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Company registration number: 06649544
Key Structures Limited
Unaudited filleted financial statements
30 September 2024
Key Structures Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Key Structures Limited
Directors and other information
Directors R A J Bowles
R H M Peto
S Bowles
Company number 06649544
Registered office 208 Durnsford Road
London
SW19 8DR
Accountants Carson & Trotter
123 Irish Street
Dumfries
DG1 2PE
Key Structures Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Key Structures Limited
Year ended 30th September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Key Structures Limited for the year ended 30th September 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS , we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the board of directors of Key Structures Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Key Structures Limited and state those matters that we have agreed to state to the board of directors of Key Structures Limited as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Key Structures Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Key Structures Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Key Structures Limited. You consider that Key Structures Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Key Structures Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carson & Trotter
Chartered Accountants
123 Irish Street
Dumfries
DG1 2PE
25th February 2025
Key Structures Limited
Statement of financial position
30th September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 692,205 640,222
Investments 6 33,964 33,964
_______ _______
726,169 674,186
Current assets
Debtors 7 873,672 892,383
Cash at bank and in hand 500,259 208,589
_______ _______
1,373,931 1,100,972
Creditors: amounts falling due
within one year 8 ( 389,928) ( 222,590)
_______ _______
Net current assets 984,003 878,382
_______ _______
Total assets less current liabilities 1,710,172 1,552,568
Creditors: amounts falling due
after more than one year 9 ( 101,231) ( 62,000)
Provisions for liabilities ( 143,762) ( 125,215)
_______ _______
Net assets 1,465,179 1,365,353
_______ _______
Capital and reserves
Called up share capital 10 900 900
Capital redemption reserve 100 100
Profit and loss account 1,464,179 1,364,353
_______ _______
Shareholders funds 1,465,179 1,365,353
_______ _______
For the year ending 30 September 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 25 February 2025 , and are signed on behalf of the board by:
R A J Bowles
Director
Company registration number: 06649544
Key Structures Limited
Notes to the financial statements
Year ended 30th September 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 208 Durnsford Road, London, SW19 8DR.
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.
Going concern
At the balance sheet date, the company had a strong net current asset position and the continuing support of its directors. At the time of signing these accounts, the directors have considered the effect of the current economic enviroment on the going concern position, and consider that this does indicate that the company will continue to trade for a period of at least 12 months from the date of signing these accounts due to the resources available to it.On that basis, the directors have prepared these financial statements on a going concern basis
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.Sale of goodsRevenue 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.Interest and dividends receivableInterest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established.
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.
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:
Marquee Equipment - 10% - 20% straight line
Fittings fixtures and equipment - 20% - 25% straight line
Motor vehicles - 25% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 35 (2023: 35 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st October 2023 159,804 1,543,817 94,339 230,115 2,028,075
Additions - 72,279 17,977 151,950 242,206
Disposals - - - ( 17,850) ( 17,850)
_______ _______ _______ _______ _______
At 30th September 2024 159,804 1,616,096 112,316 364,215 2,252,431
_______ _______ _______ _______ _______
Depreciation
At 1st October 2023 42,702 1,097,126 57,943 190,084 1,387,855
Charge for the year 16,209 88,912 13,853 53,397 172,371
_______ _______ _______ _______ _______
At 30th September 2024 58,911 1,186,038 71,796 243,481 1,560,226
_______ _______ _______ _______ _______
Carrying amount
At 30th September 2024 100,893 430,058 40,520 120,734 692,205
_______ _______ _______ _______ _______
At 30th September 2023 117,102 446,691 36,396 40,031 640,220
_______ _______ _______ _______ _______
6. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1st October 2023 and 30th September 2024 33,964 33,964
_______ _______
Impairment
At 1st October 2023 and 30th September 2024 - -
_______ _______
Carrying amount
At 30th September 2024 33,964 33,964
_______ _______
At 30th September 2023 33,964 33,964
_______ _______
7. Debtors
2024 2023
£ £
Trade debtors 103,572 111,583
Amounts owed by group undertakings and undertakings in which the company has a participating interest 770,100 769,500
Other debtors - 11,300
_______ _______
873,672 892,383
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 16,969 22,260
Corporation tax 52,558 6,278
Social security and other taxes 103,841 90,418
Other creditors 216,560 103,634
_______ _______
389,928 222,590
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 38,000 62,000
Other creditors 63,231 -
_______ _______
101,231 62,000
_______ _______
10. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 900 900 900 900
_______ _______ _______ _______
11. Related party transactions
During the year, the directors received dividends totalling £130,000 from the company.
12. Controlling party
The company is under the control of the directors.