Key Conveyancing LLP - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: OC380039 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2023

FOR

KEY CONVEYANCING LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

DS Iles

J Punni

S Sgoluppi

JTW Turner

REGISTERED OFFICE:

St Edmunds House

St Edmunds Rd

Northampton

Northamptonshire

NN1 5DY

REGISTERED NUMBER:

OC380039 (England and Wales)

ACCOUNTANTS:

Bewers Turner & Co LLP

Chartered Accountants

Portland House

11-13 Station Road

Kettering

Northamptonshire

NN15 7HH

FIXED ASSETS

Tangible assets

4

370,641

106,452

CURRENT ASSETS

Debtors

5

362,824

550,151

Cash at bank

1,399,923

669,381

1,762,747

1,219,532

CREDITORS

Amounts falling due within one year

6

543,391

499,393

NET CURRENT ASSETS

1,219,356

720,139

TOTAL ASSETS LESS CURRENT LIABILITIES

1,589,997

826,591

CREDITORS

Amounts falling due after more than one year

7

126,080

-

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,463,917

826,591

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

1,463,917

826,591

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

1,463,917

826,591

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31st March 2023.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 6th July 2023 and were signed by:

JTW Turner - Designated member

DS Iles - Designated member

1.	STATUTORY INFORMATION

Key Conveyancing LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost and 15% on cost

Government grants

Income from government grants have been recognised using the accruals model. Grants received related to revenue have been recognised on a systematic basis over the period in which the entity has recognised the related cost. Grants received giving immediate financial support to the entity with no future related costs have been recognised in the period in which it became receivable.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period.The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

The company is party to only basic financial instruments such as cash, trade debtors and creditors. Instruments such as trade debtors and creditors are initially recognised at their transaction cost and reviewed at the year end for impairment.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was 112 (2022 - 97 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st April 2022

266,028

Additions

357,083

Disposals

(56,046

)

At 31st March 2023

567,065

DEPRECIATION

At 1st April 2022

159,576

Charge for year

92,790

Eliminated on disposal

(55,942

)

At 31st March 2023

196,424

NET BOOK VALUE

At 31st March 2023

370,641

At 31st March 2022

106,452

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

272,945

457,196

Other debtors

89,879

92,955

362,824

550,151

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

42,838

-

Hire purchase contracts (see note 8)

20,016

-

Trade creditors

121,859

124,516

Taxation and social security

320,086

341,084

Other creditors

38,592

33,793

543,391

499,393

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Hire purchase contracts (see note 8)

126,080

-

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

Hire purchase

contracts

2023

2022

£

£

Net obligations repayable:

Within one year

20,016

-

Between one and five years

126,080

-

146,096

-

At the year end the company had total commitments under operating leases expiring within 5 years of £428,304 (2022: £280,956).

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members would rank after all other creditors.

10.	ULTIMATE CONTROLLING PARTY

In the opinion of the members there is no individual controlling party.