KEYPOINT TECHNOLOGIES (UK) LIMITED - Filleted accounts

KEYPOINT TECHNOLOGIES (UK) LIMITED - Filleted accounts

KEYPOINT TECHNOLOGIES (UK) LIMITED - Company Information

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Registered number
SC269107
KEYPOINT TECHNOLOGIES (UK) LIMITED
Filleted Accounts
30 June 2022
KEYPOINT TECHNOLOGIES (UK) LIMITED
Registered number: SC269107
Balance Sheet
as at 30 June 2022
Notes 2022 2021
£ £
Fixed assets
Intangible assets 4 82,362 103,893
Tangible assets 5 - 1
Investments 6 13,478,934 13,478,934
13,561,296 13,582,828
Current assets
Debtors 7 315,969 290,724
Cash at bank and in hand 13,010 13,160
328,979 303,884
Creditors: amounts falling due within one year 8 (4,851,914) (4,016,919)
Net current liabilities (4,522,935) (3,713,035)
Total assets less current liabilities 9,038,361 9,869,793
Creditors: amounts falling due after more than one year 9 (18,818,377) (17,928,377)
Net liabilities (9,780,016) (8,058,584)
Capital and reserves
Called up share capital 8,076 8,076
Share premium 11,812,552 11,812,552
Profit and loss account (21,600,644) (19,879,212)
Shareholders' funds (9,780,016) (8,058,584)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Peter Charles Waller
Director
Approved by the board on 28 June 2023
KEYPOINT TECHNOLOGIES (UK) LIMITED
Notes to the Accounts
for the year ended 30 June 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover 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 and value added tax. 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.
Intangible fixed assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Costs incurred relating to patents, licenses and intellectual property rights are being written off over their estimated useful life of ten years.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is provided on all items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:

UK - Computer equipment - 33.3% on a straight line basis
Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Investments
Investments are initially recognised at cost which is normally the transaction price including transaction costs. Subsequently, they are measured at cost less impairment.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Debtors
Short 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.
Creditors
Short 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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Research and development
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions 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.
Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Other Operating income 2022 2021
£ £
Sundry receipts 992
R&D Credit 128,319 235,594
Government grants 10,438 51,477
139,749 287,071
3 Employees and Directors 2022 2021
Number Number
Average number of persons employed by the company 3 3
Wages and nic 71,770 206,305
Directors' remuneration 72,000 72,000
4 Intangible fixed assets £
Patents and licences:
Cost
At 1 July 2021 213,959
At 30 June 2022 213,959
Amortisation
At 1 July 2021 110,066
Provided during the year 21,531
At 30 June 2022 131,597
Net book value
At 30 June 2022 82,362
At 30 June 2021 103,893
Costs incurred relating to patents, licenses and intellectual property rights are being written off over their
estimated useful life of ten years.
5 Tangible fixed assets
Computer
equipment etc
£
Cost
At 1 July 2021 321,122
At 30 June 2022 321,122
Depreciation
At 1 July 2021 321,121
Charge for the year 1
At 30 June 2022 321,122
Net book value
At 30 June 2022 -
At 30 June 2021 1
6 Fixed Asset Investments
Unlisted
investments
£
Cost
At 1 July 2021 13,478,934
At 30 June 2022 13,478,934
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:
Subsidiaries Class of shares Holding %
Keypoint Technologies (India) Private Limited Ordinary 99.99
Keypoint Technologies US Inc Common Stock 100.00
7 Debtors 2022 2021
£ £
Trade debtors 75,976 51,352
Prepayments and accrued income 1,813 3,193
VAT 2,586 585
Other debtors 235,594 235,594
315,969 290,724
8 Creditors: amounts falling due within one year 2022 2021
£ £
Trade creditors 175,100 159,107
Amounts owed to group undertakings and undertakings in which the company has a participating interest 103,274 103,274
Taxation and social security costs 221 -
Other creditors 4,573,319 3,754,538
4,851,914 4,016,919
9 Creditors: amounts falling due after one year 2022 2021
£ £
Other loans (see note below) 18,818,377 17,928,377
10 Loans 2022 2021
£ £
Creditors include:
Other loans - 2-5 years 18,818,377 17,928,377
11 Related Party Exemption
The company has taken exemption from presenting related party transactions as per FRS 102 1AC.35
12 Exemption from Consolidation
The company has taken an exemption from preparing consolidated financial statements as per FRS 102 Para 9.3 sub-para (e).
13 Other information
KEYPOINT TECHNOLOGIES (UK) LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1 Ainslie Road
Hillington Park
Glasgow
Scotland
G52 4RU
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