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Registered number: 07154719 OFFKEY LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
OFFKEY LIMITED REGISTERED NUMBER: 07154719 BALANCE SHEET AS AT 28 FEBRUARY 2025
|  | 28 February |  | 29 February
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 8,624 |  | 12,227
Investments | 5 |  | 255,878 |  | 196,959
|  |  | 264,502 |  | 209,186
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 140,962 |  | 86,024 |
Cash at bank and in hand | 7 | 41,419 |  | 66,315 |
|  | 182,381 |  | 152,339 |
Creditors: amounts falling due within one year | 8 | (175,576) |  | (122,090) |
Net current assets |  |  | 6,805 |  | 30,249
Total assets less current liabilities |  |  | 271,307 |  | 239,435
Creditors: amounts falling due after more than one year |  |  | (613) |  | -
Net assets |  |  | 270,694 |  | 239,435
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Profit and loss account |  |  | 270,693 |  | 239,434
|  |  | 270,694 |  | 239,435
Page 1
OFFKEY LIMITED REGISTERED NUMBER: 07154719 BALANCE SHEET (CONTINUED) AS AT 28 FEBRUARY 2025 The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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 income and retained earnings 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:
................................................ G J Ellis
Director
Date: 6 May 2026
The notes on pages 3 to 10 form part of these financial statements. Page 2
OFFKEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Offkey Limited is a private limited company, registered in the United Kingdom and domiciled in England and Wales. The registered office address is 98 Vauxhall Walk, London, England, SE11 5EL. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised 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: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Finance costs
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.
| 2.4 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
OFFKEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.5 | Pensions
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.
| 2.6 | Taxation
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.
| 2.7 | Tangible fixed assets
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. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 33% | 3 Year Straight-Line
|  |  |  | Computer equipment | - |  |
|  |  |  | Other fixed assets | - | 33% | 3 Year Straight-Line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 4
OFFKEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment. Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
| 2.9 | Debtors
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.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | Creditors
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.
| 2.12 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Page 5
OFFKEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.12 | Financial instruments (continued)
Other financial assets Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Employees
| The average monthly number of employees, including directors, during the year was 2 (2024 - 2).
Page 6
OFFKEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
4. | Tangible fixed assets
|  | Plant and machinery | Computer equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 March 2024 | 24,366 | - | 24,366
| Additions | - | 6,656 | 6,656
| Disposals | - | (1,148) | (1,148)
| At 28 February 2025 | 24,366 | 5,508 | 29,874
| Depreciation |  |  |
| At 1 March 2024 | 12,139 | - | 12,139
| Charge for the year on owned assets | 8,122 | 1,021 | 9,143
| Disposals | - | (32) | (32)
| At 28 February 2025 | 20,261 | 989 | 21,250
| Net book value |  |  |
| At 28 February 2025 | 4,105 | 4,519 | 8,624
| At 29 February 2024 | 12,227 | - | 12,227
5. | Fixed asset investments
|  | Listed investments
|  | £
| Cost or valuation |
| At 1 March 2024 | 196,959
| Additions | 349,000
| Disposals | (302,741)
| Revaluations | 12,660
| At 28 February 2025 | 255,878
Page 7
OFFKEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
6. | Debtors
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | - | 3,703
| Other debtors | 140,962 | 82,321
|  | 140,962 | 86,024
7. | Cash and cash equivalents
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 41,419 | 66,315
| Less: bank overdrafts | (35) | -
|  | 41,384 | 66,315
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank overdrafts | 35 | -
| Bank loans | 2,662 | 5,820
| Corporation tax | 117,969 | 75,448
| Other taxation and social security | 45,659 | 35,572
| Other creditors | 1 | -
| Accruals and deferred income | 9,250 | 5,250
|  | 175,576 | 122,090
Page 8
OFFKEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
9. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 613 | -
|  | 613 | -
10. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 28 February | 29 February
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Amounts falling due within one year |  |
| Bank loans | 2,662 | 5,820
|  | 2,662 | 5,820
| Amounts falling due 1-2 years |  |
| Bank loans | 613 | -
|  | 613 | -
|  | 3,275 | 5,820
11. | Pension commitments
The Company contributes to a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge represents contributions payable by the Company to the fund and amounted to £13,731 (2024: £8,997). As at the balance sheet date contributions totalling £nil (2024: £Nil) were payable. Page 9
OFFKEY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
12. | Related party transactions
| At the balance sheet date, included within other debtors due within one year is an amount of £104,641 (2024: £45,805), owed by the director. No interest has accrued on the loan and no payment terms were agreed at the balance sheet date. At the balance sheet date, included within other debtors due within one year is an amount of £25,000 (2024: £nil) owed by Offkey Properties Limited. No interest has accrued on the loan and no payment terms were agreed at the balance sheet date. At the balance sheet date, included within other debtors due within one year is an amount of £11,320 (2024: £Nil) owed by Coldmoor Ltd. Interest has been accrued accrued on the loan, and the loan is due back to the company.
Page 10