KEYLIGHTING LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Revaluation reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
KEYLIGHTING LIMITED (REGISTERED NUMBER: 01810394) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Keylighting Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
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 |
Disposals | ( |
) | ( |
) |
At 31 October 2023 |
DEPRECIATION |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2023 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
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 |
NET BOOK VALUE |
At 31 October 2023 |
At 31 October 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: North Brook Works, Alkincote Street, Keighley, BD21 5JT |
Nature of business: |
% |
Class of shares: | holding |
31.10.23 | 31.10.22 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
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 |
Section 455 tax paid | 59,120 | 59,120 |
Directors' current accounts | - | 369,942 |
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 |
Hire purchase contracts |
Tax |
VAT | - | 29,600 |
Amounts due to group |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.23 | 31.10.22 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans payable over more |
than 5 years |
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 |
Hire purchase contracts | - | 5,479 |
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 |
Accelerated capital allowances | (2,242 | ) |
Balance at 31 October 2023 |
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: | £ | £ |
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 | 2,165,903 |
Profit for the year |
At 31 October 2023 | 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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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 |