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Registered number: 00927963
FRANK KEY TOOL HIRE LIMITED
Financial statements
Information for filing with the registrar
for the year ended 31 December 2024
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FRANK KEY TOOL HIRE LIMITED
Company Information
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PKF Smith Cooper Audit Limited
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FRANK KEY TOOL HIRE LIMITED
Registered number: 00927963
Balance sheet
as at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Provisions for liabilities
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Page 1
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FRANK KEY TOOL HIRE LIMITED
Registered number: 00927963
Balance sheet (continued)
as at 31 December 2024
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
J V Norton
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Page 2
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FRANK KEY TOOL HIRE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
Frank Key Tool Hire Limited is a private company limited by shares incorporated in England within the United Kingdom. The address of the registered office and the comany's registration number is given in the company information of these financial statements.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £1.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Frank Key Holdings Limited as at 31 December 2024 and these financial statements may be obtained from 22A Portland Street, Daybrook, Nottingham, NG5 6BL.
The company has net current liabilities at the balance sheet date. In the absence of other funding, the company may in the short term be dependent on the continued support of its fellow subsidiary undertaking, Frank Key (Nottingham) Limited. The directors of Frank Key (Nottingham) Limited have agreed to support the company to meet its liabilities as they fall due, for a period of at least twelve months from the date of approval of these financial statements.
The directors therefore consider it appropriate that the financial statements are prepared on the going concern basis.
Revenue is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of revenue are as follows:
Sale of goods
Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.
Page 3
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FRANK KEY TOOL HIRE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Page 4
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FRANK KEY TOOL HIRE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.
Depreciation is provided on the following basis:
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Leasehold property improvements
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over 1 to 7 years straight line
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The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may be affected.
The directors consider the residual value of the freehold property is at least equal to their net book value and therefore depreciation is not charged in the statement of comprehensive income.
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Revaluation of tangible fixed assets
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Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Page 5
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FRANK KEY TOOL HIRE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average monthly number of employees, including directors, during the year was 63 (2023 - 63).
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Leasehold property improvements
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Charge for the year on owned assets
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Charge for the year on financed assets
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Page 6
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FRANK KEY TOOL HIRE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
4.Tangible fixed assets (continued)
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Charge for the year on owned assets
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Charge for the year on financed assets
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Page 7
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FRANK KEY TOOL HIRE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
4.Tangible fixed assets (continued)
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The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
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Cost or valuation at 31 December 2024 is as follows:
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If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
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The freehold land and buildings were revalued on 1 February 2024 by Innes England, SMC Brownill Vickers and Bradley Hall. The basis of this valuation was open market value on existing use basis.
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Page 8
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FRANK KEY TOOL HIRE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
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Finished goods and goods for resale
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Page 9
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FRANK KEY TOOL HIRE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
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Amounts owed by group undertakings
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Obligations under finance lease and hire purchase contracts
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Accruals and deferred income
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Obligations under hire purchase contracts are secured upon the assets to which they relate.
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Creditors: Amounts falling due after more than one year
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Obligations under finance leases and hire purchase contracts
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Obligations under hire purchase contracts are secured upon the assets to which they relate.
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Allotted, called up and fully paid
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24,000 (2023 - 24,000) Ordinary shares of £1.00 each
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Page 10
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FRANK KEY TOOL HIRE LIMITED
Notes to the financial statements
for the year ended 31 December 2024
There exists a cross-company guarantee and set-off agreement in favour of Lloyds Bank Plc between the Company and the companies comprising the group headed by Frank Key Holdings Limited.
The company operates a defined contribution scheme. The pension charge for the year represents contributions payable by the company to the scheme and amounted to £64,086 (2023: £60,068). At the year end contributions of £11,887 (2023: £8,908) were outstanding.
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Commitments under operating leases
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At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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Related party transactions
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The company has taken advantage of the exemption in section 33.1A of FRS 102 from disclosing transactions entered into between two or more members of the group as all subsidiaries are wholly owned.
During the year the company made sales of £677 (2023: £209) to a close family member of one of the directors. At the balance sheet date, an amount of £408 (2023: £251) was due to the company from this related party.
During the year the company made sales of £211 (2023: £1,154) to a company with directors in common. At the balance sheet date, an amount of £13 (2023: £1,012) was due to the company from this related party.
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The ultimate parent undertaking is Frank Key Holdings Limited.
The ultimate controlling parties are Mr R M & Mrs S E Sansom.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 30 September 2025 by James Bagley (Senior statutory auditor) on behalf of PKF Smith Cooper Audit Limited.
Page 11
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