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Company Registration No. 11362854 (England and Wales)
Keyless Technologies Limited Unaudited accounts for the year ended 31 December 2024
Keyless Technologies Limited Unaudited accounts Contents
Page
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Keyless Technologies Limited Company Information for the year ended 31 December 2024
Director
Andrea Carmignani
Company Number
11362854 (England and Wales)
Registered Office
9th Floor 107 Cheapside London EC2V 6DN
Accountants
Selma Felton FCPFA for and behalf of Selma Felton Ltd Trading as On The Spot
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Keyless Technologies Limited Statement of financial position as at 31 December 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Intangible assets
1,857,593 
- 
Investments
4,725,757 
4,725,757 
6,583,350 
4,725,757 
Current assets
Debtors
681,239 
213,198 
Cash at bank and in hand
169,872 
119,095 
851,111 
332,293 
Creditors: amounts falling due within one year
(8,780,013)
(3,537,578)
Net current liabilities
(7,928,902)
(3,205,285)
Net (liabilities)/assets
(1,345,552)
1,520,472 
Capital and reserves
Called up share capital
12,984 
12,984 
Share premium
15,052,027 
15,052,027 
Profit and loss account
(16,410,563)
(13,544,539)
Shareholders' funds
(1,345,552)
1,520,472 
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 9 May 2025 and were signed on its behalf by
Andrea Carmignani Director Company Registration No. 11362854
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Keyless Technologies Limited Notes to the Accounts for the year ended 31 December 2024
1
Statutory information
Keyless Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 11362854. The registered office is 9th Floor 107 Cheapside, London, EC2V 6DN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Going concern
The losses made are due to the continuing research and development of the company's technology relating to data security solutions. The Directors expect the company to continue growing and to become profitable and therefore continue to support the going concern basis of accounting.
Presentation currency
The accounts are presented in £ sterling.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Intangible fixed assets
Intangible fixed assets include capitalised software development costs and patents which are shown at cost less accumulated amortisation. Intangible assets are amortised on a straight line basis over their estimated useful economic life of 5 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% straight line basis
4
Intangible fixed assets
Other 
£ 
Cost
At 1 January 2024
12,119 
Additions
2,321,991 
At 31 December 2024
2,334,110 
Amortisation
At 1 January 2024
12,119 
Charge for the year
464,398 
At 31 December 2024
476,517 
Net book value
At 31 December 2024
1,857,593 
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Keyless Technologies Limited Notes to the Accounts for the year ended 31 December 2024
5
Tangible fixed assets
Computer equipment 
£ 
Cost or valuation
At cost 
At 1 January 2024
33,468 
At 31 December 2024
33,468 
Depreciation
At 1 January 2024
33,468 
At 31 December 2024
33,468 
Net book value
At 31 December 2024
- 
6
Investments
Subsidiary undertakings 
£ 
Valuation at 1 January 2024
4,725,757 
Valuation at 31 December 2024
4,725,757 
The company's investments as at 31 December 2024 in the share capital of companies include the following: Keyless Technologies SRL Ordinary shares 100% shareholding £4,710,776 Keyless Technologies PTE Ltd- Ordinary shares- 100% shareholding £14,981
7
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
26,328 
20,306 
Trade debtors
2,397 
- 
Amounts due from group undertakings etc.
194,428 
129,612 
Accrued income and prepayments
43,628 
63,280 
Other debtors
414,458 
- 
681,239 
213,198 
8
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Trade creditors
87,817 
73,456 
Amounts owed to group undertakings and other participating interests
8,508,852 
3,434,553 
Taxes and social security
9,528 
26,569 
Other creditors
104,753 
- 
Accruals
29,842 
3,000 
Deferred income
39,221 
- 
8,780,013 
3,537,578 
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Keyless Technologies Limited Notes to the Accounts for the year ended 31 December 2024
9
Transactions with related parties
The amounts owed by group undertakings comprise of £194,428 loan made to its subsidiary Keyless Technologies PTE. The amounts owed to group undertakings of £8,508,852 comprise of two following loans: 1) £4,513,798 owed to Keyless Technologies SRL relates to intercompany service provided to Keyless Technologies Limited by its subsidiary. 2) £3,995,054 owed by Keyless Technologies limited to its parent company Keyless Holding Ltd. No interest was charged on this loan.
10
Average number of employees
During the year the average number of employees was 4 (2023: 10).
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