3 3 Keystone Financial Management Limited 11078498 false 2024-03-01 2025-02-28 2025-02-28 The principal activity of the company is Workplace education Digita Accounts Production Advanced 6.30.9574.0 true true 11078498 2024-03-01 2025-02-28 11078498 2025-02-28 11078498 bus:OrdinaryShareClass2 2025-02-28 11078498 bus:OrdinaryShareClass3 2025-02-28 11078498 core:RetainedEarningsAccumulatedLosses 2025-02-28 11078498 core:ShareCapital 2025-02-28 11078498 core:CurrentFinancialInstruments 2025-02-28 11078498 core:CurrentFinancialInstruments core:WithinOneYear 2025-02-28 11078498 core:Non-currentFinancialInstruments 2025-02-28 11078498 core:Non-currentFinancialInstruments core:AfterOneYear 2025-02-28 11078498 core:Goodwill 2025-02-28 11078498 core:OtherPropertyPlantEquipment 2025-02-28 11078498 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2025-02-28 11078498 bus:SmallEntities 2024-03-01 2025-02-28 11078498 bus:AuditExemptWithAccountantsReport 2024-03-01 2025-02-28 11078498 bus:FilletedAccounts 2024-03-01 2025-02-28 11078498 bus:SmallCompaniesRegimeForAccounts 2024-03-01 2025-02-28 11078498 bus:RegisteredOffice 2024-03-01 2025-02-28 11078498 bus:Director1 2024-03-01 2025-02-28 11078498 bus:OrdinaryShareClass2 2024-03-01 2025-02-28 11078498 bus:OrdinaryShareClass3 2024-03-01 2025-02-28 11078498 bus:PrivateLimitedCompanyLtd 2024-03-01 2025-02-28 11078498 core:Goodwill 2024-03-01 2025-02-28 11078498 core:OtherPropertyPlantEquipment 2024-03-01 2025-02-28 11078498 core:PlantMachinery 2024-03-01 2025-02-28 11078498 countries:EnglandWales 2024-03-01 2025-02-28 11078498 2024-02-29 11078498 core:Goodwill 2024-02-29 11078498 core:OtherPropertyPlantEquipment 2024-02-29 11078498 2023-03-01 2024-02-29 11078498 2024-02-29 11078498 bus:OrdinaryShareClass2 2024-02-29 11078498 bus:OrdinaryShareClass3 2024-02-29 11078498 core:RetainedEarningsAccumulatedLosses 2024-02-29 11078498 core:ShareCapital 2024-02-29 11078498 core:CurrentFinancialInstruments 2024-02-29 11078498 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 11078498 core:Non-currentFinancialInstruments 2024-02-29 11078498 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 11078498 core:Goodwill 2024-02-29 11078498 core:OtherPropertyPlantEquipment 2024-02-29 11078498 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-02-29 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 11078498

Keystone Financial Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2025

 

Keystone Financial Management Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Keystone Financial Management Limited

(Registration number: 11078498)
Balance Sheet as at 28 February 2025

Note

2025
£

2024
£

           

Fixed assets

   

 

Intangible assets

4

 

357,000

 

378,000

Tangible assets

5

 

3,274

 

3,067

   

360,274

 

381,067

Current assets

   

 

Debtors

6

5,000

 

5,000

 

Cash at bank and in hand

 

2,850

 

7,207

 

 

7,850

 

12,207

 

Creditors: Amounts falling due within one year

7

(109,635)

 

(116,273)

 

Net current liabilities

   

(101,785)

 

(104,066)

Total assets less current liabilities

   

258,489

 

277,001

Creditors: Amounts falling due after more than one year

7

 

(197,711)

 

(234,495)

Provisions for liabilities

 

(799)

 

(747)

Net assets

   

59,979

 

41,759

Capital and reserves

   

 

Called up share capital

9

200

 

200

 

Retained earnings

59,779

 

41,559

 

Shareholders' funds

   

59,979

 

41,759

 

Keystone Financial Management Limited

(Registration number: 11078498)
Balance Sheet as at 28 February 2025

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 May 2025 and signed on its behalf by:
 

.........................................
M J Teal
Director

 

Keystone Financial Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

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:
c/o York House
Cottingley Business Park
Bradford
West Yorkshire
BD16 1PE

These financial statements were authorised for issue by the Board on 29 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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including the disclosure and presentation requirements of Section 1A and the Companies Act 2006.

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.

The company's functional and presentation currency is pound sterling.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Keystone Financial Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Tangible assets

Tangible assets are stated in the balance sheet 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:

Asset class

Depreciation method and rate

Plant and equipment

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Keystone Financial Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2024 - 3).

 

Keystone Financial Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 March 2024

455,867

455,867

Disposals

(30,345)

(30,345)

At 28 February 2025

425,522

425,522

Amortisation

At 1 March 2024

77,867

77,867

Amortisation charge

21,000

21,000

Amortisation eliminated on disposals

(30,345)

(30,345)

At 28 February 2025

68,522

68,522

Carrying amount

At 28 February 2025

357,000

357,000

At 29 February 2024

378,000

378,000

5

Tangible assets

Plant and machinery
 £

Total
£

Cost or valuation

At 1 March 2024

24,842

24,842

Additions

1,299

1,299

At 28 February 2025

26,141

26,141

Depreciation

At 1 March 2024

21,775

21,775

Charge for the year

1,092

1,092

At 28 February 2025

22,867

22,867

Carrying amount

At 28 February 2025

3,274

3,274

At 29 February 2024

3,067

3,067

6

Debtors

2025
£

2024
£

Other debtors

5,000

5,000

5,000

5,000

 

Keystone Financial Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

7

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

8

58,749

84,576

Trade creditors

 

-

1,858

Taxation and social security

 

45,385

24,759

Accruals and deferred income

 

5,322

4,860

Other creditors

 

179

220

 

109,635

116,273

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

8

197,711

234,495

8

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

14,321

14,321

Other borrowings

44,428

70,255

58,749

84,576

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

13,949

13,949

Other borrowings

183,762

220,546

197,711

234,495

 

Keystone Financial Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2025

9

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

'A' Ordinary shares of £1 each

100

100

100

100

'B' Ordinary shares of £1 each

100

100

100

100

200

200

200

200

10

Related party transactions

Expenditure with and payables to related parties

2025

Key management
£

Amounts payable to related party

7,662

2024

Key management
£

Amounts payable to related party

33,489