ACCOUNTS - Final Accounts preparation

HANDFUL OF KEYS LIMITED - Company Information

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-04-302021-04-30true2020-05-01falseNo description of principal activity21falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 11955217 2020-05-01 2021-04-30 11955217 2019-04-18 2020-04-30 11955217 2021-04-30 11955217 2020-04-30 11955217 c:Director1 2020-05-01 2021-04-30 11955217 d:OfficeEquipment 2020-05-01 2021-04-30 11955217 d:OfficeEquipment 2021-04-30 11955217 d:OfficeEquipment 2020-04-30 11955217 d:OfficeEquipment d:OwnedOrFreeholdAssets 2020-05-01 2021-04-30 11955217 d:CurrentFinancialInstruments 2021-04-30 11955217 d:CurrentFinancialInstruments 2020-04-30 11955217 d:Non-currentFinancialInstruments 2021-04-30 11955217 d:Non-currentFinancialInstruments 2020-04-30 11955217 d:CurrentFinancialInstruments d:WithinOneYear 2021-04-30 11955217 d:CurrentFinancialInstruments d:WithinOneYear 2020-04-30 11955217 d:Non-currentFinancialInstruments d:AfterOneYear 2021-04-30 11955217 d:Non-currentFinancialInstruments d:AfterOneYear 2020-04-30 11955217 d:ShareCapital 2021-04-30 11955217 d:ShareCapital 2020-04-30 11955217 d:RetainedEarningsAccumulatedLosses 2020-05-01 2021-04-30 11955217 d:RetainedEarningsAccumulatedLosses 2021-04-30 11955217 d:RetainedEarningsAccumulatedLosses 2020-04-30 11955217 c:OrdinaryShareClass1 2020-05-01 2021-04-30 11955217 c:OrdinaryShareClass1 2021-04-30 11955217 c:OrdinaryShareClass1 2020-04-30 11955217 c:FRS102 2020-05-01 2021-04-30 11955217 c:AuditExempt-NoAccountantsReport 2020-05-01 2021-04-30 11955217 c:FullAccounts 2020-05-01 2021-04-30 11955217 c:PrivateLimitedCompanyLtd 2020-05-01 2021-04-30 11955217 2 2020-05-01 2021-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11955217

HANDFUL OF KEYS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2021

HANDFUL OF KEYS LIMITED

REGISTERED NUMBER: 11955217

BALANCE SHEET

AS AT 30 APRIL 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		916		-
			916		-
Current assets
Debtors: amounts falling due within one year	5	58,031		8,500
Cash at bank and in hand	6	28		3,669
		58,059		12,169
Creditors: amounts falling due within one year	7	(34,727)		(6,157)
Net current assets			23,332		6,012
Total assets less current liabilities			24,248		6,012
Creditors: amounts falling due after more than one year			(25,000)		-

Net (liabilities)/assets			(752)		6,012

Capital and reserves
Called up share capital	9	100	100
Profit and loss account	10	(852)	5,912
		(752)	6,012

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

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HANDFUL OF KEYS LIMITED

REGISTERED NUMBER: 11955217

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 January 2022.

A N de Rauville

Director

The notes on pages 3 to 8 form part of these financial statements.

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HANDFUL OF KEYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

1.Accounting policies

1.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

1.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

1.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

1.4

Finance costs

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.

1.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

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HANDFUL OF KEYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

1.Accounting policies (continued)

1.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

1.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

1.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33%

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.

1.9

Debtors

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.

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HANDFUL OF KEYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

1.Accounting policies (continued)

1.10

Cash and cash equivalents

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.

1.11

Creditors

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.

1.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

1.13

Dividends

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.

2.	Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily ascertainable from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual outcomes may differ from these estimates.
The estimates and underlying assumptions are reviewed on a continuing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised.
The key areas of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:
Prepayments & Accrued Expenditure
The company includes a provision for invoices which are yet to be received from and amounts paid in advance to suppliers. These provisions are estimated based upon the expected values of the invoices which are issued and services received following the period end.

Employees

The average monthly number of employees, including directors, during the year was 2 (2020 - 1).

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HANDFUL OF KEYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	1,116
	At 30 April 2021	1,116
	Depreciation
	Charge for the year on owned assets	200
	At 30 April 2021	200
	Net book value
	At 30 April 2021	916
	At 30 April 2020	-

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HANDFUL OF KEYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

Debtors

					2021	2020
					£	£


Other debtors	40,698	8,500
Prepayments and accrued income	17,333	-
	58,031	8,500

6.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	28	3,669
	28	3,669

7.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Corporation tax	-	4,663
Other taxation and social security	4,271	125
Other creditors	3,130	170
Accruals and deferred income	27,326	1,199
	34,727	6,157

8.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

Bank loans	25,000	-
	25,000	-

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HANDFUL OF KEYS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2021

9.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

100 (2020 - 100) Ordinary shares of £1.00 each	100	100

10.

Reserves

Profit and loss account

The profit and loss reserve is fully distributable.

11.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £835. Contributions totalling £244 were payable to the fund at the balance sheet date and are included in creditors.

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