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REGISTERED NUMBER: 06597147 (England and Wales)


















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: Ms D Tully
Mrs N Feast
Mr P R Howes





SECRETARY: Ms D Tully





REGISTERED OFFICE: 12 Bridgford Road
West Bridgford
Nottingham
NG2 6AB





REGISTERED NUMBER: 06597147 (England and Wales)





AUDITORS: Brooks Mayfield Limited
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 6,500,000 6,500,000

CURRENT ASSETS
Debtors 6 88,674 76,215
Cash at bank and in hand 962,899 1,105,960
1,051,573 1,182,175
CREDITORS
Amounts falling due within one year 7 414,967 391,641
NET CURRENT ASSETS 636,606 790,534
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,136,606

7,290,534

CREDITORS
Amounts falling due after more than one
year

8

3,756,336

4,280,336
NET ASSETS 3,380,270 3,010,198

CAPITAL AND RESERVES
Called up share capital 9 99 99
Retained earnings 3,380,171 3,010,099
SHAREHOLDERS' FUNDS 3,380,270 3,010,198

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 17 January 2025 and were signed on its behalf by:





Ms D Tully - Director


Selectkey Limited (Registered number: 06597147)

Notes to the Financial Statements
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Selectkey 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 3 (2023 - 3 ) .

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 6,500,000
NET BOOK VALUE
At 31 May 2024 6,500,000
At 31 May 2023 6,500,000

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 54,560 34,334

Amounts falling due after more than one year:
Other debtors 34,114 41,881

Aggregate amounts 88,674 76,215

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Taxation and social security 155,331 151,184
Other creditors 259,636 240,457
414,967 391,641

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.5.24 31.5.23
£    £   
Other creditors 3,756,336 4,280,336

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: £    £   
99 Ordinary £1 99 99

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

William Oates BA FCA (Senior Statutory Auditor)
for and on behalf of Brooks Mayfield Limited

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).