REGISTERED NUMBER: |
Selectkey Limited |
Financial Statements |
for the Year Ended 31 May 2024 |
REGISTERED NUMBER: |
Selectkey Limited |
Financial Statements |
for the Year Ended 31 May 2024 |
Selectkey Limited (Registered number: 06597147) |
Contents of the Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Selectkey Limited |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
12 Bridgford Road |
West Bridgford |
Nottinghamshire |
NG2 6AB |
Selectkey Limited (Registered number: 06597147) |
Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
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 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Selectkey Limited (Registered number: 06597147) |
Notes to the Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Selectkey Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of rent charged and services recharged, excluding discounts, rebates and value added tax, spread over the period to which it relates. |
Investment property |
Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and loss. |
If a reliable measure of fair value is not available without undue cost or effort it shall be transferred to tangible assets and accounted for under the cost model until it is expected that fair value will be reliably measurable on an on-going basis. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Selectkey Limited (Registered number: 06597147) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 June 2023 |
and 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The investment properties were professionally revalued at 31 May 2019 to fair value. The valuation was carried out by FHP Property Consultants who are RICS accredited, who provided details on expected yields. The investment property values have been calculated using expected yields and discounted for transaction costs. As at 31 May 2024, this valuation was updated by FHP Property Consultants and the the directors consider that this valuation is still appropriate as at 31 May 2024. |
Cost or valuation at 31 May 2024 is represented by: |
£ |
Valuation in 2019 | (2,164,382 | ) |
Valuation in 2021 | (2,095,000 | ) |
Valuation in 2023 | (100,000 | ) |
Cost | 10,859,382 |
6,500,000 |
6. | DEBTORS |
31.5.24 | 31.5.23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Other creditors |
Selectkey Limited (Registered number: 06597147) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2024 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
Ordinary | £1 | 99 | 99 |
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year ended 31st May 2024 loans existed between the company and its directors and their related parties. As at 31st May 2024 the company owed its directors and their related parties £3,972,336 (2023 - £4,496,336). |