Keyway Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Gloucester House
29 Brunswick Square
Gloucester
Gloucestershire
GL1 1UN

These financial statements were authorised for issue by the Board on 15 December 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional and presentational currency of the company, and rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis. As at the date of signing the financial statements, the directors confirm that the company is in a position to meet its liabilities for a period of 12 months and that there are no foreseeable events which may give rise to liabilities which exceeds the company’s ability to pay. The directors acknowledge that the company is potentially reliant on the ongoing support of other group companies, and as such support has been confirmed for a period of at least 12 months from the approval of these accounts, they are satisfied that it remains appropriate to adopt the going concern basis in the preparation of these financial statements.

Keyway Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 19 December 2025 was Guy Armitage-Norton, who signed for and on behalf of ML Audit LLP.

Key sources of estimation uncertainty

In the application of the company's accounting policies. the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

The key area of estimation and judgement is the recoverability of debtors.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue from the provision of services 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:
a) the amount of revenue can be reliably measured;
b) it is probable that future economic benefit will flow to the entity;
c) the stage of completion of the contract at the end of the reporting period can be reliably measured; and
d) the costs incurred and the costs to complete the contract can be reliably measured.

Tax

Taxation for the year comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Keyway Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Leasehold improvements	10% straight line
Fixtures, fittings and equipment	25% straight line
Plant & machinery	15 - 33% straight line
Motor vehicles	15% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Keyway Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year was 30 (2023 - 31).

4	Tangible assets

	Leasehold improvements £	Furniture, fittings and equipment £	Plant and machinery £	Motor vehicles  £	Total £
Cost or valuation
At 1 September 2023	6,240	40,439	653,282	868,303	1,568,264
At 31 August 2024	6,240	40,439	653,282	868,303	1,568,264
Depreciation
At 1 September 2023	5,616	40,010	650,880	820,500	1,517,006
Charge for the year	624	429	1,243	6,416	8,712
At 31 August 2024	6,240	40,439	652,123	826,916	1,525,718
Carrying amount
At 31 August 2024	-	-	1,159	41,387	42,546
At 31 August 2023	624	429	2,402	47,803	51,258

Keyway Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

5

Debtors

	Note	2024 £	2023 £
Trade debtors		936,810	1,577,290
Amounts owed by related parties	8	6,904,431	5,872,553
Other debtors		10,194	306,689
Prepayments		48,440	58,899
		7,899,875	7,815,431

6

Creditors

Due within one year	Note	2024 £	2023 £
Trade creditors		262,460	291,248
Amounts due to related parties	8	1,745,437	1,978,662
Social security and other taxes		647,606	382,649
Other creditors		585	10,446
Accruals		13,500	21,417
Corporation tax liability		70,725	70,725
		2,740,313	2,755,147