MARKETKEY LTD


MARKETKEY LTD

Company Registration Number:
05900426 (England and Wales)

Unaudited abridged accounts for the year ended 30 August 2019

Period of accounts

Start date: 31 August 2018

End date: 30 August 2019

MARKETKEY LTD

Contents of the Financial Statements

for the Period Ended 30 August 2019

Balance sheet
Notes

MARKETKEY LTD

Balance sheet

As at 30 August 2019


Notes

2019

2018


£

£
Fixed assets
Intangible assets: 3 3,033 3,683
Tangible assets: 4 40,636 38,668
Investments: 5 98 98
Total fixed assets: 43,767 42,449
Current assets
Debtors:   400,435 476,213
Cash at bank and in hand: 736,096 515,346
Total current assets: 1,136,531 991,559
Creditors: amounts falling due within one year:   (825,140) (726,378)
Net current assets (liabilities): 311,391 265,181
Total assets less current liabilities: 355,158 307,630
Total net assets (liabilities): 355,158 307,630
Capital and reserves
Called up share capital: 2 2
Share premium account: 4,574 0
Profit and loss account: 350,582 307,628
Shareholders funds: 355,158 307,630

The notes form part of these financial statements

MARKETKEY LTD

Balance sheet statements

For the year ending 30 August 2019 the company was entitled to exemption 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.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 12 May 2020
and signed on behalf of the board by:

Name: William Milling
Status: Director

The notes form part of these financial statements

MARKETKEY LTD

Notes to the Financial Statements

for the Period Ended 30 August 2019

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Tangible fixed assets and depreciation policy

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:Plant and machinery - over 3 years

Intangible fixed assets and amortisation policy

Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.

Other accounting policies

InvestmentsInvestments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment lossesDebtorsShort term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.CreditorsShort term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.TaxationA current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.Foreign currency translationTransactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.Operating leasesOperating lease payments are recognised as an expense on a straight line basis over the lease term.PensionsContributions to defined contribution plans are expensed in the period to which they relate.

MARKETKEY LTD

Notes to the Financial Statements

for the Period Ended 30 August 2019

2. Employees

2019 2018
Average number of employees during the period 22 19

MARKETKEY LTD

Notes to the Financial Statements

for the Period Ended 30 August 2019

3. Intangible Assets

Total
Cost £
At 31 August 2018 6,500
At 30 August 2019 6,500
Amortisation
At 31 August 2018 2,817
Charge for year 650
At 30 August 2019 3,467
Net book value
At 30 August 2019 3,033
At 30 August 2018 3,683

MARKETKEY LTD

Notes to the Financial Statements

for the Period Ended 30 August 2019

4. Tangible Assets

Total
Cost £
At 31 August 2018 72,599
Additions 23,158
Disposals (1,719)
At 30 August 2019 94,038
Depreciation
At 31 August 2018 33,931
Charge for year 21,190
On disposals (1,719)
At 30 August 2019 53,402
Net book value
At 30 August 2019 40,636
At 30 August 2018 38,668

MARKETKEY LTD

Notes to the Financial Statements

for the Period Ended 30 August 2019

5. Fixed investments

Investments comprise investments in subsidaries.At 31 August 2018 - £98At 31 August 2019 - £98

MARKETKEY LTD

Notes to the Financial Statements

for the Period Ended 30 August 2019

6. Financial commitments

Total future minimum payments under non-cancellable operating leases:At 31 August 2018 - £115,536At 31 August 2019 - £52,969