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
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
Keyless Technologies Limited
Statement of financial position
as at 31 December 2024
Intangible assets
1,857,593
-
Investments
4,725,757
4,725,757
Cash at bank and in hand
169,872
119,095
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
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
Keyless Technologies Limited
Notes to the Accounts
for the year ended 31 December 2024
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.
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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.
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.
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.
The accounts are presented in £ sterling.
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 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
At 31 December 2024
2,334,110
Charge for the year
464,398
At 31 December 2024
476,517
At 31 December 2024
1,857,593
Keyless Technologies Limited
Notes to the Accounts
for the year ended 31 December 2024
5
Tangible fixed assets
Computer equipment
At 31 December 2024
33,468
At 31 December 2024
33,468
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
Amounts falling due within one year
Amounts due from group undertakings etc.
194,428
129,612
Accrued income and prepayments
43,628
63,280
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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
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.
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Average number of employees
During the year the average number of employees was 4 (2023: 10).