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Company Registration No. 11362854 (England and Wales)
Keyless Technologies Limited Unaudited accounts for the period from 1 January 2025 to 28 October 2025
Keyless Technologies Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Keyless Technologies Limited Company Information for the period from 1 January 2025 to 28 October 2025
Directors
Raj M Dani Russell Kirby Kimberly Gail Lytikainen
Company Number
11362854 (England and Wales)
Registered Office
4th Floor Broad Quay House Prince Street Bristol BS1 4DJ United Kingdom
Accountants
Selma Felton FCPFA for and behalf of Selma Felton Ltd Trading as On The Spot
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Keyless Technologies Limited Statement of financial position as at 28 October 2025
2025
2024
Notes
£
£
Fixed assets
Intangible assets
4
1,801,307
1,857,593
Tangible assets
5
1,056
-
Investments
6
4,725,757
4,725,757
6,528,120
6,583,350
Current assets
Debtors
7
581,168
681,239
Cash at bank and in hand
279,067
169,872
860,235
851,111
Creditors: amounts falling due within one year
8
(7,009,315)
(8,780,013)
Net current liabilities
(6,149,080)
(7,928,902)
Total assets less current liabilities
379,040
(1,345,552)
Creditors: amounts falling due after more than one year
9
(6,416,893)
-
Net liabilities
(6,037,853)
(1,345,552)
Capital and reserves
Called up share capital
12,984
12,984
Share premium
15,052,027
15,052,027
Profit and loss account
(21,102,864)
(16,410,563)
Shareholders' funds
(6,037,853)
(1,345,552)
For the period ending 28 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 22 July 2026 and were signed on its behalf by
Raj M Dani Director Company Registration No. 11362854
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Keyless Technologies Limited Notes to the Accounts for the period from 1 January 2025 to 28 October 2025
1
Statutory information
Keyless Technologies Limited is a private company, limited by shares, registered in England and Wales, registration number 11362854. The registered office is 4th Floor Broad Quay House, Prince Street, Bristol, BS1 4DJ, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Going concern
The losses made are due to the continuing research and development of the company's technology relating to data security solutions. During the period, the company was acquired by Ping Identity Inc. Following the acquisition, the Directors intend to retain the company for a period of five years before applying to strike it off the register. The company is expected to have sufficient resources to meet its obligations during this period. Accordingly, the financial statements have been prepared on a going concern basis.
Presentation currency
The accounts are presented in £ sterling.
Foreign exchange
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Intangible fixed assets
Intangible fixed assets include capitalised software development costs and patents which are shown at cost less accumulated amortisation. Intangible assets are amortised on a straight line basis over their estimated useful economic life of 5 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Computer equipment
33% straight line basis
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Keyless Technologies Limited Notes to the Accounts for the period from 1 January 2025 to 28 October 2025
4
Intangible fixed assets
Other
£
Cost
At 1 January 2025
2,334,110
Additions
510,140
At 28 October 2025
2,844,250
Amortisation
At 1 January 2025
476,517
Charge for the period
566,426
At 28 October 2025
1,042,943
Net book value
At 28 October 2025
1,801,307
At 31 December 2024
1,857,593
5
Tangible fixed assets
Computer equipment
£
Cost or valuation
At cost
At 1 January 2025
33,468
Additions
1,584
At 28 October 2025
35,052
Depreciation
At 1 January 2025
33,468
Charge for the period
528
At 28 October 2025
33,996
Net book value
At 28 October 2025
1,056
6
Investments
Subsidiary undertakings
£
Valuation at 1 January 2025
4,725,757
Valuation at 28 October 2025
4,725,757
The company's investments as at 28 October 2025 in the share capital of companies include the following: Keyless Technologies SRL Ordinary shares 100% shareholding £4,710,776 Keyless Technologies PTE Ltd- Ordinary shares- 100% shareholding £14,981
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Keyless Technologies Limited Notes to the Accounts for the period from 1 January 2025 to 28 October 2025
7
Debtors
2025
2024
£
£
Amounts falling due within one year
VAT
17,361
26,328
Trade debtors
276,568
2,397
Amounts due from group undertakings etc.
243,408
194,428
Accrued income and prepayments
43,831
43,628
Other debtors
-
414,458
581,168
681,239
8
Creditors: amounts falling due within one year
2025
2024
£
£
Obligations under finance leases and hire purchase contracts
2,357
-
Trade creditors
221,674
87,817
Amounts owed to group undertakings and other participating interests
6,045,201
8,508,852
Taxes and social security
-
9,528
Other creditors
374,119
104,753
Accruals
90,687
29,842
Deferred income
275,277
39,221
7,009,315
8,780,013
9
Creditors: amounts falling due after more than one year
2025
2024
£
£
Amounts owed to group undertakings and other participating interests
6,416,893
-
10
Transactions with related parties
The amounts owed by group undertakings comprise of £243,408 loan made to its subsidiary Keyless Technologies PTE. The amounts owed to group undertakings comprise of two following loans: 1) £6,045,201 owed to Keyless Technologies SRL relates to intercompany service provided to Keyless Technologies Limited by its Italian subsidiary. 2) £6,416,893 owed by Keyless Technologies limited to its parent company Keyless Holding Ltd. No interest was charged on this loan.
11
Post balance sheet events
Subsequent to the balance sheet date, the entire issued share capital of the company was acquired by Ping Identity inc. Following the acquisition, the directors in office at the balance sheet date resigned and new directors were appointed. These financial statements have been approved by the directors appointed following the acquisition.
12
Average number of employees
During the period the average number of employees was 5 (2024: 4).
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