Registration number:
Keylink Limited
for the Year Ended 30 June 2024
Keylink Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Keylink Limited
Company Information
Directors |
Mr S P Ramchandani Mrs S Ramchandani |
Company secretary |
Mr S P Ramchandani |
Registered office |
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Auditors |
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Keylink Limited
(Registration number: 02588155)
Abridged Balance Sheet as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1,000 |
1,000 |
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Retained earnings |
2,497,031 |
1,889,746 |
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Shareholders' funds |
2,498,031 |
1,890,746 |
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Keylink Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in UK.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Preparation of consolidated financial statements
The financial statements contain information about Keylink Limited as an individual company and do not contain consolidated financial information as the parent of a group.
The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.
Keylink Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Audit report
The name of the Senior Statutory Auditor who signed the audit report on
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Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Keylink Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Short leasehold - Straight line over 10 years
Plant and machinery - 10% on cost
Fixtures and fittings - 10% on cost
Motor vehicles - 15% on reducing balance
Computer equipment - 25% on reducing balance
The short leasehold was entered into on 18th May 2021
Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those asset have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.
If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Keylink Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Stocks represent confectionery, confectionery ingredients, packaging, equipment and other related products.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Keylink Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Foreign Currencies
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non- monetary assets and liabilities that are measured in terms of the historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
Long term monetary items are translated at the year end rate.
The assets and liabilities of foreign operations arising on consolidation are translated at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Short leasehold land and buildings |
Fixtures and fittings |
Plant and machinery |
Computer equipment |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
- |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Keylink Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Motor vehicles |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
- |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Keylink Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Investments |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2024 |
2023 |
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Subsidiary undertakings |
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9 Berners Place, London, W1T 3AD UK |
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Subsidiary undertakings |
Keychoc Limited The principal activity of Keychoc Limited is |
Stocks |
2024 |
2023 |
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Finished goods |
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Keylink Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Dividends |
2024 |
2023 |
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£ |
£ |
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Interim dividend of £ |
600,000 |
600,000 |
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Secured debts |
Guarantee dated 30 June 2004 is favour of HM Revenue and Customs for £100,000.
Guarantee dated 21 July 2005 in favour of HM Revenue and Customs for £20,000.
Commercial card facility of £20,000.
Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts,chattels,goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 22 June 2004.
Composite company limited multilateral guarantee dated 01 April 2011 by Keylink limited and KeyChoc Limited.
Pension commitments |
The company operates a defined contribution scheme for its staff under "auto enrolment" Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
The company also operated a defined contribution scheme for its staff under "stakeholder".Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
The company's pension cost for the year was £39,754 (2023:£35,959).The unpaid contributions outstanding at the balance sheet date was £8,088 (2023:£14,778).
Related party transactions |
Directors compensation
2024 |
2023 |
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Other employee benefits |
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Keylink Limited
Notes to the Abridged Financial Statements for the Year Ended 30 June 2024
Directors' remuneration
The directors' remuneration for the year was as follows:
2024 |
2023 |
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Remuneration |
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Contributions paid to money purchase schemes |
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98,506 |
98,505 |
Summary of transactions with subsidiaries
Loans to related parties
2024 |
Subsidiary |
Total |
At start of period |
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At end of period |
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2023 |
Subsidiary |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Loans from related parties
2024 |
Directors |
Total |
At start of period |
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At end of period |
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Directors |
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2024 |
2023 |
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At start of period |
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Advanced |
- |
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At end of period |
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Ultimate controlling party |
The ultimate controlling party is S P Ramchandani.