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Keiba Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 05738490

 

Keiba Solutions Limited

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Keiba Solutions Limited

(Registration number: 05738490)
Statement of financial position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

140,624

135,677

Current assets

 

Stocks

5

41,420

67,905

Debtors

6

170,405

182,619

Cash at bank and in hand

 

4

5

 

211,829

250,529

Creditors: Amounts falling due within one year

7

(149,332)

(120,034)

Net current assets

 

62,497

130,495

Total assets less current liabilities

 

203,121

266,172

Creditors: Amounts falling due after more than one year

7

(198,857)

(195,722)

Net assets

 

4,264

70,450

Capital and reserves

 

Called up share capital

8

900

900

Retained earnings

3,364

69,550

Shareholders' funds

 

4,264

70,450

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Income statement.

Approved and authorised by the director on 14 May 2025
 

.........................................
Mr S Churcher
Director

 

Keiba Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Solo House
The Courtyard
London Road
Horsham
West Sussex
RH12 1AT

These financial statements were authorised for issue by the director on 14 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Keiba Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Keiba Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

233,608

233,608

Additions

28,728

28,728

At 31 March 2024

262,336

262,336

Depreciation

At 1 April 2023

97,931

97,931

Charge for the year

23,781

23,781

At 31 March 2024

121,712

121,712

Carrying amount

At 31 March 2024

140,624

140,624

At 31 March 2023

135,677

135,677

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

41,420

67,905

 

Keiba Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

12,223

22,979

Amounts owed by related parties

10

128,284

107,141

Prepayments

 

7,375

-

Other debtors

 

22,523

52,499

   

170,405

182,619

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

42,665

60,624

Trade creditors

 

74,931

42,905

Taxation and social security

 

7,783

-

Accruals and deferred income

 

2,750

10,000

Other creditors

 

21,203

6,505

 

149,332

120,034

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

158,857

155,722

Other financial liabilities

 

40,000

40,000

 

198,857

195,722

 

Keiba Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

900

900

900

900

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

145,607

155,722

Other borrowings

13,250

-

158,857

155,722

Current loans and borrowings

2024
£

2023
£

Bank borrowings

26,630

30,700

Bank overdrafts

9,535

9,924

Other borrowings

6,500

20,000

42,665

60,624

 

Keiba Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Related party transactions

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr S Churcher

Loan at 2.25%

11,973

21,547

(11,973)

21,547

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr S Churcher

Loan at 2.25%

-

11,973

11,973