Registration number:
Keyo Holdings Limited
for the Year Ended 31 March 2025
Keyo Holdings Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Keyo Holdings Limited
Company Information
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Director |
G Baugh |
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Company secretary |
D Y Croft |
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Registered office |
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Auditors |
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Bankers |
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Keyo Holdings Limited
Strategic Report for the Year Ended 31 March 2025
The director presents his strategic report for the year ended 31 March 2025.
Principal activity
The company acts as a holding company for Keyo Agricultural Services Ltd, whose principal activity is services to the poultry services.
Fair review of the business
The net assets of the company at 31 March 2025 were £910,071 (2024: £927,832)
Given the straightforward nature of the business, the company's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the business.
Principal risks and uncertainties
In order to manage the company successfully, the strategic and operational risks facing the company are regularly reviewed and the company's risk management procedures are updated to reflect this process. Further discussion of these risks and uncertainties in the context of the group as a whole, is provided in the group annual report.
Future developments
There are no major plans for the company going forward.
Approved and authorised by the
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Keyo Holdings Limited
Director's Report for the Year Ended 31 March 2025
The director presents his report and the financial statements for the year ended 31 March 2025.
Director of the company
The director who held office during the year was as follows:
Information included in the Strategic Report
Detailed information in respect of principal activities, future developments, review of business performance, principal risks and uncertainties and KPI's can be found in the strategic report of the group as a whole and is provided in the group's financial statements.
Disclosure of information to the auditors
The director of the company who held office at the date of the approval of this Annual Report, as set out above, confirms that:
• so far as he are aware, there is no relevant audit information (information needed by the company's auditors in connection with preparing their report) of which the company's auditors are unaware, and
• he has taken all the steps they ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
Reappointment of auditors
The auditors Hawsons Chartered Accountants are deemed to be reappointed under section 487(2) of the Companies Act 2006.
Approved and authorised by the
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Keyo Holdings Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Keyo Holdings Limited
Independent Auditor's Report to the Members of Keyo Holdings Limited
Opinion
We have audited the financial statements of Keyo Holdings Limited (the 'company') for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Keyo Holdings Limited
Independent Auditor's Report to the Members of Keyo Holdings Limited (continued)
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors’ remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Keyo Holdings Limited
Independent Auditor's Report to the Members of Keyo Holdings Limited (continued)
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect
of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the company and the environment it operates within, we determined that the laws and regulations which were most significant included FRS 102, Companies Act 2006 and Health and Safety regulations. We considered the extent to which non-compliance with these laws and regulations might have a material effect on the financial statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.
Audit procedures performed by the engagement team included:
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Discussions with management and those responsible for legal compliance procedures within the company to obtain an understanding of the legal and regulatory framework applicable to the company and how the company complies with that framework, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
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Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations; |
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Challenging assumptions and judgements made by management in their significant accounting estimates; |
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Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management. |
There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Keyo Holdings Limited
Independent Auditor's Report to the Members of Keyo Holdings Limited (continued)
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
5 Sidings Court
White Rose Way
South Yorkshire
DN4 5NU
Keyo Holdings Limited
Statement of Comprehensive Income for the Year Ended 31 March 2025
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Note |
2025 |
2024 |
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Turnover |
- |
- |
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Administrative expenses |
( |
(35,521) |
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Other operating income |
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34,288 |
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Operating loss |
( |
(1,233) |
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Other interest receivable and similar income |
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860,000 |
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Interest payable and similar charges |
( |
- |
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Profit before tax |
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858,767 |
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Taxation |
( |
(5,503) |
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Profit for the financial year |
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853,264 |
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Total comprehensive income for the year |
282,239 |
853,264 |
The above results were derived from continuing operations.
Keyo Holdings Limited
(Registration number: 04488925)
Balance Sheet as at 31 March 2025
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Note |
2025 |
2024 |
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Fixed assets |
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Tangible assets |
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Investments |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Retained earnings |
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Shareholders' funds |
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These financial statements have been approved and authorised for issue by the
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Keyo Holdings Limited
Statement of Changes in Equity for the Year Ended 31 March 2025
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Share capital |
Retained earnings |
Total |
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At 1 April 2024 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 31 March 2025 |
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Share capital |
Retained earnings |
Total |
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At 1 April 2023 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 31 March 2024 |
100 |
927,732 |
927,832 |
Keyo Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025
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Accounting policies |
Statutory information
Keyo Holdings Limited is a private company, limited by shares, domiciled in England and Wales, company number 04488925. The registered office is at Ancholme Business Park, Europa Way, Atherton Way, Brigg, DN20 8AR.
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.
Cash flow statement exemption
The company is a qualifying entity for the purposes of Financial Reporting Standard 102 and therefore has taken advantage of the disclosure exemption available in Financial Reporting Standard 102 not to produce a cash flow statement.
Related party exemption
The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', not to disclose related party transactions with other wholly owned members fo the group and any parent undertaking.
Exemption from preparing group accounts
The financial statements contain information about Keyo Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Demeter (Brigg) Ltd, Europa Way, Ancholme Business Park, Brigg, North Lincolnshire, DN20 8AR.
Going concern
After due consideration of all relevant factors, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.
Keyo Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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1 |
Accounting policies (continued) |
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:
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Asset class |
Depreciation method and rate |
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Freehold property |
1% on cost |
Freehold land is not depreciated in accordance with rates stated above.
Depreciation is charged following the month of acquisition.
Tax
The tax expense for the period comprises tax. Tax is recognised in statement of comprehensive income, 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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2025 |
2024 |
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Rental income |
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Keyo Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
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2025 |
2024 |
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Loss from disposals of investments |
- |
( |
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Operating loss |
Arrived at after charging/(crediting)
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2025 |
2024 |
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Depreciation expense |
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Other interest receivable and similar income |
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2025 |
2024 |
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Income from shares in group undertakings |
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Interest payable and similar expenses |
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2025 |
2024 |
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Interest on borrowings |
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- |
Keyo Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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Staff costs |
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
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2025 |
2024 |
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Directors |
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Auditors' remuneration |
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2025 |
2024 |
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Audit of the financial statements |
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Taxation |
Tax charged/(credited) in the profit and loss account
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2025 |
2024 |
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Current taxation |
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UK corporation tax |
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The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK(2024 - lower than the standard rate of corporation tax in the UK of
The differences are reconciled below:
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2025 |
2024 |
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Profit before tax |
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Corporation tax at standard rate |
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Tax increase from effect of capital allowances and depreciation |
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Effect of expense not deductible in determining taxable profit (tax loss) |
- |
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Tax decrease from effect of dividends from UK companies |
( |
( |
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Tax decrease from other tax effects |
( |
( |
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Total tax charge |
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Keyo Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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Tangible assets |
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Land and buildings |
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Cost or valuation |
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At 1 April 2024 |
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At 31 March 2025 |
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Depreciation |
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At 1 April 2024 |
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Charge for the year |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Included in the cost of land and buildings is freehold land of £175,000 which is not depreciated.
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Investments |
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2025 |
2024 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost |
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At 1 April 2024 |
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Carrying amount |
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At 31 March 2025 |
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At 31 March 2024 |
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Keyo Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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11 |
Investments (continued) |
Details of undertakings
Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2025 |
2024 |
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Subsidiary undertakings |
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Europa Way, Ancholme Business Park, Brigg, North Lincolnshire, DN20 8AR England |
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Europa Way, Ancholme Business Park, Brigg, North Lincolnshire, DN20 8AR England |
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Europa Way, Ancholme Business Park, Brigg, North Lincolnshire, DN20 8AR England |
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Subsidiary undertakings |
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Keyo Agricultural Services Ltd The principal activity of Keyo Agricultural Services Ltd is |
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Keyo Limited The principal activity of Keyo Limited is |
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Keyo Agriculture Limited The principal activity of Keyo Agriculture Limited is |
Keyo Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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Creditors |
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Note |
2025 |
2024 |
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Due within one year |
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Loans and borrowings |
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Amounts due to related parties |
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Accruals |
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Corporation tax liability |
3,841 |
5,503 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
Current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Non-current loans and borrowings
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2025 |
2024 |
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Bank borrowings |
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Bank borrowings are secured by a legal charge on the company's land and buildings. The bankers hold an unlimited cross guarantee dated 25 March 2019 between the company and it's subsidiary, Keyo Agricultural Services Limited.
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Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
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No. |
£ |
No. |
£ |
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|
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|
100 |
|
100 |
Keyo Holdings Limited
Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)
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Dividends |
|
2025 |
2024 |
|||
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£ |
£ |
|||
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Interim dividend of £ |
400,000 |
860,000 |
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Related party transactions |
The company has taken advantage of the disclosure exemption available in Financial Reporting Standard 102 not to disclose related party transactions with other wholly owned members of the group and any parent undertaking.
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Parent and ultimate controlling party |
The company's ultimate parent is Demeter (Brigg) Limited, incorporated in England.
The parent of the smallest group in which these financial statements are consolidated is
The address of Demeter (Brigg) Limited is:
Brigg,
North Lincolnshire,
United Kingdom,
DN20 8AR
The ultimate controlling party is Mr G Baugh.