Registered number
00721388
John R Keys & Co Limited
Filleted Accounts
31 March 2025
John R Keys & Co Limited
Registered number: 00721388
Balance Sheet
as at 31 March 2025
Notes 2025 2024
£ £
Fixed assets
Investments 3 1,500,000 1,500,000
Current assets
Debtors 4 961,655 770,295
Cash at bank and in hand 16,164 26,960
977,819 797,255
Creditors: amounts falling due within one year 5 (86,871) (80,305)
Net current assets 890,948 716,950
Net assets 2,390,948 2,216,950
Capital and reserves
Called up share capital 100 100
Fair value reserve 6 (515,291) (515,291)
Capital Reserve 46,054 46,054
Profit and loss account 2,860,085 2,686,087
Shareholders' funds 2,390,948 2,216,950
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J R Keys
Director
Approved by the board on 18 July 2025
John R Keys & Co Limited
Notes to the Accounts
for the year ended 31 March 2025
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rental of properties and from management services provided. Turnover is recognised when invoiced for the period for which it is due. Rental income received in advance at the year end is carried forward to the following accounting period.
Freehold investment properties
Investment properties are revalued annually using a fair market value. To ascertain the property values the rents achievable, the strength of the tenant covenant and comparable values of similar properties are all taken into account. Any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. Deferred tax has been provided on property revaluations where, based on the property values shown in the accounts, it is likely that a liability will arise.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Tenant Deposits
Residential tenant deposits are held in a nominated Client Premium Account. All money standing in credit in the account is client money and has no right of set-off, lien or charges by the issuing bank, guarantor or other creditors and is used purely for the purpose of holding tenant monies. Commercial tenant deposits are held in a designated deposit account.
Fair value and capital reserves
In accordance with the company's memorandum of association, profits and related tax charges on the disposal of properties are put to the capital reserve, which is non-distributable. Revaluations of freehold investment properties, along with any associated deferred tax, are transferred from the profit and loss account to the fair value reserve as such gains/losses are unrealised and therefore not distributable. This thereby ensures that the profit and loss reserve remains fully distributable.
2 Employees 2025 2024
Number Number
Average number of persons employed by the company 3 3
3 Investments
Freehold
property
investments
£
Cost
At 1 April 2024 1,500,000
At 31 March 2025 1,500,000
Historical cost
At 1 April 2024 2,015,291
At 31 March 2025 2,015,291
The investment properties are revalued each year by Mr R H Keys, MRICS, who is a director of the company using a fair market average value.
4 Debtors 2025 2024
£ £
Other debtors 961,655 770,295
5 Creditors: amounts falling due within one year 2025 2024
£ £
Corporation tax & other taxes 64,352 49,405
Other creditors 22,519 30,900
86,871 80,305
6 Fair value reserve 2025 2024
£ £
At 1 April 2024 (515,291) (515,291)
At 31 March 2025 (515,291) (515,291)
7 Related party transactions
Included within debtors is £952,715 (2024 £761,355) owed from an associated company Alderton Hill Properties Ltd and £8,940 (2024 £8,940) owed from an assocatied company Highfield Place Properties Ltd. Mr J R Keys and Mrs F H Keys are both directors and shareholders of these associated companies. Funds are transferred between the companies during the year as required on an interest free basis and are repayable on demand.
8 Other information
John R Keys & Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
27 St Albans Crescent
Woodford Green
Essex
IG8 9EJ
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