Company registration number 09080600 (England and Wales)
KEYLINE KEYS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
KEYLINE KEYS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
KEYLINE KEYS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
-
43,357
Debtors
5
841
8,495
Cash at bank and in hand
9,668
3,286
10,509
55,138
Creditors: amounts falling due within one year
6
(150,309)
(146,019)
Net current liabilities
(139,800)
(90,881)
Capital and reserves
Called up share capital
7
100
100
Equity reserve
6,804
6,804
Profit and loss reserves
(146,704)
(97,785)
Total equity
(139,800)
(90,881)

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 8 April 2025 and are signed on its behalf by:
Giacomo Alpago
Director
Company registration number 09080600 (England and Wales)
KEYLINE KEYS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Share capital
Equity reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 July 2022
100
6,804
(73,848)
(66,944)
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
(23,937)
(23,937)
Balance at 30 June 2023
100
6,804
(97,785)
(90,881)
Year ended 30 June 2024:
Loss and total comprehensive income
-
-
(48,919)
(48,919)
Balance at 30 June 2024
100
6,804
(146,704)
(139,800)
KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Keyline Keys Limited is a private company limited by shares incorporated in England and Wales. The registered office is Suite 3, Sigma Business Centre, 7 Havelock Place, Harrow, Middlesex, HA1 1LJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime, but amended to reflect the fact that the going concern basis is not appropriate. 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.

 

As stated in note 10 to the financial statements, the company ceased trading on 31 January 2023 and the financial statements have been prepared on a basis other than that of the going concern basis. This basis, includes, where applicable, writing the company's assets down to net realisable value. Provisions have also been made in respect of contracts which have become onerous at the reporting date. No provision has been made for the future costs of terminating the business unless such costs were committed at the reporting date.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention.

1.2
Going concern

These financial statements are prepared on a basis other than that of the going concern basis, as stated in note 10.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% Reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell on a first in first out basis. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

1.8
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stocks

Stocks are stated at lower of cost and estimated selling price less costs to sell. Determining value of stocks held at the year end requires an estimation of future selling price less costs to complete and sell. The carrying amount of stocks at the reporting end date was £33,709.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
3
4
Tangible fixed assets
Plant and machinery
£
Cost
At 1 July 2023
3,151
Disposals
(3,151)
At 30 June 2024
-
0
Depreciation and impairment
At 1 July 2023
3,151
Eliminated in respect of disposals
(3,151)
At 30 June 2024
-
0
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
256
261
Other debtors
585
5,047
Prepayments
-
0
3,187
841
8,495
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
84,830
90,834
Amounts owed to group undertakings
52,344
50,477
Other creditors
10,135
141
Accruals
3,000
4,567
150,309
146,019
7
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Emphasis of matter: financial statements prepared on a basis other than that of the going concern basis

We draw attention to note 10 to the financial statements which explains that the company has ceased trading on 31 January 2023 and therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than that of the going concern basis as described in note 10.

Senior Statutory Auditor:
Masud Abdul-Karim
Statutory Auditor:
Georgiades Charalambou & Co LLP
Date of audit report:
8 April 2025
KEYLINE KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
9
Parent company

The company is a wholly owned subsidiary of Keyline SPA, a company incorporated in Italy. The consolidated financial statements of the company can be obtained from Via Camillo Bianchi, 2, 31015 Conegliano (TV), Italy. The company is ultimately controlled by ABG Holding S.r.l. by virtue of their indirect holding of 96% of its parent company's issued ordinary share capital. ABG Holding S.r.l. is also incorporated in Italy.

 

10
Going concern

These financial statements are prepared on the basis other than that of the going concern basis on the grounds that the group has decided to change the business strategy for the UK market and focus its direct presence on more profitable areas. For this reason the company has ceased trading on 31 January 2023 and already dismiss its personnel. The shareholder will support the company to meet its obligation.

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