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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: Mr C J Cooke
Mr J C Pinkney
Mr J S Pinkney
Mr A J Gibson





REGISTERED OFFICE: 42 Lytton Road
Barnet
Hertfordshire
EN5 5BY





REGISTERED NUMBER: 09603083 (England and Wales)





AUDITORS: JLA (UK) Ltd
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:





Mr A J Gibson - Director


24 February 2025

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.

Mr C J Cooke
Mr J C Pinkney
Mr J S Pinkney
Mr A J Gibson

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:





Mr A J Gibson - Director


24 February 2025

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.




Jeffrey Lermer (Senior Statutory Auditor)
for and on behalf of JLA (UK) Ltd
42 Lytton Road
Barnet
Hertfordshire
EN5 5BY

24 February 2025

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 5,847,921 7,441,499
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 10 282 1,441
Tangible assets 11 8,357 11,163
Investments 12 39,448 3,142
48,087 15,746

CURRENT ASSETS
Debtors 13 728,868 659,037
Cash at bank 22,058,385 26,125,267
22,787,253 26,784,304
CREDITORS
Amounts falling due within one year 14 22,106,323 26,227,816
NET CURRENT ASSETS 680,930 556,488
TOTAL ASSETS LESS CURRENT
LIABILITIES

729,017

572,234

CAPITAL AND RESERVES
Called up share capital 16 37,005 37,006
Retained earnings 692,012 535,228
SHAREHOLDERS' FUNDS 729,017 572,234

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 24 February 2025 and were signed on its behalf by:





Mr A J Gibson - Director


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 37,006 284,605 321,611

Changes in equity
Profit for the year - 7,390,623 7,390,623
Total comprehensive income - 7,390,623 7,390,623
Dividends - (7,140,000 ) (7,140,000 )
Balance at 31 May 2023 37,006 535,228 572,234

Changes in equity
Profit for the year - 5,772,774 5,772,774
Distribution to EOT - (245,990 ) (245,990 )
Total comprehensive income - 5,526,784 5,526,784
Dividends - (5,370,000 ) (5,370,000 )
Issue of share capital (1 ) - (1 )
Balance at 31 May 2024 37,005 692,012 729,017

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

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
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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

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
49 39

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 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

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 3,763 29,789 33,552
Additions 807 2,582 3,389
At 31 May 2024 4,570 32,371 36,941
DEPRECIATION
At 1 June 2023 2,477 19,912 22,389
Charge for year 973 5,222 6,195
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 9,877 11,163

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertaki
£   
COST
At 1 June 2023 3,142
Additions 36,306
At 31 May 2024 39,448
NET BOOK VALUE
At 31 May 2024 39,448
At 31 May 2023 3,142

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

Key Currency S.L.U
Registered office: Alicante-Alacant, CTRA Villamartin
Nature of business: Trading in Foreign Currency
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£    £   
Aggregate capital and reserves 70,457 55,077
Profit for the year 24,830 12,480


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 238,540 267,119 228,865 240,487
Other debtors 466,587 410,938 464,888 407,796
Prepayments and accrued income 35,115 10,754 35,115 10,754
740,242 688,811 728,868 659,037

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.5.24 31.5.23 31.5.24 31.5.23
£    £    £    £   
Trade creditors 184,033 146,132 157,547 136,325
Amounts owed to group undertakings - - 61,916 79,935
Tax 1,065,204 969,046 1,011,296 888,582
Social security and other taxes 174,840 117,609 174,840 117,609
Other creditors 20,669,243 24,346,569 20,669,244 24,346,570
Pension liability 13,480 8,395 13,480 8,395
Accruals and deferred income 27,817 - - -
Accrued expenses 18,000 650,400 18,000 650,400
22,152,617 26,238,151 22,106,323 26,227,816

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 40,224 40,224
Between one and five years 6,823 47,047
47,047 87,271

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 535,228
Profit for the year 5,772,774
Dividends (5,370,000 )
Distribution to EOT (245,990 )
At 31 May 2024 692,012