Company registration number 03880943 (England and Wales)
X KEYS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
X KEYS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
X KEYS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,083
10,779
Current assets
Debtors
4
32,929
38,399
Cash at bank and in hand
662,466
507,297
695,395
545,696
Creditors: amounts falling due within one year
5
(163,284)
(109,474)
Net current assets
532,111
436,222
Total assets less current liabilities
540,194
447,001
Provisions for liabilities
6
(785)
(1,435)
Net assets
539,409
445,566
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
538,409
444,566
Total equity
539,409
445,566

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 Companies Act 2006 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.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 19 June 2026 and are signed on its behalf by:
Mr R Bernstein
Mr N Bernstein
Director
Director
Company registration number 03880943 (England and Wales)
X KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
1
Accounting policies
Company information

X Keys Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Hathaway House, Popes Drive, Finchley, London, N3 1QF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business net of discounts.

Revenue from the provision of services is recognised when those services have been performed.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
25% Reducing Balance
Motor vehicles
25% Reducing Balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered a material impairment loss. If a material impairment loss arises then it is recognised in the profit and loss account or against the revaluation reserve if the asset has been revalued.

X KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 3 -
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

1.8
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
6
6
X KEYS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025 and 31 December 2025
52,511
22,688
33,188
14,975
123,362
Depreciation and impairment
At 1 January 2025
51,960
17,357
30,953
12,313
112,583
Depreciation charged in the year
138
1,333
559
666
2,696
At 31 December 2025
52,098
18,690
31,512
12,979
115,279
Carrying amount
At 31 December 2025
413
3,998
1,676
1,996
8,083
At 31 December 2024
551
5,331
2,235
2,662
10,779
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Other debtors
32,929
38,399
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,679
3,381
Corporation tax
67,163
-
0
Other taxation and social security
2,924
2,534
Other creditors
89,518
103,559
163,284
109,474
6
Provisions for liabilities
2025
2024
£
£
Deferred tax liabilities
785
1,435
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