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Company No: 06648384 (England and Wales)

KEYPLUS SECURITY LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

KEYPLUS SECURITY LTD

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

KEYPLUS SECURITY LTD

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
KEYPLUS SECURITY LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
DIRECTORS Mrs A M Curran
Mr B Curran
REGISTERED OFFICE Group First House 12a Mead Way
Padiham
Burnley
BB12 7NG
United Kingdom
COMPANY NUMBER 06648384 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
KEYPLUS SECURITY LTD

DIRECTORS' REPORT

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
KEYPLUS SECURITY LTD

DIRECTORS' REPORT (continued)

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

The directors present their annual report and the unaudited financial statements of the Company for the financial year ended 30 April 2024.

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of investigation and security activities.

GOING CONCERN

The directors' have prepared the financial statements on the going concern basis. Further details are provided in the notes to the financial statements.

NOTE FROM THE DIRECTORS

This was a milestone year for the business. We acquired the trade of Steelsec Ltd from James Steel, who joined KeyPlus as Technical Director. This strategic move expanded our expertise in installing and maintaining security systems, diversified our service offerings and strengthened our market position.

Financial Performance
Our financial achievements this year have been significant, with a 23% increase in turnover. This highlights our robust business model and our clients' trust in our services. Our profitability remains consistently strong, demonstrating our ability to manage costs effectively and strategically invest in future growth.

Strategic Developments
We started leveraging artificial intelligence to streamline vehicle routes, reduce fuel and maintenance costs, and improve response times. This not only addresses the economic challenges but also enhances our operational efficiency.

Challenges and Responses
The past year presented economic challenges, including volatile fuel prices and inflationary pressures. We responded proactively by integrating AI technologies to optimise operations and maintain competitive service levels. Our strategic acquisition has also allowed us to scale and diversify, mitigating potential risks from economic fluctuations.

Future Outlook
Looking ahead, KeyPlus is poised for further expansion. We plan to acquire additional companies and expand our services to include fire safety, access control and electrical installations. We are investing heavily in AI to differentiate our service offerings and improve client care, ensuring we remain at the forefront of technological advancements in our industry.

Corporate Social Responsibility
This year, we initiated our journey towards sustainability by incorporating electric and hybrid vehicles into our fleet. This step is part of a broader strategy to reduce our environmental impact.

Acknowledgements
I want to express my gratitude to every member of the KeyPlus team. Their dedication, professionalism and friendly service delivery are the backbone of our success. Thank you for your hard work and commitment to excellence, which continues to drive our company forward.

Conclusion
The past year has laid a strong foundation for growth and innovation. As we continue to expand and evolve, we remain committed to providing unparalleled security services and solutions that protect our clients and contribute to a safer community.

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

Mrs A M Curran
Mr B Curran

SMALL COMPANIES EXEMPTION

This Directors' Report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption provided by section 415A of the Companies Act 2006.



Approved by the Board of Directors and signed on its behalf by:

Mr B Curran
Director

30 January 2025

KEYPLUS SECURITY LTD

BALANCE SHEET

AS AT 30 APRIL 2024
KEYPLUS SECURITY LTD

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 96,947 43,708
96,947 43,708
Current assets
Debtors 5 285,580 127,612
Cash at bank and in hand 48,012 111,021
333,592 238,633
Creditors: amounts falling due within one year 6 ( 348,587) ( 268,672)
Net current liabilities (14,995) (30,039)
Total assets less current liabilities 81,952 13,669
Creditors: amounts falling due after more than one year 7 ( 58,594) ( 28,333)
Net assets/(liabilities) 23,358 ( 14,664)
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 22,358 ( 15,664 )
Total shareholders' funds/(deficit) 23,358 ( 14,664)

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of KeyPlus Security Ltd (registered number: 06648384) were approved and authorised for issue by the Board of Directors on 30 January 2025. They were signed on its behalf by:

Mr B Curran
Director
KEYPLUS SECURITY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
KEYPLUS SECURITY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

KeyPlus Security Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Group First House 12a Mead Way, Padiham, Burnley, BB12 7NG, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 20 % reducing balance
Office equipment 15 % reducing balance
Computer equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 16 19

4. Tangible assets

Plant and machinery Vehicles Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 May 2023 1,595 36,990 11,515 8,265 58,365
Additions 0 63,068 0 0 63,068
At 30 April 2024 1,595 100,058 11,515 8,265 121,433
Accumulated depreciation
At 01 May 2023 885 4,157 5,009 4,606 14,657
Charge for the financial year 177 7,761 976 915 9,829
At 30 April 2024 1,062 11,918 5,985 5,521 24,486
Net book value
At 30 April 2024 533 88,140 5,530 2,744 96,947
At 30 April 2023 710 32,833 6,506 3,659 43,708

5. Debtors

2024 2023
£ £
Trade debtors 280,167 125,462
Other debtors 5,413 2,150
285,580 127,612

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,000 10,000
Trade creditors 43,131 43,139
Corporation tax 19,875 0
Other taxation and social security 81,807 62,994
Obligations under finance leases and hire purchase contracts 13,114 0
Other creditors 180,660 152,539
348,587 268,672

There are no amounts included above in respect of which any security has been given by the small entity.

Obligations under hire purchase contracts amounting to £13,114 are secured on the assets to which they relate.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 18,333 28,333
Obligations under finance leases and hire purchase contracts 40,261 0
58,594 28,333

There are no amounts included above in respect of which any security has been given by the small entity.

Obligations under hire purchase contracts amounting to £40,261 are secured on the assets to which they relate.

8. Financial commitments

Other financial commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 9,000 45,000