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REGISTERED NUMBER: 06946153 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

RED KEY PROPERTY SERVICES LIMITED

RED KEY PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06946153)

Contents of the Financial Statements
for the Year Ended 31 July 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RED KEY PROPERTY SERVICES LIMITED

Company Information
for the Year Ended 31 July 2024







DIRECTORS: J L Langley
Mrs J Llewellyn





SECRETARY: Mrs S Langley





REGISTERED OFFICE: The Granary
Brewer Street
Bletchingley
Surrey
RH1 4QP





REGISTERED NUMBER: 06946153 (England and Wales)





ACCOUNTANTS: Lees Chartered Accountants
The Granary
Brewer Street
Bletchingley
Surrey
RH1 4QP

RED KEY PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06946153)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 7,475 11,213
Tangible assets 5 779 1,169
8,254 12,382

CURRENT ASSETS
Debtors 6 214,639 201,109

CREDITORS
Amounts falling due within one year 7 142,052 151,236
NET CURRENT ASSETS 72,587 49,873
TOTAL ASSETS LESS CURRENT
LIABILITIES

80,841

62,255

CREDITORS
Amounts falling due after more than one
year

8

75,703

57,632
NET ASSETS 5,138 4,623

CAPITAL AND RESERVES
Called up share capital 5 5
Retained earnings 5,133 4,618
SHAREHOLDERS' FUNDS 5,138 4,623

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

RED KEY PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06946153)

Balance Sheet - continued
31 July 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 April 2025 and were signed on its behalf by:





J L Langley - Director


RED KEY PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06946153)

Notes to the Financial Statements
for the Year Ended 31 July 2024


1. STATUTORY INFORMATION

Red Key Property Services 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.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Development costs are being amortised evenly over their estimated useful life of four years.

Computer software is being amortised evenly over its estimated useful life of five years.

Intangible assets
Costs incurred in developing the company's brand image have been capitalised and will be written off over their estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 15% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.


RED KEY PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06946153)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Work in progress
The company has reassessed its policy on work in progress. The company considers now that there is no material difference between when the fee is earnt and when it is received from the customer. The company has taken the prudent decision to now account for fees when they are received.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 36,000 65,714 101,714
AMORTISATION
At 1 August 2023 36,000 54,501 90,501
Charge for year - 3,738 3,738
At 31 July 2024 36,000 58,239 94,239
NET BOOK VALUE
At 31 July 2024 - 7,475 7,475
At 31 July 2023 - 11,213 11,213

RED KEY PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06946153)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 60,993
DEPRECIATION
At 1 August 2023 59,824
Charge for year 390
At 31 July 2024 60,214
NET BOOK VALUE
At 31 July 2024 779
At 31 July 2023 1,169

6. DEBTORS
31.7.24 31.7.23
£    £   
Amounts falling due within one year:
Trade debtors - 9,137
Other debtors 2,513 2,515
2,513 11,652

Amounts falling due after more than one year:
Other debtors 212,126 189,457

Aggregate amounts 214,639 201,109

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 9,333 33,235
Trade creditors - 51,957
Taxation and social security 56,845 42,349
Other creditors 75,874 23,695
142,052 151,236

RED KEY PROPERTY SERVICES LIMITED (REGISTERED NUMBER: 06946153)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans 50,233 57,632
Other creditors 25,470 -
75,703 57,632

9. RELATED PARTY DISCLOSURES

As at 31 July 2024, the company was owed a total of £212,126 from various "Red Key" companies.

Mr J L Langley is a director of Red Key Property Services Limited, Red Key Property Services (Bridgend) Limited, Fortis Properties Limited, Red Key Sales Limited, Lets Refresh Limited and Rainbow Property Maintenance Limited.

10. POST BALANCE SHEET EVENTS

The entire share capital of the company was acquired by Red Key PS Holdings Limited on 1 August 2024.

Mr J Langley is the sole director of Red Key PS Holdings Limited.