Abbreviated Company Accounts - KEYLEX LIMITED

01872325 KEYLEX LIMITED 2014-12-31 false 2014-01-01 2014-12-31 true 01872325 2014-01-01 2014-12-31 01872325 2014-12-31 01872325 2013-12-31 01872325 uk-gaap-cd-bus:Director1 2014-01-01 2014-12-31 01872325 uk-gaap-cd-bus:Director2 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-01-01 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2014-12-31 uk-gaap-cd-bus:OrdinaryShareClass1 2013-12-31 iso4217:GBP shares

Registered Number 01872325

KEYLEX LIMITED

Abbreviated Accounts

31 December 2014

KEYLEX LIMITED Registered Number 01872325

Abbreviated Balance Sheet as at 31 December 2014

	Notes	2014	2013
		£	£
Fixed assets
Intangible assets	2	-	16,250
Tangible assets	3	1,841,800	1,288,750
		1,841,800	1,305,000
Current assets
Stocks		23,617	29,894
Debtors		20,412	13,041
Investments		148	148
Cash at bank and in hand		43,120	246,553
		87,297	289,636
Creditors: amounts falling due within one year	4	(427,731)	(113,655)
Net current assets (liabilities)		(340,434)	175,981
Total assets less current liabilities		1,501,366	1,480,981
Creditors: amounts falling due after more than one year	4	(136,000)	(200,000)
Provisions for liabilities		(15,463)	(20,818)
Total net assets (liabilities)		1,349,903	1,260,163
Capital and reserves
Called up share capital	5	100	100
Revaluation reserve		276,600	276,600
Profit and loss account		1,073,203	983,463
Shareholders' funds		1,349,903	1,260,163

For the year ending 31 December 2014 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.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 10 September 2015

And signed on their behalf by:
EF CLARKE, Director

KEYLEX LIMITED Registered Number 01872325

Notes to the Abbreviated Accounts for the period ended 31 December 2014

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention as modified by the revaluation of land and buildings and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
Turnover comprises revenue recognised by the company in respect of goods and services provided during the year, exclusive of Value Added Tax and trade discounts.

Tangible assets depreciation policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation on other assets is provided at rates calculated to write off the cost or valuation of those assets, less their estimated residual value over their expected useful lives on the following bases:
Freehold properties - not depreciated - see below
Plant and machinery - 25% reducing balance
Motor vehicles - 25% reducing balance
The company has not depreciated the buildings as required under the FRSS, the directors are of the opinion that as there is a policy and practice of regular maintenance and repair the assets will be kept to their previously assessed standard and there is little likelihood of the assets suffering economic obsolescence.

Other accounting policies
PENSIONS
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either financial assets, financial liabilities, or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

2Intangible fixed assets

	£
Cost
At 1 January 2014	16,250
Additions	-
Disposals	-
Revaluations	-
Transfers	-
At 31 December 2014	16,250
Amortisation
At 1 January 2014	0
Charge for the year	16,250
On disposals	-
At 31 December 2014	16,250
Net book values
At 31 December 2014	0
At 31 December 2013	16,250

3Tangible fixed assets

	£
Cost
At 1 January 2014	1,594,524
Additions	589,400
Disposals	(6,957)
Revaluations	-
Transfers	-
At 31 December 2014	2,176,967
Depreciation
At 1 January 2014	305,774
Charge for the year	36,117
On disposals	(6,724)
At 31 December 2014	335,167
Net book values
At 31 December 2014	1,841,800
At 31 December 2013	1,288,750

The freehold properties were revalued on 17 September 2012 on the basis of open market value. The historical cost of these properties is £1,445,647.

4Creditors

	2014 £	2013 £
Secured Debts	400,000	200,000

5Called Up Share Capital
Allotted, called up and fully paid:

	2014 £	2013 £
100 Ordinary shares of £1 each	100	100