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KEYLIGHTING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2023






KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KEYLIGHTING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2023







DIRECTORS: N H Robinson
Mrs B J Robinson





SECRETARY: Mrs B J Robinson





REGISTERED OFFICE: North Brook Works
Alkincote Street
Keighley
West Yorkshire
BD21 5JT





REGISTERED NUMBER: 01810394 (England and Wales)





ACCOUNTANTS: Wilkinson and Partners
Chartered Accountants
Fairfax House
6a Mill Field Road
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PY

KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394)

BALANCE SHEET
31 OCTOBER 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 516,627 834,023
Investments 5 64,979 64,979
581,606 899,002

CURRENT ASSETS
Debtors 6 4,893,311 1,508,643
Cash at bank 3,819 3,778
4,897,130 1,512,421
CREDITORS
Amounts falling due within one year 7 2,999,142 103,397
NET CURRENT ASSETS 1,897,988 1,409,024
TOTAL ASSETS LESS CURRENT LIABILITIES 2,479,594 2,308,026

CREDITORS
Amounts falling due after more than one
year

8

(78,113

)

(127,611

)

PROVISIONS FOR LIABILITIES 10 (2,170 ) (4,412 )
NET ASSETS 2,399,311 2,176,003

CAPITAL AND RESERVES
Called up share capital 11 10,100 10,100
Revaluation reserve 12 316,176 316,176
Retained earnings 12 2,073,035 1,849,727
SHAREHOLDERS' FUNDS 2,399,311 2,176,003

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 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.

KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394)

BALANCE SHEET - continued
31 OCTOBER 2023


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 21 January 2025 and were signed on its behalf by:





N H Robinson - Director


KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023


1. STATUTORY INFORMATION

Keylighting 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 as modified by the revaluation of certain assets.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 November 2022 1,042,489 1,767,519 81,960 2,891,968
Disposals (382,489 ) - - (382,489 )
At 31 October 2023 660,000 1,767,519 81,960 2,509,479
DEPRECIATION
At 1 November 2022 231,688 1,744,297 81,960 2,057,945
Charge for year 9,240 11,802 - 21,042
Eliminated on disposal (86,135 ) - - (86,135 )
At 31 October 2023 154,793 1,756,099 81,960 1,992,852
NET BOOK VALUE
At 31 October 2023 505,207 11,420 - 516,627
At 31 October 2022 810,801 23,222 - 834,023

Cost or valuation at 31 October 2023 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2015 316,176 - - 316,176
Cost 343,824 1,767,519 81,960 2,193,303
660,000 1,767,519 81,960 2,509,479

KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


4. TANGIBLE FIXED ASSETS - continued

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.10.23 31.10.22
£    £   
Cost 726,313 726,313
Aggregate depreciation 125,885 125,885

Value of land in freehold land and buildings 610,994 610,994

The Keighley property was valued on an open market basis on 1 March 2015 by Benjamin Bentley & Partners, Bradford .

The net book value of tangible fixed assets includes £NIL (2022 - £ 5,447 ) in respect of assets held under hire purchase contracts.

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 November 2022
and 31 October 2023 64,979
NET BOOK VALUE
At 31 October 2023 64,979
At 31 October 2022 64,979

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Powerlite Fitzgerald Ltd
Registered office: North Brook Works, Alkincote Street, Keighley, BD21 5JT
Nature of business: Lighting products manufacture
%
Class of shares: holding
Ordinary A 100.00
Ordinary B 100.00
31.10.23 31.10.22
£    £   
Aggregate capital and reserves 5,445,945 4,582,715
Profit for the year 1,166,729 809,321

KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Loans to subsidiary companies 4,834,191 1,079,581
Section 455 tax paid 59,120 59,120
Directors' current accounts - 369,942
4,893,311 1,508,643

The loan to subsidiary company is interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 46,920 16,599
Hire purchase contracts - 5,479
Tax 77,113 51,719
VAT - 29,600
Amounts due to group 2,875,109 -
2,999,142 103,397

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans - 1-2 years 48,420 17,090
Bank loans - 2-5 years 29,693 53,485
Bank loans payable over more
than 5 years - 57,036
78,113 127,611

Amounts falling due in more than five years:

Repayable by instalments
Bank loans payable over more
than 5 years - 57,036
- 57,036

KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


9. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Bank loans 125,033 144,210
Hire purchase contracts - 5,479
125,033 149,689

The debenture loan is secured by a fixed charge on certain of the company's freehold property and also by a charge over the assets of the undertaking, both present and future, including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant. Interest is charged at 2% above base rate.

The bank loans and overdraft are secured by a first legal charge over the company's freehold property.

The obligations under hire purchase contracts are secured against the assets that they relate to.

10. PROVISIONS FOR LIABILITIES
31.10.23 31.10.22
£    £   
Deferred tax 2,170 4,412

Deferred
tax
£   
Balance at 1 November 2022 4,412
Accelerated capital allowances (2,242 )
Balance at 31 October 2023 2,170

The provision for deferred taxation relates entirely to accelerated capital allowances.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.10.23 31.10.22
value: £    £   
10,100 Ordinary £1.00 10,100 10,100

KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2023


12. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 November 2022 1,849,727 316,176 2,165,903
Profit for the year 223,308 223,308
At 31 October 2023 2,073,035 316,176 2,389,211

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
N H Robinson and Mrs B J Robinson
Balance outstanding at start of year 369,942 238,870
Amounts advanced - 131,072
Amounts repaid (369,942 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 369,942

The loan to the directors was interest free and repayable on demand.

The loan was repaid in full on 18 December 2022.

14. RELATED PARTY DISCLOSURES

The company had the following loan relationships at the year end.

Amount due to Powerlite Fitzgerald Limited, a subsidiary company, £2,875,109 (2022: Debtor of £641,574)

Amount due from Nu Wave Limited, the ultimate holding company, £4,834,191 (2022: Nil)

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Nu Wave Limited.