Keyseek Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 02791776 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 FEBRUARY 2023 TO 29 FEBRUARY 2024

FOR

KEYSEEK LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

E W Pape

REGISTERED OFFICE:

3 Blacklands Crescent

Forest Row

East Sussex

RH19 5NN

REGISTERED NUMBER:

02791776 (England and Wales)

ACCOUNTANTS:

Charles Lamb

Chartered Accountants

3 Blacklands Crescent

Forest Row

East Sussex

RH18 5NN

FIXED ASSETS

Tangible assets

4

360

26,369

Investments

5

100

Investment property

6

575,000

520,000

575,460

546,469

CURRENT ASSETS

Stocks

1,361,688

1,365,876

Debtors

7

2,676

288,967

Cash at bank

2,555

34,967

1,366,919

1,689,810

CREDITORS

Amounts falling due within one year

8

304,633

652,144

NET CURRENT ASSETS

1,062,286

1,037,666

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,637,746

1,584,135

CREDITORS

Amounts falling due after more than one
year

9

(986,329

)

(998,756

)

PROVISIONS FOR LIABILITIES

(65,283

)

(39,191

)

NET ASSETS

586,134

546,188

CAPITAL AND RESERVES

Called up share capital

100

Retained earnings

586,034

546,088

SHAREHOLDERS' FUNDS

586,134

546,188

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 February 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.

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 30 March 2025 and were signed by:

E W Pape - Director

1.	STATUTORY INFORMATION

Keyseek Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

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.

Freehold property

-

not provided

Plant and machinery

-

20% on cost

Motor vehicles

-

20% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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 period 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 4 (2023 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

property

machinery

vehicles

Totals

£

COST

At 1 February 2023

25,875

24,112

81,912

131,899

Disposals

(25,875

)

-

(16,700

)

(42,575

)

At 29 February 2024

-

24,112

65,212

89,324

DEPRECIATION

At 1 February 2023

-

23,618

81,912

105,530

Charge for period

-

134

-

134

Eliminated on disposal

-

(16,700

)

(16,700

)

At 29 February 2024

-

23,752

65,212

88,964

NET BOOK VALUE

At 29 February 2024

-

360

-

360

At 31 January 2023

25,875

494

-

26,369

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 February 2023

and 29 February 2024

100

NET BOOK VALUE

At 29 February 2024

100

At 31 January 2023

100

6.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 February 2023

520,000

Revaluations

55,000

At 29 February 2024

575,000

NET BOOK VALUE

At 29 February 2024

575,000

At 31 January 2023

520,000

Cost or valuation at 29 February 2024 is represented by:

£

Valuation in 2020

204,239

Valuation in 2021

23,120

Valuation in 2022

45,000

Valuation in 2023

(25,000

)

Valuation in 2024

55,000

Cost

272,641

575,000

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

2024

2023

£

Cost

272,641

Investment property was valued on an open market basis on 29 February 2024 by the director .

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

-

710

Other debtors

2,676

288,257

2,676

288,967

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

16,500

15,744

Trade creditors

15,460

12,263

Taxation and social security

90,137

130,544

Other creditors

182,536

493,593

304,633

652,144

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans

986,329

998,756

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Birmingham Midshires Loan

386,290

Landbay mortgage

306,000

Landinvest mortgage

263,976

258,825

956,266

951,115

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

1,002,829

1,014,500

The loans are secured against the company's development and investment properties and are repayable when the properties are sold.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 29 February 2024 and the year ended 31 January 2023:

2024

2023

£

E W Pape

Balance outstanding at start of period

(463,534

)

(409,409

)

Amounts advanced

621,968

306,465

Amounts repaid

(175,702

)

(360,590

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

(17,268

)

(463,534

)

The loan due to or from the director is unsecured and repayable on demand. Interest at 2.25% per annum is charged by the company on any amounts due to the company, but the loan is otherwise interest free.

12.	RELATED PARTY DISCLOSURES

Included in other creditors is an amount due to STA Properties Limited of £140,233. This company is owned by E W Pape and S P Pape. The loan is interest free, unsecured and repayable on demand.