Keaze Limited 31/12/2024 iXBRL

Company registration number: 11020692

Keaze Limited

Unaudited filleted financial statements

31 December 2024

Keaze Limited

Contents

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Keaze Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	2,466,225		2,443,709
Tangible assets	6	5,994		3,133
		_______		_______
			2,472,219		2,446,842

Current assets
Debtors	7	431,697		384,257
Cash at bank and in hand		16,295		45,701
		_______		_______
		447,992		429,958
Creditors: amounts falling due
within one year	8	( 1,838,922)		( 1,408,361)
		_______		_______
Net current liabilities			( 1,390,930)		( 978,403)
			_______		_______
Total assets less current liabilities			1,081,289		1,468,439

Creditors: amounts falling due
after more than one year	9		( 130,528)		( 276,331)
			_______		_______
Net assets			950,761		1,192,108
			_______		_______

Capital and reserves
Called up share capital			142		140
Share premium account			1,619,330		1,544,334
Profit and loss account			( 668,711)		( 352,366)
			_______		_______
Shareholders funds			950,761		1,192,108
			_______		_______

For the year ending 31 December 2024 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 financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr Owen Thomas

Director

Company registration number: 11020692

Keaze Limited

Statement of changes in equity

Year ended 31 December 2024

	Called up share capital	Share premium account	Profit and loss account	Total
	£	£	£	£


At 1 April 2021	122	899,305	( 244,772)	654,655

Loss for the year			( 107,594)	( 107,594)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 107,594)	( 107,594)

Issue of shares	18	645,029		645,047
	_______	_______	_______	_______
Total investments by and distributions to owners	18	645,029	-	645,047

	_______	_______	_______	_______
At 31 December 2023 and 1 January 2024	140	1,544,334	( 352,366)	1,192,108

Loss for the year			( 316,345)	( 316,345)
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	( 316,345)	( 316,345)

Issue of shares	2	74,996		74,998
	_______	_______	_______	_______
Total investments by and distributions to owners	2	74,996	-	74,998

	_______	_______	_______	_______
At 31 December 2024	142	1,619,330	( 668,711)	950,761
	_______	_______	_______	_______

Keaze Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 2nd Floor, Balfour House, 46-54 Great Titchfield Street, London, W1W 7QA.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Software development	-	10 %	straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2023: 7 ).

5. Intangible assets

		Other intangible assets
		£
	Cost
	At 1 January 2024	3,187,613
	Additions	379,197
		_______
	At 31 December 2024	3,566,810
		_______
	Amortisation
	At 1 January 2024	743,904
	Charge for the year	356,681
		_______
	At 31 December 2024	1,100,585
		_______
	Carrying amount
	At 31 December 2024	2,466,225
		_______
	At 31 December 2023	2,443,709
		_______

6. Tangible assets

		Fixtures, fittings and equipment
		£
	Cost
	At 1 January 2024	17,848
	Additions	9,764
		_______
	At 31 December 2024	27,612
		_______
	Depreciation
	At 1 January 2024	14,715
	Charge for the year	6,903
		_______
	At 31 December 2024	21,618
		_______
	Carrying amount
	At 31 December 2024	5,994
		_______
	At 31 December 2023	3,133
		_______

7. Debtors

	2024	2023
	£	£
Trade debtors	283,097	277,426
Other debtors	148,600	106,831
	_______	_______
	431,697	384,257
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	147,827	145,607
Trade creditors	111,939	47,053
Social security and other taxes	440,785	101,971
Other creditors	1,138,371	1,113,730
	_______	_______
	1,838,922	1,408,361
	_______	_______

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	130,528	276,331
	_______	_______

In October 2020, the company took out a Coronavirus Business Interruption Loan of £100,000. This was interest free for the first 12 months and then paid interest at 2.81% above base rate for the next 60 months. It is repayable over 6 years, with no repayments due in the first year. In May 2021, the company took out a further Coronavirus Business Interruption Loan of £150,000. This loan was interest free for the first 12 months and thereafter paid interest at 3.27% per annum. It is repayable over 6 years, with no repayments in the first year.

In July 2022, the company took out a further loan of £350,000. This loan bears interest at a fixed rate of 12% per annum. per annum. It is repayable over48 months. It is secured by way of a fixed and floating charge over the assets of the company.

10. Prior period errors

For the previous 5 accounting periods to year ended 31st December 2022, expenditure on research and development had been recognised as an expense in the profit and loss account. Further to review by the directors, it was identified that it would have been more appropriate to recognise research and development expenditure incurred on the development of software as an Intangible fixed asset on the balance sheet of the company and amortise it over a ten-year period on a straight-line basis. The directors identified that the cumulative understatement of intangible fixed assets to 31/12/2022 was £1,470,264. The directors of the company therefore made a prior year adjustment to correct the material error and the Intangible fixed assets were restated.Opening retained earnings in the comparatives to the financial statements (i.e. at 1 January 2022) were amended by £1,022,516. Opening profit and loss reserves to the financial statements for year ended 31st December 2023 (i.e. at 1 January 2023) were amended by a further £447,748 resulting in a cumulative impact on the retained earnings as previously stated at 31 December 2022 of £1,470,264.

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed by/(owed to)
	2024	2023	2024	2023
	£	£	£	£
Full Communications Limited	155,012	( 125,052)	( 612,801)	( 767,813)
Complete Move Sales Ltd	( 37,240)	17,600	34,356	71,596
	_______	_______	_______	_______

During the year, the company made sales of £190,833 to and purchases of £207,023 from Full Communications Ltd, a company of which Mr Owen Thomas is a director. At the year end, there was a balance owing to Full Communications Ltd of £612,801 (2023 - £767,813). During the year, the company made sales of £19,200 to Complete Moves Sales Ltd, a company in which Mr Owen Thomas is a director and shareholder. At the year end, the balance owed from Complete Moves Sales Ltd was £34,356 (2023 - £71,596).

12. Controlling party

The company was controlled by the directors throughout the period.