REGISTERED NUMBER: 10471831 (England and Wales)

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

KEYNETICS LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

to

7

DIRECTORS:

S R Fisher

S J Wheeler

REGISTERED OFFICE:

Malvern Hills Science Park

Geraldine Road

Malvern

Worcestershire

WR14 3SZ

REGISTERED NUMBER:

10471831 (England and Wales)

AUDITORS:

Smith Heath Holdings Limited

Statutory Auditor

Brent House

382 Gloucester Road

Cheltenham

Gloucestershire

GL51 7AY

FIXED ASSETS

Tangible assets

4

11,129

17,093

CURRENT ASSETS

Stocks

307,325

351,951

Debtors

5

105,680

94,234

Cash at bank

31,707

73,179

444,712

519,364

CREDITORS

Amounts falling due within one year

6

4,527,898

4,327,197

NET CURRENT LIABILITIES

(4,083,186

)

(3,807,833

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,072,057

)

(3,790,740

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(4,072,157

)

(3,790,840

)

(4,072,057

)

(3,790,740

)

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2025 and were signed on its behalf by:

S R Fisher - Director

1.	STATUTORY INFORMATION

Keynetics Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the 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.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods:

Revenue from the sales of goods is recognised when all of the following conditions are satisfied:

- the company has transferred the significant risks and rewards of ownership to the buyer;

- the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the transaction; and

- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services:

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;

- it is probable that the company will receive the consideration due under the contract;

- the stage of completion of the contract at the end of the reporting period can be measured reliably; and

- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation.

Depreciation is provided on the following basis:

Computer equipment and software

50% - 100% on cost

Furniture, fittings and equipment

10% - 33% on cost

Motor vehicles

20% on cost

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currency translation

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty or notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

Creditors

Short term creditors are measured at transaction price.

Going concern

During the year ended 31 December 2024 the company incurred a loss of £281,317 and had net current liabilities at that date of £4,083,186 which includes amounts owed to group undertakings of £4,428,826.

The directors consider the going concern basis to be appropriate having paid due regard to the company's projected results during the twelve months for the date the financial statements are approved and the anticipated cash flows, availability of support from fellow group undertakings (including those undertakings not requesting repayment of any amounts owed to them by the company whilst any other creditors of the company remain unpaid, except to the extent that the company is able to discharge all its debts and liabilities as they fall due) and other mitigating actions that can be taking during that period.

The company has a material uncertainty in relation to its going concern status as a result of its reliance on the support of fellow group undertaking, Sentrilock International LLC ("SIL") and Sentrilock LLC ("SL") (see the note for parent and group undertaking for further details regarding those entities). Whilst letters of support have been received from SIL and SL, there can be no certainty that the support will continue to be available for the foreseeable future.

The financial statements do not reflect any adjustments that would be necessary should the going concern basis not be appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

Fixtures

Other

and

and

Motor

fixed

software

fittings

vehicles

asset

Totals

£

£

£

£

£

COST

At 1 January 2024

62,505

19,984

19,213

5,074

106,776

Additions

498

-

-

-

498

Disposals

(25,301

)

-

-

(5,074

)

(30,375

)

At 31 December 2024

37,702

19,984

19,213

-

76,899

DEPRECIATION

At 1 January 2024

60,944

16,620

7,045

5,074

89,683

Charge for year

1,485

1,135

3,842

-

6,462

Eliminated on disposal

(25,301

)

-

-

(5,074

)

(30,375

)

At 31 December 2024

37,128

17,755

10,887

-

65,770

NET BOOK VALUE

At 31 December 2024

574

2,229

8,326

-

11,129

At 31 December 2023

1,561

3,364

12,168

-

17,093

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

84,871

82,150

Other debtors

20,809

12,084

105,680

94,234

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

-

1,223

Trade creditors

34,250

4,609

Amounts owed to group undertakings

4,428,826

4,260,462

Taxation and social security

16,595

12,123

Other creditors

48,227

48,780

4,527,898

4,327,197

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

10,880

6,347

Between one and five years

18,133

-

29,013

6,347

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Samantha Jane Smith FCCA (Senior Statutory Auditor)

for and on behalf of Smith Heath Holdings Limited

9.	PARENT AND GROUP UNDERTAKINGS

The company's immediate parent undertaking is Sentrilock International LLC ("SIL"). SIL's registered office is located at 7701 Service Center Drive, West Chester, OH 45069.

The company's ultimate parent undertaking is the National Association of Realtors ("NAR"). NAR's registered office is located at 430 Michigan Avenue, Chicago, Illinois, IL 60611.

As detailed in note 2, a fellow group undertaking, Sentrilock LLC ("SL") is providing support to the company in addition to SIL. SL's registered office is the same as that of SIL.

No group undertakings provide consolidated financial statements that are publicly available.

All the above referred to entities are registered in the USA.

10.	AUDITOR'S INFORMATION

The auditor's report included in the annual financial statements delivered to members was unqualified. The report included a material uncertainty relating to going concern paragraph, that drew the reader's attention to note 2 in the financial statements. The audit report was issued by Smith Heath Limited and was signed by Samantha Smith (Senior Statutory Auditor).