Keytec (GB) Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 10

Keytec (GB) Limited

Balance Sheet

31 December 2025

	Note	2025 £	2024 £
Fixed assets
Investments	4	2	2
Current assets
Debtors	5	1	165,946
Creditors: Amounts falling due within one year	6	(42,611)	(12,184)
Net current (liabilities)/assets		(42,610)	153,762
Net (liabilities)/assets		(42,608)	153,764
Capital and reserves
Called up share capital	7	100	100
Capital redemption reserve		559,900	559,900
Profit and loss account		(602,608)	(406,236)
Shareholders' (deficit)/funds		(42,608)	153,764

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 14 September 2026

.........................................

Mr H Stabenau

Director

Company Registration Number: 00252960

Keytec (GB) Limited

Notes to the Financial Statements

Year Ended 31 December 2025

1	General information

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

The address of its registered office is:
Centenary House
Peninsula Park
Rydon Lane
Exeter
EX2 7XE

These financial statements were authorised for issue by the director on 14 September 2026.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The functional currency of Keytec (GB) Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates.

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.

Group accounts not prepared

The Company is exempt under section 399 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as the group headed by this Company is subject to the small companies regime. Accordingly these financial statements present information about the Company as an individual undertaking and not as a group.

Keytec (GB) Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Going concern

The financial statements have been prepared on a going concern basis. At 31 December 2025 the Company had net liabilities of £42,608 (2024: net assets £153,764).

The Company has made no sales during the year and are wholly reliant on the financial support of its parent, Turbon AG, which primarily consists of expenses in relation to the defined benefit pension scheme.

Turbon AG have prepared budgets and forecasts for a period of more than 12 months from the date of approval of these financial statements which the director believes that they have sufficient resources available to support the Company. The director has also received confirmation that full financial support of its parent, Turbon AG, will be provided for the foreseeable future, being at least 12 months from the approval of these financial statements.

The directors therefore consider that the Company has adequate resources to enable it to continue as a going concern for a period of at least 12 months from the approval of these financial statements. The financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern.

Key sources of estimation uncertainty

The cost of the group's defined benefit pension plan is determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, mortality rates and future pension increases and an external actuary is used by management in determining the underlying assumptions and calculations. Due to the complexity of the valuation, the underlying assumptions and the long term nature of these plans, such estimates are subject to significant uncertainty. In determining the appropriate discount rate, management considers the interest rates of corporate bonds in the respective currency with at least AA rating, with extrapolated maturities corresponding to the expected duration of the defined benefit. The underlying bonds are further reviewed for quality, and those having excessive credit spreads are removed from the population bonds on which the discount rate is based, on the basis that they do not represent high quality bonds. The mortality rate is based on publicly available mortality tables for the specific country. Future pension increases are based on expected future inflation rates for the respective country. The actuarial valuation at the year end shows that the pension scheme assets are greater than the liabilities. No asset has been recognised in the financial statements of the company as the decision of any surplus to be refunded to the company lies with the trustees of the pension scheme.

Revenue recognition

Turnover represents the fair value of consideration receivable, excluding Value Added Tax, in the ordinary course of business for goods and services provided. Turnover in respect of recharged expenses incurred on behalf of the Turbon Group is recognised in accordance with the agreed terms when the expense is incurred. Turnover in respect of the distribution of typewriter consumables, laser toner cartridges and inkjet printer supplies is recognised when substantially all the risks and rewards of ownership are transferred to the customer, which is on the despatch of goods.

Foreign currency transactions and balances

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 rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Keytec (GB) Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Tax

Income tax represents the sum of current tax currently payable 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 in where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future, or a right to pay less tax in the future have occurred at the balance sheet date.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Defined contribution pension obligation

Contributions to the group's defined contribution pension scheme are charged to the profit and loss account in the year in which they become payable.

The difference between the fair value of assets held in the group's defined benefit pension scheme and the scheme's liabilities are measured on an actuarial basis using the projected unit method and recognised in the group's balance sheet as a pension asset or liability as appropriate. The carrying value of any resulting pension scheme asset is restricted to the extent that the group is able to recover the surplus either through reduced contributions in the future or through refunds from the scheme.

Changes in the defined pension scheme asset or liability arising from factors other than cash contributions by the group are charged to the profit and loss account or the statement of comprehensive income in accordance with FRS 102.

Defined benefit pension obligation

Contributions to the company's defined contribution pension scheme are charged to the profit and loss account in the year in which they become payable.

The difference between the fair value of assets held in the company's defined benefit pension scheme and the scheme's liabilities are measured on an actuarial basis using the projected unit method and recognised in the company's balance sheet as a pension asset or liability as appropriate. The carrying value of any resulting pension scheme asset is restricted to the extent that the company is able to recover the surplus either through reduced contributions in the future or through refunds from the scheme.

Changes in the defined pension scheme asset or liability arising from factors other than cash contributions by the company are charged to the profit and loss account or the statement of comprehensive income in accordance with FRS 102.

Keytec (GB) Limited

Notes to the Financial Statements

Year Ended 31 December 2025

Financial instruments

Financial assets and liabilities are recognised/(derecognised) when the group becomes/(ceases to be) party to the contractual provisions of the instrument. Other than financial assets and liabilities in respect of the defined benefit pension scheme as covered in a separate accounting policy, the group holds the following financial assets and liabilities

• Short term trade and other debtors and creditors (including group balances);
• Cash and bank balances.

Debtor and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment ("doubtful debts") are recognised in the profit and loss account before operating profit.

The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2024 - 0).

Keytec (GB) Limited

Notes to the Financial Statements

Year Ended 31 December 2025

4	Investments

	2025 £	2024 £
Investments in subsidiaries	2	2