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REGISTERED NUMBER: 01886508 (England and Wales)















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: C D Kirkwood
Mrs S C Smith





SECRETARY: Mrs B A Brooks





REGISTERED OFFICE: Earles Road
Hull
HU9 1UD





REGISTERED NUMBER: 01886508 (England and Wales)





ACCOUNTANTS: Sowerby
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 4 145,407 147,997
Investment property 5 7,406,942 7,404,487
7,552,349 7,552,484

CURRENT ASSETS
Debtors 6 1,009,269 943,802
Cash at bank and in hand 309,311 371,559
1,318,580 1,315,361
CREDITORS
Amounts falling due within one year 7 236,605 495,186
NET CURRENT ASSETS 1,081,975 820,175
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,634,324

8,372,659

PROVISIONS FOR LIABILITIES (256,656 ) (257,303 )

DEFERRED INCOME (329,467 ) (339,229 )
NET ASSETS 8,048,201 7,776,127

CAPITAL AND RESERVES
Called up share capital 150,002 150,002
Revaluation reserve 8 2,621,421 2,621,421
Capital redemption reserve 150,002 150,002
Retained earnings 5,126,776 4,854,702
8,048,201 7,776,127

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2025 and were signed on its behalf by:





C D Kirkwood - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

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 4 (2023 - 3 ) .

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 697,097
Additions 6,896
At 31 December 2024 703,993
DEPRECIATION
At 1 January 2024 549,100
Charge for year 9,486
At 31 December 2024 558,586
NET BOOK VALUE
At 31 December 2024 145,407
At 31 December 2023 147,997

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2024 7,404,487
Additions 2,455
At 31 December 2024 7,406,942
NET BOOK VALUE
At 31 December 2024 7,406,942
At 31 December 2023 7,404,487

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 236,934 187,846
Amounts owed by group undertakings 250,000 250,000
Other debtors 522,335 505,956
1,009,269 943,802

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 16,253 95,525
Taxation and social security 98,764 244,891
Other creditors 121,588 154,770
236,605 495,186

8. RESERVES
Revaluation
reserve
£   
At 1 January 2024
and 31 December 2024 2,621,421