IRIS Accounts Production v24.3.2.46 02831409 director 1.7.23 30.6.24 30.6.24 0 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh028314092023-06-30028314092024-06-30028314092023-07-012024-06-30028314092022-06-30028314092022-07-012023-06-30028314092023-06-3002831409ns15:EnglandWales2023-07-012024-06-3002831409ns14:PoundSterling2023-07-012024-06-3002831409ns10:Director12023-07-012024-06-3002831409ns10:PrivateLimitedCompanyLtd2023-07-012024-06-3002831409ns10:SmallEntities2023-07-012024-06-3002831409ns10:AuditExempt-NoAccountantsReport2023-07-012024-06-3002831409ns10:SmallCompaniesRegimeForDirectorsReport2023-07-012024-06-3002831409ns10:SmallCompaniesRegimeForAccounts2023-07-012024-06-3002831409ns10:FullAccounts2023-07-012024-06-3002831409ns10:OrdinaryShareClass12023-07-012024-06-3002831409ns5:CurrentFinancialInstruments2024-06-3002831409ns5:CurrentFinancialInstruments2023-06-3002831409ns5:ShareCapital2024-06-3002831409ns5:ShareCapital2023-06-3002831409ns5:FurtherSpecificReserve1ComponentTotalEquity2024-06-3002831409ns5:FurtherSpecificReserve1ComponentTotalEquity2023-06-3002831409ns5:RetainedEarningsAccumulatedLosses2024-06-3002831409ns5:RetainedEarningsAccumulatedLosses2023-06-3002831409ns10:RegisteredOffice2023-07-012024-06-3002831409ns5:FurnitureFittings2023-07-012024-06-3002831409ns5:FurnitureFittings2023-06-3002831409ns5:FurnitureFittings2024-06-3002831409ns5:FurnitureFittings2023-06-3002831409ns5:WithinOneYearns5:CurrentFinancialInstruments2024-06-3002831409ns5:WithinOneYearns5:CurrentFinancialInstruments2023-06-3002831409ns10:OrdinaryShareClass12024-06-3002831409ns5:RetainedEarningsAccumulatedLosses2023-06-3002831409ns5:FurtherSpecificReserve1ComponentTotalEquity2023-06-3002831409ns5:RetainedEarningsAccumulatedLosses2023-07-012024-06-30
REGISTERED NUMBER: 02831409 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

KEENSOUND LIMITED

KEENSOUND LIMITED (REGISTERED NUMBER: 02831409)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Statement of Financial Position 1

Notes to the Financial Statements 3


KEENSOUND LIMITED (REGISTERED NUMBER: 02831409)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,330 1,662
Investment property 5 1,045,000 1,045,000
1,046,330 1,046,662

CURRENT ASSETS
Debtors 6 244,531 227,658
Cash at bank and in hand 461,927 308,832
706,458 536,490
CREDITORS
Amounts falling due within one year 7 157,339 27,573
NET CURRENT ASSETS 549,119 508,917
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,595,449

1,555,579

PROVISIONS FOR LIABILITIES 134,224 134,224
NET ASSETS 1,461,225 1,421,355

CAPITAL AND RESERVES
Called up share capital 9 100 100
Non-distributable reserves 10 769,295 769,295
Retained earnings 10 691,830 651,960
SHAREHOLDERS' FUNDS 1,461,225 1,421,355

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the Company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the Company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the Company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the Company.

KEENSOUND LIMITED (REGISTERED NUMBER: 02831409)

STATEMENT OF FINANCIAL POSITION - continued
30 JUNE 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 March 2025 and were signed by:





J G D'Arcy - Director


KEENSOUND LIMITED (REGISTERED NUMBER: 02831409)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. STATUTORY INFORMATION

Keensound Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02831409

Registered office: 368 Forest Road
London
E17 5JF

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the preparation of the financial statements, it is necessary for the management of the company to make estimates and certain presumptions that can affect the valuation of the assets and liabilities and the outcome of the income statement. The actual outcome may differ from these estimates and presumptions. The most significant estimates made in these accounts relates to the valuation of investment properties. Valuations are made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 20% on reducing balance

Investment property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost which includes the purchase cost and any directly attributable expenditure. Subsequent to initial recognition investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise. No depreciation is provided in respect of investment properties applying the fair value model.


KEENSOUND LIMITED (REGISTERED NUMBER: 02831409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 July 2023
and 30 June 2024 19,106
DEPRECIATION
At 1 July 2023 17,444
Charge for year 332
At 30 June 2024 17,776
NET BOOK VALUE
At 30 June 2024 1,330
At 30 June 2023 1,662

KEENSOUND LIMITED (REGISTERED NUMBER: 02831409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2023
and 30 June 2024 1,045,000
NET BOOK VALUE
At 30 June 2024 1,045,000
At 30 June 2023 1,045,000

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 30 June 2024 by the Director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Fair value at 30 June 2024 is represented by:
£   
Valuation in 2015 993,400
Valuation in 2016 20,250
Valuation in 2017 31,350
1,045,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 141,481 141,481

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 16,800 -
Amounts owed by connected undertakings 227,100 227,100
Other debtors 631 558
244,531 227,658

KEENSOUND LIMITED (REGISTERED NUMBER: 02831409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 8) 107,706 -
Trade creditors 1,175 -
Taxation and social security 12,998 8,798
Other creditors 35,460 18,775
157,339 27,573

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 107,706 -

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. RESERVES
Retained Non-distributable
earnings reserves Totals
£    £    £   

At 1 July 2023 651,960 769,295 1,421,255
Profit for the year 49,870 - 49,870
Dividends (10,000 ) - (10,000 )
At 30 June 2024 691,830 769,295 1,461,125

Non-distributable reserves represent cumulative unrealised fair value movements on investment properties net of provisions for deferred taxation.

Transfers between retained earnings and non-distributable reserves represent the unrealised fair value movements on investment properties net of provisions for deferred taxation in the current year.

KEENSOUND LIMITED (REGISTERED NUMBER: 02831409)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


11. RELATED PARTY DISCLOSURES

The Company's related parties, the nature of the relationship and the extent of the transactions with them are summarised below:


20242023
£   £   
Amounts owed by/(to) J G D'Arcy (Director)(11,398)(10,810)
Amounts owed by/(to) Riverway Limited (Connected Undertaking)227,100227,100

Connected Undertakings
A company having the same or predominantly the same shareholders and or Board of Directors but which neither is a parent, subsidiary, fellow subsidiary nor associated company.