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Registered number: 03575849










KEANE DESIGN ASSOCIATES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

 
KEANE DESIGN ASSOCIATES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 9


 
KEANE DESIGN ASSOCIATES LIMITED
REGISTERED NUMBER: 03575849

BALANCE SHEET
AS AT 30 SEPTEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
44,262
46,306

Current assets
  

Stocks
  
30,701
34,316

Debtors
 6 
1,249,891
914,021

Cash at bank and in hand
  
134,526
463,892

  
1,415,118
1,412,229

Creditors: amounts falling due within one year
 7 
(485,232)
(400,253)

Net current assets
  
 
 
929,886
 
 
1,011,976

Total assets less current liabilities
  
974,148
1,058,282

Creditors: amounts falling due after more than one year
 8 
-
(57,644)

Provisions for liabilities
  

Deferred tax
 10 
(7,829)
(7,630)

  
 
 
(7,829)
 
 
(7,630)

Net assets
  
966,319
993,008


Capital and reserves
  

Called up share capital 
  
150
150

Share premium account
  
36,725
36,725

Profit and loss account
  
929,444
956,133

  
966,319
993,008


Page 1

 
KEANE DESIGN ASSOCIATES LIMITED
REGISTERED NUMBER: 03575849
    
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 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 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 on 10 April 2025.




Mrs S.L. Keane
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
KEANE DESIGN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1.


General information

Keane Design Associates Limited (the Company) is a private company, limited by shares, incorporated and domiciled in England. The address of the registered office and principal place of business is 6-12 Bow Street, Birmingham B1 1DW.

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 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Revenue

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax.
In respect of contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of contracts for on-going services is recognised by reference to the stage of completion.

 
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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line and reducing balance method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
15%
reducing balance
Office equipment
-
33%
straight line

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.

Page 3

 
KEANE DESIGN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Shares gifted to the company are included at a £Nil cost.

 
2.6

Stocks

Work in progress is stated at the lower of cost and net realisable value.
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

 
2.7

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

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.


 
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

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.

Exchange gains and losses are recognised in the profit and loss account.

Page 4

 
KEANE DESIGN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.13

Pensions

The company operates a defined contribution pension scheme and the pension charge represents
the amounts payable by the company to the fund in respect of the year.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

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.

 
2.16

Current and deferred taxation

Tax is recognised in the Statement of income and retained earnings, 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 31 (2023 - 33).

Page 5

 
KEANE DESIGN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
44,637
55,468

Adjustments in respect of previous periods
46
2,395


Total current tax
44,683
57,863

Deferred tax


Origination and reversal of timing differences
199
7,630


Tax on profit
44,882
65,493



5.


Tangible fixed assets





Fixtures & fittings
Office equipment
Total

£
£
£



Cost


At 1 October 2023
152,190
184,100
336,290


Additions
2,485
19,693
22,178


Disposals
(130,391)
(105,704)
(236,095)



At 30 September 2024

24,284
98,089
122,373



Depreciation


At 1 October 2023
132,295
157,689
289,984


Charge for the year
3,405
20,817
24,222


Disposals
(130,391)
(105,704)
(236,095)



At 30 September 2024

5,309
72,802
78,111



Net book value



At 30 September 2024
18,975
25,287
44,262



At 30 September 2023
19,895
26,412
46,307

Page 6

 
KEANE DESIGN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
582,781
327,134

Amounts owed by related party
562,951
449,398

Other debtors
38,199
51,076

Prepayments and accrued income
65,960
86,413

1,249,891
914,021



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
57,714
53,563

Trade creditors
42,703
56,230

Corporation tax
81,683
55,468

Other taxation and social security
209,141
161,265

Other creditors
93,991
73,727

485,232
400,253


The bank overdraft and loans are secured against the assets of the company.


8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
57,644


The bank loans are secured against the assets of the company.

Page 7

 
KEANE DESIGN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
57,714
53,563

Amounts falling due 1-2 years

Bank loans
-
57,644



57,714
111,207



10.


Deferred taxation




2024


£






At beginning of year
(7,630)


Charged to profit or loss
(199)



At end of year
(7,829)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(7,829)
(7,630)


11.


Commitments under operating leases

At 30 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
23,930
68,180

Later than 1 year and not later than 5 years
29,174
11,130

53,104
79,310

Page 8

 
KEANE DESIGN ASSOCIATES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

12.


Transactions with directors

Included in other debtors, falling within one year, is an amount due to the company of £11,893 from the directors (2023: £19,950).
During the year there were amounts advanced to directors of £14,043 and amounts repaid of £22,100.
The loans were interest free, unsecured and had no fixed repayment terms.


13.


Subsidiary undertakings

On 12 October 2023, the company was gifted all of the share capital of Keane Design L.L.C, a company incorporated in the United Arab Emirates, for £Nil consideration. On this date Keane Design L.L.C became a wholly owned subsidiary of the company.

 
Page 9