280,031)
Total net assets (liabilities): 354,629 463,488
Capital and reserves
Called up share capital: 2 2
Profit and loss account: 354,627 463,486
Shareholders funds: 354,629 463,488

The notes form part of these financial statements

KEY SOLUTIONS MORTGAGES LIMITED

Balance sheet statements

For the year ending 31 March 2024 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 23 December 2024
and signed on behalf of the board by:

Name: Mr J White
Status: Director

The notes form part of these financial statements

KEY SOLUTIONS MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets and depreciation policy

Tangible assets Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Fittings fixtures and equipment - 15% reducing balance Motor vehicles - 25% reducing balance If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Intangible fixed assets and amortisation policy

Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 33% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

KEY SOLUTIONS MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

2. Employees

2024 2023
Average number of employees during the period 16 18

KEY SOLUTIONS MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

3. Tangible Assets

Total
Cost £
At 01 April 2023 455,195
Additions 1,349
Disposals (26,676)
At 31 March 2024 429,868
Depreciation
At 01 April 2023 239,473
Charge for year 44,302
On disposals (7,532)
At 31 March 2024 276,243
Net book value
At 31 March 2024 153,625
At 31 March 2023 215,722

KEY SOLUTIONS MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

4. Creditors: amounts falling due within one year note

Creditors: amounts falling due within one year 2024 2023 £ £ Bank loans and overdrafts 48,000 48,000 Corporation tax 18,765 17,474 Social security and other taxes 127,515 68,203 Other creditors 134,416 186,501 328,696 320,178

KEY SOLUTIONS MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

5. Creditors: amounts falling due after more than one year note

Bank loans and overdrafts 88,000 136,000 Other creditors 124,846 144,031 212,846 280,031

KEY SOLUTIONS MORTGAGES LIMITED

Notes to the Financial Statements

for the Period Ended 31 March 2024

6. Loans to directors

Name of director receiving advance or credit: Mr J White
Description of the loan: Loan
£
Balance at 01 April 2023 599,914
Advances or credits repaid: 50,000
Balance at 31 March 2024 549,914