| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| KEYSTORE LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| KEYSTORE LIMITED |
| KEYSTORE LIMITED (REGISTERED NUMBER: 01886508) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| KEYSTORE LIMITED |
| COMPANY INFORMATION |
| for the Year Ended 31 December 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Beckside Court |
| Annie Reed Road |
| Beverley |
| East Yorkshire |
| HU17 0LF |
| KEYSTORE LIMITED (REGISTERED NUMBER: 01886508) |
| BALANCE SHEET |
| 31 December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| DEFERRED INCOME | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 8 |
| Capital redemption reserve |
| Retained earnings |
| 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. |
| KEYSTORE LIMITED (REGISTERED NUMBER: 01886508) |
| BALANCE SHEET - continued |
| 31 December 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| KEYSTORE LIMITED (REGISTERED NUMBER: 01886508) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the Year Ended 31 December 2024 |
| 1. | STATUTORY INFORMATION |
| Keystore Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Earles Road, Hedon Road, Hull, HU9 1UD. |
| The principal activity of the company is that of a warehouse and logistics solutions provider. |
| The presentational currency of the financial statements is Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Having regard to liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern. |
| The directors, having taken into the factors discussed above as well as the uncertainties of the current economic environment, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
| Turnover |
| Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts. |
| Turnover from the sale of goods is recognised at the point of sale. |
| Turnover from services is recognised on completion of service, or when those services span the year end date, by reference to the stage of completion at the balance sheet date. |
| Sales are recognised at the point which the company has fulfilled its contractual obligations and the risks and rewards attached to the product, have been transferred to the customer. |
| Tangible fixed assets |
| Plant and machinery etc | - |
| Tangible assets are measured at cost less accumulated depreciation and any accumulated impairment losses. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| KEYSTORE LIMITED (REGISTERED NUMBER: 01886508) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| 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. |
| 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. |
| Trade and other debtors |
| Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts. |
| Cash and cash equivalents |
| Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities. |
| KEYSTORE LIMITED (REGISTERED NUMBER: 01886508) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade and other creditors |
| Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
| Impairment of financial assets |
| Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. |
| Interest bearing borrowings |
| Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method. |
| Related parties |
| For the purposes of these financial statements, a party is considered to be related to the company if: |
| (i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company; |
| (ii) the company and the party are subject to common control; |
| (iii) the party is an associate of the company or a joint venture in which the company is a venture |
| (iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals; |
| (v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or |
| (vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
| (vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent. |
| Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| KEYSTORE LIMITED (REGISTERED NUMBER: 01886508) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2024 |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| machinery |
| etc |
| £ |
| COST |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| Additions |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Fair value at 31 December 2024 is represented by: |
| £ |
| Valuation in 2019 | 1,159,493 |
| Cost | 6,247,449 |
| 7,406,942 |
| KEYSTORE LIMITED (REGISTERED NUMBER: 01886508) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the Year Ended 31 December 2024 |
| 5. | INVESTMENT PROPERTY - continued |
| If the investment property had not been revalued it would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 5,994,548 | 5,994,548 |
| Aggregate depreciation | (1,395,071 | ) | (1,395,071 | ) |
| Of the amount above £6,550,000 was valued on a market value basis on 30 July 2019 by Savills (UK) Limited . |
| The remaining was valued by the directors as at the appropriate year end. The directors have undertaken a review of valuation at the current year end and are confident that the above valuation materially reflects the fair value of the property. |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 January 2024 |
| and 31 December 2024 |