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Company registration number: 06764894
Key Brands International Limited
Unaudited filleted financial statements
31 May 2024
Key Brands International Limited
Contents
Statement of financial position
Notes to the financial statements
Key Brands International Limited
Statement of financial position
31 May 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 8,291 10,030
Investments 6 50 50
_______ _______
8,341 10,080
Current assets
Stocks 667,850 248,590
Debtors 7 516,567 802,148
Cash at bank and in hand 1,244,959 1,023,312
_______ _______
2,429,376 2,074,050
Creditors: amounts falling due
within one year 8 ( 1,578,038) ( 1,244,256)
_______ _______
Net current assets 851,338 829,794
_______ _______
Total assets less current liabilities 859,679 839,874
_______ _______
Net assets 859,679 839,874
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 859,579 839,774
_______ _______
Shareholders funds 859,679 839,874
_______ _______
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 February 2025 , and are signed on behalf of the board by:
Mr Michael Shore
Director
Company registration number: 06764894
Key Brands International Limited
Notes to the financial statements
Year ended 31 May 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 28 Landport Terrace, Portsmouth, Hampshire, PO1 2RG.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment - 25 % reducing balance
Office Equipment - 25 % reducing balance
Motor Vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
Financial instruments are classified by the Directors as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised costs using the effective interest method. The only advanced instruments recognised by the company are derivatives being interest rate swaps and forward foreign exchange contracts. Derivate financial instruments are initially recorded at cost and thereafter at fair value with charges recognised in arriving at profit before tax. Derivative assets are included in other debtors and derivative liabilities are included in other creditors.
Defined contribution plans
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 3 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 18,386 1,207 10,900 30,493
Additions 1,025 - - 1,025
_______ _______ _______ _______
At 31 May 2024 19,411 1,207 10,900 31,518
_______ _______ _______ _______
Depreciation
At 1 June 2023 11,823 1,188 7,452 20,463
Charge for the year 1,897 5 862 2,764
_______ _______ _______ _______
At 31 May 2024 13,720 1,193 8,314 23,227
_______ _______ _______ _______
Carrying amount
At 31 May 2024 5,691 14 2,586 8,291
_______ _______ _______ _______
At 31 May 2023 6,563 19 3,448 10,030
_______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 June 2023 and 31 May 2024 50 50
_______ _______
Impairment
At 1 June 2023 and 31 May 2024 - -
_______ _______
Carrying amount
At 31 May 2024 50 50
_______ _______
At 31 May 2023 50 50
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 445,425 731,026
Amounts owed by group undertakings and undertakings in which the company has a participating interest 113 79
Other debtors 71,029 71,043
_______ _______
516,567 802,148
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 1,511,031 1,105,376
Corporation tax 28,120 66,061
Social security and other taxes 36,717 70,551
Other creditors 2,170 2,268
_______ _______
1,578,038 1,244,256
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Michael Shore 51,314 963 52,277
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Michael Shore 50,146 1,168 51,314
_______ _______ _______
10. Controlling party
The Company was under the control of the Director, Mr M J Shore who has a beneficial interest (directly and indirectly) in 100% of the share capital throughout the year.