Key Transitions Ltd - Filleted accounts

Key Transitions Ltd - Filleted accounts

KEY TRANSITIONS LTD - Company Information

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Registered number
07917994
Key Transitions Ltd
Filleted Accounts
31 January 2023
Key Transitions Ltd
Registered number: 07917994
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 14,242 15,843
Current assets
Debtors 4 409,051 176,383
Cash at bank and in hand 532,647 336,624
941,698 513,007
Creditors: amounts falling due within one year 5 (402,473) (216,261)
Net current assets 539,225 296,746
Total assets less current liabilities 553,467 312,589
Creditors: amounts falling due after more than one year 6 - (22,945)
Net assets 553,467 289,644
Capital and reserves
Called up share capital 1 1
Profit and loss account 553,466 289,643
Shareholder's funds 553,467 289,644
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
C Brim
Director
Approved by the board on 24 July 2023
Key Transitions Ltd
Notes to the Accounts
for the year ended 31 January 2023
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 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
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:
Motor vehicles 20% reducing balance basis
Equipment 20% reducing balance basis
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.
Taxation
A 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 February 2022 19,369 19,185 38,554
Additions 1,086 - 1,086
At 31 January 2023 20,455 19,185 39,640
Depreciation
At 1 February 2022 12,268 10,443 22,711
Charge for the year 1,638 1,049 2,687
At 31 January 2023 13,906 11,492 25,398
Net book value
At 31 January 2023 6,549 7,693 14,242
At 31 January 2022 7,101 8,742 15,843
4 Debtors 2023 2022
£ £
Trade debtors 363,413 127,508
Other debtors 45,638 48,875
409,051 176,383
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22,945 27,534
Trade creditors 91,570 46,578
Taxation and social security costs 253,124 134,523
Other creditors 34,834 7,626
402,473 216,261
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 22,945
7 Related party transactions
Included in other debtors is a loan to C.A.B Estates Ltd of which Mr Brim is also a director and shareholder. The loan is made under normal market conditions.
8 Controlling party
The company is owned and controlled by Mr C Brim, a director who owns 100% of the company's issued share capital.
9 Other information
Key Transitions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bradgate Suite
The Crescent
27 King Street
Leicester
LE1 6RX
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