ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
for the year ended
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Keyways Security Systems Limited
Company Information
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Keyways Security Systems Limited
Contents
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Keyways Security Systems Limited
Group strategic report
for the year ended 31 March 2020
The directors present the strategic report for the year ended 31 March 2020.
The results for the period are given in the profit and loss on page 8.
Turnover has increased by £142k to £8,982k, with operating profit increasing by £216k to £959k. The balance sheet shows that the net assets of the company increased by £721k in the year. At 31 March 2020, group net assets were £6,117k (2019: £5,396k). We intend to continue to invest in our infrastructure and employees to allow us to continue our growth and market share. The current environment continues to provide challenges, however we are confident that we will maintain our current level of performance in the future and are continually investing and looking for market opportunities either as acquisitions or joint ventures. On 9 March 2020, the entire share capital of Keyways Security Systems was acquired by Walker Fire (UK) Limited, which is in turn a wholly owned subsidiary of Moyne Roberts Limited (formerly Printbetter Limited).
Competitive pressure, technological advances, industry regulation and market pressure are all considered to be significant risks. The company maintains its position by delivering the latest solutions using a wide range of products certified to the latest industry standards and installed by well trained and dedicated staff. 50 years of trading shows a strong track record of being an industry leader and delivering the correct solution to a broad range of loyal clients across the northwest
The Company is primarily equity financed and therefore faces no interest rate risk. A large part of the Company’s income is through recurring monthly fees for monitoring and maintenance services. This provides the Company with a solid base of clients for referral and remedial work. The utilisation of working capital is closely monitored by operating appropriate control over its debtor and creditor balances and therefore exposure to cash flow risk from realising its working capital is very small. The economic impact of Covid-19 brings further risk and uncertainty to the business, however the business was able to continue trading during lockdown for emergency work and since restrictions have been lifted, more normal levels of trade have been carried out. At this stage, the impact on our business and results is limited, however we may experience a decline in trade depending on the overall impact of the virus on the economy.
The director is of the opinion that detailed analysis using key performance indicators is not necessary for an understanding of the development, performance or position of the business. Ongoing monitoring of the actual profit and cash flow against budget is deemed to be sufficient.
Gross profit margins for the year are 38.1% (2019: 36.8%). Profit after tax for the year was £748,231 (2019: £655,535).
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Keyways Security Systems Limited
Group strategic report (continued)
for the year ended 31 March 2020
This report was approved by the board and signed on its behalf.
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Keyways Security Systems Limited
Directors' report
for the year ended 31 March 2020
The directors present their report and the financial statements for the year ended 31 March 2020.
The directors are responsible for preparing the group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £748,231 (2019 -£655,535).
Dividends of £nil (2019: £9,000) have been proposed.
The directors who served during the year were:
Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
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Keyways Security Systems Limited
Directors' report (continued)
for the year ended 31 March 2020
There have been no significant events affecting the Group since the year end.
The financial statements have been prepared on a going concern basis. The following paragraphs set out the basis of which the directors have reached their conclusion. The Group has a Profit before tax of £1,028,218 (2019: £832,737) and net assets totalling £6,117,153 (2019: £5,395,947) at 31 March 2020. The Covid-19 virus outbreak has had a significant impact on many UK businesses. The directors of Keyways Security Systems Limited carried out a variety of reactive actions which enabled them to mitigate the impact of the Covid-19 outbreak on their business. These included the deferment and cancelling of costs, where appropriate, and the use of the government’s furlough scheme for staff where necessary. In addition, management have performed risk assessments and developed new procedures to ensure that the Group's premises, and onsite working practices, are Covid-19 secure and a safe environment for their employees and customers to work in. The Group currently meets its working capital requirements through its cash balances and bank funding. Based on the Group's forecasts and projections, the directors believe they have sufficient facilities to trade through the next 12 month period. Therefore, the directors believe it is appropriate to prepare the accounts to 31 March 2020 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Keyways Security Systems Limited
Independent Auditors' Report to the Members of Keyways Security Systems Limited
We have audited the financial statements of Keyways Security Systems Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 March 2020, which comprise the Group statement of comprehensive income, the Group and company statements of financial position, the Group statement of cash flows, the Group and company statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a
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Keyways Security Systems Limited
Independent Auditors' Report to the Members of Keyways Security Systems Limited (continued)
material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the group strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the directors' responsibilities statement on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.
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Keyways Security Systems Limited
Independent Auditors' Report to the Members of Keyways Security Systems Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
This report is made solely to the company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
Lancashire Gate
21 Tiviot Dale
SK1 1TD
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Keyways Security Systems Limited
Consolidated statement of comprehensive income
for the year ended 31 March 2020
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Keyways Security Systems Limited
Registered number: 02967659
Consolidated statement of financial position
as at
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Keyways Security Systems Limited
Registered number: 02967659
Consolidated statement of financial position (continued)
as at 31 March 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 38 form part of these financial statements.
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Keyways Security Systems Limited
Registered number: 02967659
Company statement of financial position
as at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 38 form part of these financial statements.
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Keyways Security Systems Limited
Consolidated statement of changes in equity
for the year ended 31 March 2020
Consolidated statement of changes in equity
for the year ended 31 March 2019
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Keyways Security Systems Limited
Company statement of changes in equity
for the year ended 31 March 2020
Company statement of changes in equity
for the year ended 31 March 2019
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Keyways Security Systems Limited
Consolidated statement of cash flows
for the year ended 31 March 2020
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Keyways Security Systems Limited
Consolidated statement of cash flows (continued)
for the year ended 31 March 2020
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Keyways Security Systems Limited
Consolidated Analysis of Net Debt
for the year ended 31 March 2020
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
Keyways Security Systems Limited is a private company limited by members capital incorporated in England and Wales, company number 02967659. The company's registered office is Unit 2 Roman Court, Roman Way Longridge Road, Ribbleton, Preston, England, PR2 5BB. The company's trading address is 329-333 Hale Road, Hale Barns, Altrincham, Cheshire, WA15 8SS.
The nature of the group and company's principal activity is that of design, installation, commissioning and maintenance of fire and security solutions including fire detection and intruder alarm systems, access control and CCTV.
2.Accounting policies
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 Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. Parent Company disclosure exemptions In preparing the separate financial statements of the parent Company, advantage has been taken of the following disclosure exemptions available in FRS 102: No Statement of Cash Flows has been presented for the parent Company.
The consolidated financial statements present the results of Group and its own subsidiaries ("the Group") as they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis. The following paragraphs set out the
basis of which the directors have reached their conclusion. The Group has a Profit before tax of £1,028,218 (2019: £832,737) and net assets totalling £6,117,153 (2019: £5,395,947) at 31 March 2020. The Covid-19 virus outbreak has had a significant impact on many UK businesses. The directors of Keyways Security Systems Limited carried out a variety of reactive actions which enabled them to mitigate the impact of the Covid-19 outbreak on their business. These included the deferment and cancelling of costs, where appropriate, and the use of the government’s furlough scheme for staff where necessary. In addition, management have performed risk assessments and developed new procedures to ensure that the Group's premises, and onsite working practices, are Covid-19 secure and a safe environment for their employees and customers to work in. The Group currently meets its working capital requirements through its cash balances and bank funding. Based on the Group's forecasts and projections, the directors believe they have sufficient facilities to trade through the next 12 month period. Therefore, the directors believe it is appropriate to prepare the accounts to 31 March 2020 on a going concern basis and there will be no adverse effect on solvency for more than 12 months after the date of approval of the financial statements.
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue in respect to new installations is recognised at the point where all work has been completed and the system is operational. If there are stage payments which are non-refundable then income will be recognised as these fall due. Monitoring income is recognised on a month by month basis.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Interest income is recognised in profit or loss using the effective interest method.
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.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
2.Accounting policies (continued)
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
2.Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
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.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
2.Accounting policies (continued)
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Group 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 Consolidated statement of comprehensive income 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 statement of financial position date. Gains and losses on remeasurement are recognised in profit or loss for the period.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The consolidated statement of comprehensive income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the consolidated statement of financial position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. Any premium on acquisition is dealt with in accordance with the goodwill policy.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.
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.
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.
In the consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
2.Accounting policies (continued)
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.
Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the statement of financial position.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
2.Accounting policies (continued)
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.
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.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements and key sources of estimation uncertainty have had the most significant effect on amounts recognised in the financial statements:
Goodwill and intangible assets The Group establishes a reliable estimate of the useful life of goodwill and intangible assets arising on business combinations. This estimate is based on a variety of factors such as the expected use of the acquired business, the expected useful life of the cash generating units to which the goodwill is attributed, any legal, regulatory or contractual provisions that can limit useful life and assumptions that market participants would consider in respect of similar businesses. At the year end, the group has goodwill with a carrying value of £106,009 (2019: £174,931). Impairment of non-financial assets Where there are indicators of impairment of individual assets, the Group peforms impairment tests based on fair value less costs to sell or a value in use calculation. Provisions for impairment loss on trade receivables Management exercises judgement in providing for impairment loss on trade receivables. At the year end, the group has trade debtors of £1,579,541 (2019: £1,682,414). Other estimates and judgements Management also excercises judgement in estimating the useful life of property, plant and equipment. At the year end, the group has tangible fixed assets with a net book value of £622,932 (2019: £593,664).
The whole of the turnover is attributable to the principal activity of the business.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
11.Taxation (continued)
There were no factors that may affect future tax charges.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
14.Tangible fixed assets (continued)
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
14.Tangible fixed assets (continued)
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
Page 33
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
Page 34
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
Net obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
Capital redemption reserve
The capital redemption reserve records the nominal value of shares repurchased by the company. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses.
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
On 19 June 2019 the Group acquired the remaining 7.4% of the issued share capital of G.B. Security Systems Limited for a purchase consideration of £27,025. The Group now holds 100% of the equity share capital of G.B. Security Systems Limited. At the date of acquisition the Group de-recognised the carrying amount of the non-controlling interest of £7,408 and recorded a decrease in equity attributable to the owners of the parent of £19,617.
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £82,134 (2019: £54,786).
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Keyways Security Systems Limited
Notes to the financial statements
for the year ended 31 March 2020
At the start of period, Keyways Security Systems Limited was controlled by Michael Greaves, the director and principal shareholder of the company.
On 9 March 2020, the entire share capital of Keyways Security Systems was acquired by Walker Fire (UK) Limited, which is in turn a wholly owned subsidiary of Moyne Roberts Limited (formerly Printbetter Limited). The company’s ultimate parent undertaking is therefore Moyne Roberts Limited (formerly Printbetter Limited), a company registered in England and Wales, company number 02548618. There is no overall controlling party of Printbetter Limited.
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