REGISTERED NUMBER: 00920107 (England and Wales)

KEY FRAMES LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Balance Sheet

1

Notes to the Financial Statements

2

CURRENT ASSETS

Debtors

4

912,550

879,694

Cash at bank

5,280

5,573

917,830

885,267

CREDITORS

Amounts falling due within one year

5

(1,273,128

)

(1,201,317

)

NET CURRENT LIABILITIES

(355,298

)

(316,050

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(355,298

)

(316,050

)

CAPITAL AND RESERVES

Called up share capital

202

202

Retained earnings

6

(355,500

)

(316,252

)

SHAREHOLDERS' FUNDS

(355,298

)

(316,050

)

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 director acknowledges his 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.

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 director and authorised for issue on 8 September 2025 and were signed by:

N S Chapman - Director

1.	STATUTORY INFORMATION

Key Frames Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

00920107

Registered office:

Rivervale House

50 Victoria Road

Portslade

Brighton

East Sussex

BN41 1XB

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.

The financial statements have been prepared on a going concern basis as its Parent Company has confirmed that it will continue to support it for the foreseeable future.

Exceptional items

Exceptional items are material income or expenses that are separately disclosed to provide additional useful information regarding the company's underlying business performance. Exceptional items are non-recurring in nature and typically include gains and losses on the disposal of businesses,restructuring of businesses and assets impairments.

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 taxation

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.

Foreign currencies

Transactions in foreign currencies are recorded using the average rate of exchange applicable during the accounting period. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account.

3.	EMPLOYEES AND DIRECTORS

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

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed by group undertakings

860,686

879,694

Other debtors

51,864

-

912,550

879,694

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Amounts owed to group undertakings

1,273,128

1,201,317

6.

RESERVES

Retained

earnings

£

At 1 January 2024

(316,252

)

Deficit for the year

(39,248

)

At 31 December 2024

(355,500

)

7.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

8.	ULTIMATE CONTROLLING PARTY

The Ultimate Controlling Party is considered to be the Trustees of T E B Sopwith Will Trust.