REGISTERED NUMBER: 09603083 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
for |
KEY CURRENCY LIMITED |
REGISTERED NUMBER: 09603083 (England and Wales) |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
for |
KEY CURRENCY LIMITED |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 8 |
Consolidated Other Comprehensive Income | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Statement of Changes in Equity | 12 |
Company Statement of Changes in Equity | 13 |
Consolidated Cash Flow Statement | 14 |
Notes to the Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Financial Statements | 16 |
KEY CURRENCY LIMITED |
Company Information |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
42 Lytton Road |
Barnet |
Hertfordshire |
EN5 5BY |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Group Strategic Report |
for the Year Ended 31 May 2024 |
The directors present their strategic report of the company and the group for the year ended 31 May 2024. |
REVIEW OF BUSINESS |
Fair review of the Company's business |
The business maintained the growth shown in 2023 with a solid performance in 2024 and continued to increase revenue. |
Principal risks and uncertainties |
The major company risks and uncertainties result from the unpredictable nature of the business environment, including foreign fluctuation, and uncertainty in the economy. |
Analysis using financial key performance indicators. |
For financial year 2024, the Company generated revenue of £16.3m, a slight decrease of 3% on 2023 revenue. Expenditure increased due largely to higher professional fees, and the company recorded a pre tax profit of £7.7m for the year. Cash held in the bank at the end of the year was £22m, a decrease of £4m from 2023 balance of £26.1m, however, £20.6m (2023 - £24.3m) of the bank balance related to safeguarded balances, which represent the monies held on behalf of clients on active transactions. |
The directors have made contributions to the Employee Ownership Trust of £245,990 during the year (2023: £Nil). |
Future developments |
The directors intend for the company to continue to trade profitably and to maintain and develop the company's reputation as a trusted and independent currency specialist. |
ON BEHALF OF THE BOARD: |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Report of the Directors |
for the Year Ended 31 May 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 May 2024. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 May 2024 will be £ 5,370,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 June 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, JLA (UK) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Key Currency Limited |
Opinion |
We have audited the financial statements of Key Currency Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 May 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 May 2024 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Key Currency Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Key Currency Limited |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
The engagement partner and engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and affect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management. |
The identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining on how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of |
actual, suspected and alleged fraud; |
- And considering the measures in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions |
- Assessed whether judgements and assumptions made in determining the accounting estimates that were |
indicative of potential bias. |
- Performed substantive testing on management expenses and transactions |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; |
- Enquiring of management as to actual and potential litigation and claims |
- And reviewing available correspondence with HMRC and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. |
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Key Currency Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
42 Lytton Road |
Barnet |
Hertfordshire |
EN5 5BY |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Consolidated Income Statement |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
TURNOVER | 3 | 17,123,564 | 17,496,669 |
Cost of sales | 4,061,108 | 3,665,697 |
GROSS PROFIT | 13,062,456 | 13,830,972 |
Administrative expenses | 5,254,722 | 4,526,626 |
OPERATING PROFIT | 5 | 7,807,734 | 9,304,346 |
Interest receivable and similar income | 18 | 142 |
7,807,752 | 9,304,488 |
Interest payable and similar expenses | 6 | - | 3,320 |
PROFIT BEFORE TAXATION | 7,807,752 | 9,301,168 |
Tax on profit | 7 | 1,959,831 | 1,859,669 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 5,847,921 | 7,441,499 |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Consolidated Other Comprehensive Income |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 5,847,921 | 7,441,499 |
OTHER COMPREHENSIVE INCOME |
EOT Distribution | (245,990 | ) | - |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(245,990 |
) |
- |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
5,601,931 |
7,441,499 |
Total comprehensive income attributable to: |
Owners of the parent | 5,601,931 | 7,441,499 |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Consolidated Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 282 | 1,441 |
Tangible assets | 11 | 8,357 | 11,340 |
Investments | 12 | - | - |
8,639 | 12,781 |
CURRENT ASSETS |
Debtors | 13 | 740,242 | 688,811 |
Cash at bank | 22,256,149 | 26,157,042 |
22,996,391 | 26,845,853 |
CREDITORS |
Amounts falling due within one year | 14 | 22,152,617 | 26,238,151 |
NET CURRENT ASSETS | 843,774 | 607,702 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
852,413 |
620,483 |
CAPITAL AND RESERVES |
Called up share capital | 16 | 37,005 | 37,006 |
Retained earnings | 17 | 815,408 | 583,477 |
SHAREHOLDERS' FUNDS | 852,413 | 620,483 |
The financial statements were approved by the Board of Directors and authorised for issue on 24 February 2025 and were signed on its behalf by: |
Mr A J Gibson - Director |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Company Balance Sheet |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 5,772,774 | 7,390,623 |
The financial statements were approved by the Board of Directors and authorised for issue on |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Consolidated Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2022 | 71,076 | 281,978 | 353,054 |
Changes in equity |
Issue of share capital | (34,070 | ) | - | (34,070 | ) |
Dividends | - | (7,140,000 | ) | (7,140,000 | ) |
Total comprehensive income | - | 7,441,499 | 7,441,499 |
Balance at 31 May 2023 | 37,006 | 583,477 | 620,483 |
Changes in equity |
Issue of share capital | (1 | ) | - | (1 | ) |
Dividends | - | (5,370,000 | ) | (5,370,000 | ) |
Total comprehensive income | - | 5,601,931 | 5,601,931 |
Balance at 31 May 2024 | 37,005 | 815,408 | 852,413 |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Company Statement of Changes in Equity |
for the Year Ended 31 May 2024 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2022 |
Changes in equity |
Profit for the year | - | 7,390,623 | 7,390,623 |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Balance at 31 May 2023 |
Changes in equity |
Profit for the year | - | 5,772,774 | 5,772,774 |
Distribution to EOT | - | (245,990 | ) | (245,990 | ) |
Total comprehensive income | - |
Dividends | - | ( |
) | ( |
) |
Issue of share capital | ( |
) | - | ( |
) |
Balance at 31 May 2024 |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,582,036 | 15,835,122 |
Interest paid | - | (3,320 | ) |
Tax paid | (1,863,673 | ) | (1,598,920 | ) |
Net cash from operating activities | 1,718,363 | 14,232,882 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (3,389 | ) | (7,381 | ) |
Sale of tangible fixed assets | 106 | - |
Interest received | 18 | 142 |
Net cash from investing activities | (3,265 | ) | (7,239 | ) |
Cash flows from financing activities |
Share issue | (1 | ) | (34,070 | ) |
Equity dividends paid | (5,370,000 | ) | (7,140,000 | ) |
EOT Distributions | (245,990 | ) | - |
Net cash from financing activities | (5,615,991 | ) | (7,174,070 | ) |
(Decrease)/increase in cash and cash equivalents | (3,900,893 | ) | 7,051,573 |
Cash and cash equivalents at beginning of year |
2 |
26,157,042 |
19,105,469 |
Cash and cash equivalents at end of year |
2 |
22,256,149 |
26,157,042 |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Notes to the Consolidated Cash Flow Statement |
for the Year Ended 31 May 2024 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.5.24 | 31.5.23 |
£ | £ |
Profit before taxation | 7,807,752 | 9,301,168 |
Depreciation charges | 7,425 | 7,812 |
Finance costs | - | 3,320 |
Finance income | (18 | ) | (142 | ) |
7,815,159 | 9,312,158 |
Increase in trade and other debtors | (51,431 | ) | (195,191 | ) |
(Decrease)/increase in trade and other creditors | (4,181,692 | ) | 6,718,155 |
Cash generated from operations | 3,582,036 | 15,835,122 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 May 2024 |
31.5.24 | 1.6.23 |
£ | £ |
Cash and cash equivalents | 22,256,149 | 26,157,042 |
Year ended 31 May 2023 |
31.5.23 | 1.6.22 |
£ | £ |
Cash and cash equivalents | 26,157,042 | 19,105,469 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.6.23 | Cash flow | At 31.5.24 |
£ | £ | £ |
Net cash |
Cash at bank | 26,157,042 | (3,900,893 | ) | 22,256,149 |
26,157,042 | (3,900,893 | ) | 22,256,149 |
Total | 26,157,042 | (3,900,893 | ) | 22,256,149 |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Key Currency Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
Financial statements are prepared to the nearest whole pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
31.5.24 | 31.5.23 |
£ | £ |
United Kingdom | 16,324,097 | 16,814,445 |
Europe | 799,467 | 682,224 |
17,123,564 | 17,496,669 |
4. | EMPLOYEES AND DIRECTORS |
31.5.24 | 31.5.23 |
£ | £ |
Wages and salaries | 3,375,521 | 3,347,474 |
Social security costs | 460,500 | 437,022 |
Other pension costs | 54,445 | 40,205 |
3,890,466 | 3,824,701 |
The average number of employees during the year was as follows: |
31.5.24 | 31.5.23 |
Administration | 15 | 10 |
Sales | 34 | 29 |
The average number of employees by undertakings that were proportionately consolidated during the year was 49 (2023 - 39 ) . |
31.5.24 | 31.5.23 |
£ | £ |
Directors' remuneration | 27,288 | 27,288 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
31.5.24 | 31.5.23 |
£ | £ |
Other operating leases | 28,299 | 36,441 |
Depreciation - owned assets | 6,266 | 6,654 |
Development costs amortisation | 1,159 | 1,158 |
Auditors' remuneration | 18,030 | 16,440 |
Foreign exchange differences | 2,744 | (18,275 | ) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.5.24 | 31.5.23 |
£ | £ |
Other interest | - | 3,320 |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.5.24 | 31.5.23 |
£ | £ |
Current tax: |
UK corporation tax | 1,959,831 | 1,859,669 |
Tax on profit | 1,959,831 | 1,859,669 |
Tax effects relating to effects of other comprehensive income |
31.5.24 |
Gross | Tax | Net |
£ | £ | £ |
EOT Distribution | (245,990 | ) | - | (245,990 | ) |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
31.05.24 | 31.05.23 |
£ | £ |
Ordinary E Class share of 1p | 1,790,000 | 2,380,000 |
Ordinary F Class share of 1p | 1,790,000 | 2,380,000 |
Ordinary G Class share of 1p | 1,790,000 | 2,380,000 |
5,370,000 | 7,140,000 |
======= | ====== |
10. | INTANGIBLE FIXED ASSETS |
Group |
Develop |
costs |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 | 5,792 |
AMORTISATION |
At 1 June 2023 | 4,351 |
Amortisation for year | 1,159 |
At 31 May 2024 | 5,510 |
NET BOOK VALUE |
At 31 May 2024 | 282 |
At 31 May 2023 | 1,441 |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
10. | INTANGIBLE FIXED ASSETS - continued |
Company |
Develop |
costs |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
AMORTISATION |
At 1 June 2023 |
Amortisation for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 | 3,763 | 30,160 | 33,923 |
Additions | 807 | 2,582 | 3,389 |
Disposals | - | (371 | ) | (371 | ) |
At 31 May 2024 | 4,570 | 32,371 | 36,941 |
DEPRECIATION |
At 1 June 2023 | 2,477 | 20,106 | 22,583 |
Charge for year | 973 | 5,293 | 6,266 |
Eliminated on disposal | - | (265 | ) | (265 | ) |
At 31 May 2024 | 3,450 | 25,134 | 28,584 |
NET BOOK VALUE |
At 31 May 2024 | 1,120 | 7,237 | 8,357 |
At 31 May 2023 | 1,286 | 10,054 | 11,340 |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertaki |
£ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: Alicante-Alacant, CTRA Villamartin |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Trade debtors | 238,540 | 267,119 |
Other debtors | 466,587 | 410,938 |
Prepayments and accrued income | 35,115 | 10,754 |
740,242 | 688,811 |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.5.24 | 31.5.23 | 31.5.24 | 31.5.23 |
£ | £ | £ | £ |
Trade creditors | 184,033 | 146,132 |
Amounts owed to group undertakings | - | - |
Tax | 1,065,204 | 969,046 |
Social security and other taxes | 174,840 | 117,609 |
Other creditors | 20,669,243 | 24,346,569 |
Pension liability | 13,480 | 8,395 | 13,480 | 8,395 |
Accruals and deferred income | 27,817 | - |
Accrued expenses | 18,000 | 650,400 |
22,152,617 | 26,238,151 |
15. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
31.5.24 | 31.5.23 |
£ | £ |
Within one year | 40,224 | 40,224 |
Between one and five years | 6,823 | 47,047 |
47,047 | 87,271 |
Company |
Non-cancellable operating | leases |
31.5.24 | 31.5.23 |
£ | £ |
Within one year |
Between one and five years |
KEY CURRENCY LIMITED (REGISTERED NUMBER: 09603083) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 May 2024 |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid:Number: |
Class: |
Nominal Value: |
31.05.2024 |
31.05.2023 |
£ | £ |
3,700,500/3,328,650 | Ordinary | 1p | 37,005 | 33,287 |
599 | Ordinary A Class | 1p | - | 6 |
599 | Ordinary B Class | 1p | - | 6 |
599 | Ordinary C Class | 1p | - | 6 |
370,050 | Ordinary D Class | 1p | - | 3,701 |
1 | Ordinary E Class | 1p | - | - |
1 | Ordinary F Class | 1p | - | - |
1 | Ordinary G Class | 1p | - | - |
17. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 June 2023 | 583,477 |
Profit for the year | 5,847,921 |
Dividends | (5,370,000 | ) |
Distribution to EOT | (245,990 | ) |
At 31 May 2024 | 815,408 |
Company |
Retained |
earnings |
£ |
At 1 June 2023 |
Profit for the year |
Dividends | ( |
) |
Distribution to EOT | (245,990 | ) |
At 31 May 2024 |