Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312024-05-31true2023-06-01falseNo description of principal activityfalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 09508392 2023-06-01 2024-05-31 09508392 2022-06-01 2023-05-31 09508392 2024-05-31 09508392 2023-05-31 09508392 c:Director1 2023-06-01 2024-05-31 09508392 d:Buildings 2023-06-01 2024-05-31 09508392 d:PlantMachinery 2023-06-01 2024-05-31 09508392 d:FurnitureFittings 2023-06-01 2024-05-31 09508392 d:ComputerEquipment 2023-06-01 2024-05-31 09508392 d:Goodwill 2024-05-31 09508392 d:Goodwill 2023-05-31 09508392 d:CurrentFinancialInstruments 2024-05-31 09508392 d:CurrentFinancialInstruments 2023-05-31 09508392 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 09508392 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 09508392 d:ShareCapital 2024-05-31 09508392 d:ShareCapital 2023-05-31 09508392 d:RetainedEarningsAccumulatedLosses 2024-05-31 09508392 d:RetainedEarningsAccumulatedLosses 2023-05-31 09508392 d:RetainedEarningsAccumulatedLosses 2022-06-01 09508392 c:FRS102 2023-06-01 2024-05-31 09508392 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 09508392 c:FullAccounts 2023-06-01 2024-05-31 09508392 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 09508392 d:Subsidiary1 2023-06-01 2024-05-31 09508392 d:Subsidiary1 1 2023-06-01 2024-05-31 09508392 c:Consolidated 2024-05-31 09508392 c:ConsolidatedGroupCompanyAccounts 2023-06-01 2024-05-31 09508392 6 2023-06-01 2024-05-31 09508392 d:AcceleratedTaxDepreciationDeferredTax 2024-05-31 09508392 d:TaxLossesCarry-forwardsDeferredTax 2024-05-31 09508392 d:RetirementBenefitObligationsDeferredTax 2024-05-31 09508392 d:Goodwill d:OwnedIntangibleAssets 2023-06-01 2024-05-31 09508392 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 09508392










KEENCUT LIMITED 
AND ITS SUBSIDARY UNDERTAKING








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
REGISTERED NUMBER: 09508392

CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
55,343
101,950

Tangible assets
 5 
57,003
83,441

  
112,346
185,391

Current assets
  

Stocks
 7 
506,508
620,563

Debtors: amounts falling due within one year
 8 
613,482
659,380

Cash at bank and in hand
 9 
251,107
103,406

  
1,371,097
1,383,349

Creditors: amounts falling due within one year
 10 
(443,018)
(300,374)

Net current assets
  
 
 
928,079
 
 
1,082,975

Provisions for liabilities
  

Deferred tax
  
(3,149)
-

  
 
 
(3,149)
 
 
-

Net assets
  
1,037,276
1,268,366


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
987,276
1,218,366

  
1,037,276
1,268,366


Page 1

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
REGISTERED NUMBER: 09508392
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider 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 directors acknowledge their 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 consolidated 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 5 to 14 form part of these financial statements.

Page 2

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
REGISTERED NUMBER: 09508392

COMPANY BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
51,332
95,312

Tangible assets
 5 
57,003
83,441

Investments
 6 
1
1

  
108,336
178,754

Current assets
  

Stocks
 7 
428,195
510,241

Debtors: amounts falling due within one year
 8 
623,472
737,508

Cash at bank and in hand
 9 
161,913
49,821

  
1,213,580
1,297,570

Creditors: amounts falling due within one year
 10 
(393,396)
(235,107)

Net current assets
  
 
 
820,184
 
 
1,062,463

  

Provisions for liabilities
  

Deferred taxation
  
(3,149)
-

  
 
 
(3,149)
 
 
-

Net assets
  
925,371
1,241,217


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account brought forward
  
1,008,482
1,505,877

Loss for the year
  
(133,111)
(314,660)

Profit and loss account carried forward
  
875,371
1,191,217

  
925,371
1,241,217


Page 3

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
REGISTERED NUMBER: 09508392
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 consolidated 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 5 to 14 form part of these financial statements.

Page 4

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Keencut Limited is a private company limited by shares, registered in England and Wales, registered number 09508392. 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 consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Income and Retained Earnings in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Income and Retained Earnings from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The financial statements have been prepared on a going concern basis. The Directors have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment. 

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Page 5

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 6

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


  
2.9

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and
the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of
the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost
less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a
straight-line basis to the Consolidated Statement of Income and Retained Earnings over its useful
economic life over 5 years.

 
2.10

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.

Page 7

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation 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
-
15%
Plant and machinery
-
15%
Fixtures and fittings
-
15%
Computer equipment
-
33%

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.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

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.

 
2.14

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.

 
2.15

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.

Page 8

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 19 (2023 - 22).


4.


Intangible assets

Group





Goodwill

£



Cost


At 1 June 2023
235,249



At 31 May 2024

235,249



Amortisation


At 1 June 2023
133,299


Charge for the year on owned assets
46,607



At 31 May 2024

179,906



Net book value



At 31 May 2024
55,343



At 31 May 2023
101,950



Page 9

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
 
           4.Intangible assets (continued)

Company




Goodwill

£



Cost


At 1 June 2023
219,929



At 31 May 2024

219,929



Amortisation


At 1 June 2023
124,617


Charge for the year
43,980



At 31 May 2024

168,597



Net book value



At 31 May 2024
51,332



At 31 May 2023
95,312

Page 10

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Tangible fixed assets

Group and Company






Temporary Building
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 June 2023
4,841
264,971
23,014
63,273
356,099


Additions
-
3,720
-
3,996
7,716



At 31 May 2024

4,841
268,691
23,014
67,269
363,815



Depreciation


At 1 June 2023
1,513
199,120
18,211
53,814
272,658


Charge for the year on owned assets
726
23,954
2,150
7,324
34,154



At 31 May 2024

2,239
223,074
20,361
61,138
306,812



Net book value



At 31 May 2024
2,602
45,617
2,653
6,131
57,003



At 31 May 2023
3,328
65,851
4,803
9,459
83,441


6.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
1



At 31 May 2024
1




Page 11

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Keencut Inc
1675 South State Steet, Suite B, Dover, Kent County, Delaware 19901
Ordinary
100%


7.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Finished goods and goods for resale
506,508
620,563
428,195
510,241



8.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
438,544
380,662
205,612
169,726

Amounts owed by group undertakings
42,530
159,354
289,775
450,175

Other debtors
80,288
54,002
80,288
54,002

Prepayments and accrued income
52,120
65,362
47,797
63,605

613,482
659,380
623,472
737,508



9.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
251,107
103,406
161,913
49,821


Page 12

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
136,090
155,801
118,427
127,567

Amounts owed to group undertakings
160,479
64,619
211,763
67,803

Corporation tax
59,527
37,308
-
-

Other taxation and social security
15,032
10,529
15,032
10,529

Other creditors
5,976
-
5,976
-

Accruals and deferred income
65,914
32,117
42,198
29,208

443,018
300,374
393,396
235,107



11.


Deferred taxation


Group



2024


£






Charged to profit or loss
(3,149)



At end of year
(3,149)

Group
Company
2024
2024
£
£

Fixed asset timing differences
5,847
5,847

Short term timing differences
563
563

Losses and other deductions
(9,559)
(9,559)

(3,149)
(3,149)


12.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £14,348 (2023 - £18,319). The amount owed at the end of the year was £3,108 (2023 - £nil).

Page 13

 
KEENCUT LIMITED AND ITS SUBSIDARY UNDERTAKING
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Related party transactions

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


14.


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 14