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REGISTERED NUMBER: 04424188 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Keyes Limited

Keyes Limited (Registered number: 04424188)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Keyes Limited

Company Information
for the Year Ended 30 September 2024







DIRECTOR: Ms J Routledge





SECRETARY: Ms J Routledge





REGISTERED OFFICE: 17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN





REGISTERED NUMBER: 04424188 (England and Wales)





ACCOUNTANTS: Evelyn Partners
17 Queens Lane
Newcastle upon Tyne
Tyne and Wear
NE1 1RN

Keyes Limited (Registered number: 04424188)

Balance Sheet
30 September 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 902 979
Investment property 6 650,000 650,000
650,902 650,979

CURRENT ASSETS
Debtors 7 152,034 106,579
Cash at bank 9,560 8,884
161,594 115,463
CREDITORS
Amounts falling due within one year 8 (651,477 ) (721,715 )
NET CURRENT LIABILITIES (489,883 ) (606,252 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

161,019

44,727

CAPITAL AND RESERVES
Called up share capital 8 8
Share premium 59,998 59,998
Profit and loss account 101,013 (15,279 )
SHAREHOLDERS' FUNDS 161,019 44,727

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2025 and were signed by:





Ms J Routledge - Director


Keyes Limited (Registered number: 04424188)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

Keyes 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 (£).


The company operates from the following trading address:
15-17 Princess Square
Newcastle upon Tyne
Tyne and Wear
NE1 8ER

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.

Going concern
Included in other creditors is an amount of £539,200 which the company has yet to agree payment terms. In the event that the liability is called on, the company does not currently have liquid funds to satisfy the liability and would be required to agree alternative payment terms or to consider alternative financing arrangements. Whilst there is no certainty that these would prove successful, the directors are confident they would be able to source alternative funding and consider it appropriate to prepare the financial statements on the going concern basis.

Significant judgements and estimates
No significant judgments have had to be made by management in preparing these financial statements.

The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. The valuation method is further described in note 6 together with the valuation of the property at the reporting date.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 33% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit and loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investment property
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account along with the associated deferred tax.


Keyes Limited (Registered number: 04424188)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

3. ACCOUNTING POLICIES - continued
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments.

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 and other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Current and deferred tax assets and liabilities are not discounted.

Rents receivable
Rents are recognised in the profit and loss account on a receivable basis.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments on non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Leases
Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the lease.

Employee benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2023
and 30 September 2024 3,571
DEPRECIATION
At 1 October 2023 2,592
Charge for year 77
At 30 September 2024 2,669
NET BOOK VALUE
At 30 September 2024 902
At 30 September 2023 979

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 650,000
NET BOOK VALUE
At 30 September 2024 650,000
At 30 September 2023 650,000

Keyes Limited (Registered number: 04424188)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

6. INVESTMENT PROPERTY - continued

The fair value of the investment property at 30 September 2024 has been arrived at on the basis of a valuation carried out by BNP Paribas Real Estate, Chartered Surveyors on 20 June 2017, on an open market value basis. BNP Paribas Real Estate are not connected to the company. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and rental yields. In the directors opinion the fair value of the investment property at the year end has not changed from the professional valuation obtained on 20 June 2017.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 84,152 44,577
Other debtors 67,882 62,002
152,034 106,579

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 340 2,904
Taxation and social security 41,635 7,730
Other creditors 609,502 711,081
651,477 721,715