Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31No description of principal activity2023-06-01false22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01631036 2023-06-01 2024-05-31 01631036 2022-06-01 2023-05-31 01631036 2024-05-31 01631036 2023-05-31 01631036 c:Director1 2023-06-01 2024-05-31 01631036 d:Buildings 2023-06-01 2024-05-31 01631036 d:Buildings 2024-05-31 01631036 d:Buildings 2023-05-31 01631036 d:Buildings d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 01631036 d:CurrentFinancialInstruments 2024-05-31 01631036 d:CurrentFinancialInstruments 2023-05-31 01631036 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 01631036 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 01631036 d:ShareCapital 2024-05-31 01631036 d:ShareCapital 2023-05-31 01631036 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 01631036 d:RetainedEarningsAccumulatedLosses 2024-05-31 01631036 d:RetainedEarningsAccumulatedLosses 2023-05-31 01631036 c:FRS102 2023-06-01 2024-05-31 01631036 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 01631036 c:FullAccounts 2023-06-01 2024-05-31 01631036 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 01631036 5 2023-06-01 2024-05-31 01631036 6 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 01631036










KEENCUT TECHNOLOGY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
KEENCUT TECHNOLOGY LIMITED
REGISTERED NUMBER: 01631036

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
682,673
692,178

Investments
 5 
50,000
50,000

  
732,673
742,178

Current assets
  

Debtors: amounts falling due within one year
 6 
3,110,087
3,110,087

Cash at bank and in hand
 7 
6,422
422

  
3,116,509
3,110,509

Creditors: amounts falling due within one year
 8 
(48,001)
(158,401)

Net current assets
  
 
 
3,068,508
 
 
2,952,108

  

Net assets
  
3,801,181
3,694,286


Capital and reserves
  

Called up share capital 
  
80,000
80,000

Profit and loss account
 9 
3,721,181
3,614,286

  
3,801,181
3,694,286


Page 1

 
KEENCUT TECHNOLOGY LIMITED
REGISTERED NUMBER: 01631036
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
P K Moxon
Director

Date: 10 March 2025

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
KEENCUT TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Keencut Technology Limited is a private company limited by shares, registered in England and Wales registered number 01631036. The registered office and principal place of business is Baird Road, Willowbrook Industrial Estate, Corby, NN17 5ZA.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP rounded to the nearest £1.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
KEENCUT TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Land is not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
2%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
KEENCUT TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Freehold property

£



Valuation


At 1 June 2023
750,000



At 31 May 2024

750,000



Depreciation


At 1 June 2023
57,822


Charge for the year on owned assets
9,505



At 31 May 2024

67,327



Net book value



At 31 May 2024
682,673



At 31 May 2023
692,178

The valuation was made by Underwoods LLP, chartered surveyors, on an open market for existing use basis in February 2017.

Page 5

 
KEENCUT TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
50,000



At 31 May 2024
50,000





6.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,110,087
3,110,087



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,422
422



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
32,401
149,226

Other taxation and social security
12,000
6,000

Accruals and deferred income
3,600
3,175

48,001
158,401


Page 6

 
KEENCUT TECHNOLOGY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Reserves

Profit and loss account

The profit and loss account includes all current and prior period retained profits and losses, less dividends declared. Included within the profit and loss account are undistributable reserves of £302,527 (2023 - £302,527) following the revaluation of the freehold property.


10.


Related party transactions

There were no transactions such as are required to be disclosed under Section 1A of FRS102.


11.


Controlling party

The largest and smallest group of undertakings for which group financial statements have been drawn up is headed by Constant Equity Alpha Limited. Copies of the group financial statements can be obtained at Companies House.
The Directors consider the ultimate controlling party to be P K Moxon.

 
Page 7