Company Registration No. 04819163 (England and Wales)
Advanced Keys Limited
Unaudited accounts
for the year ended 30 June 2022
Advanced Keys Limited
Company Information
for the year ended 30 June 2022
Directors
Kim Stanier
Greg Chambers
Barry Boustead
Company Number
04819163 (England and Wales)
Registered Office
Unit D1, OYO Business Park
187 Park Lane
Birmingham
B35 6AN
Accountants
Debbie Howard
12 Plantation Drive
Sutton Coldfield
West Midlands
B75 7JQ
Advanced Keys Limited
Statement of financial position
as at
30 June 2022
Inventories
233,733
218,774
Cash at bank and in hand
77,754
101,315
Creditors: amounts falling due within one year
(67,652)
(96,598)
Net current assets
310,361
296,683
Total assets less current liabilities
311,621
296,714
Provisions for liabilities
Net assets
311,382
296,708
Called up share capital
90
90
Capital redemption reserve
30
30
Profit and loss account
311,262
296,588
Shareholders' funds
311,382
296,708
For the year ending 30 June 2022 the company was entitled to exemption from audit 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 and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 December 2022 and were signed on its behalf by
Kim Stanier
Director
Company Registration No. 04819163
Advanced Keys Limited
Notes to the Accounts
for the year ended 30 June 2022
Advanced Keys Limited is a private company, limited by shares, registered in England and Wales, registration number 04819163. The registered office is Unit D1, OYO Business Park, 187 Park Lane, Birmingham, B35 6AN.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & Machinery over 4 years
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Advanced Keys Limited
Notes to the Accounts
for the year ended 30 June 2022
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
The Directors loan has been repaid.
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Tangible fixed assets
Plant & machinery
Cost or valuation
At cost
Amounts falling due within one year
Trade debtors
44,899
49,204
Accrued income and prepayments
3,857
3,048
Other debtors
17,770
20,940
6
Creditors: amounts falling due within one year
2022
2021
Trade creditors
51,003
63,087
Taxes and social security
9,430
23,093
Proposed dividends
6,000
6,000
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Average number of employees
During the year the average number of employees was 5 (2021: 5).