Keybay Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 09797232 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2017

for

Keybay Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

E Farkash

O Bar

D S Katz

REGISTERED OFFICE:

Unit 2 Sayer House

Oxgate Lane

London

NW2 7JN

REGISTERED NUMBER:

09797232 (England and Wales)

ACCOUNTANTS:

CAAS

Chartered Accountants

Suite 203, 2nd Floor

China House

401 Edgware Road

London

NW2 6GY

FIXED ASSETS

Investment property

4

1,693,761

1,611,679

CURRENT ASSETS

Debtors

5

335,630

62,695

Cash at bank

27,639

10,638

363,269

73,333

CREDITORS

Amounts falling due within one year

6

120,034

1,157,198

NET CURRENT ASSETS/(LIABILITIES)

243,235

(1,083,865

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,936,996

527,814

CREDITORS

Amounts falling due after more than one year

7

2,026,478

536,400

NET LIABILITIES

(89,482

)

(8,586

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(89,582

)

(8,686

)

SHAREHOLDERS' FUNDS

(89,482

)

(8,586

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 29 June 2018 and were signed on its behalf by:

E Farkash - Director

1.	STATUTORY INFORMATION

Keybay Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company 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 historical cost

convention, and in accordance with the accounting policies set out below.

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 28

September 2015.

No transitional adjustments were required in equity or profit and loss for the year.

Going concern

At 30 September 2017, the balance sheet showed net current assets of £243,235 (2016 - net current liabilities

£1,083,865), and a net deficit of £89,482 (2016 - £8,586). The directors have given an undertaking to financially

support the company for at least 12 months from the date of signature on the balance sheet. The situation will be

reviewed after this time. On this basis, the directors consider it appropriate to prepare the financial statements on

the going concern basis.

Changes in accounting policies

There have been no changes in accounting policies as a result of the transition to FRS 102.

Turnover

Turnover is measured at the fair value of the consideration received, excluding discounts, rebates, value added

tax and other sales taxes. Turnover is recognised over the period of rental.

Investment property

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", investment properties are revalued

annually and the aggregate surplus or deficit is transferred to revaluation reserve. No depreciation is provided in

respect of investment properties.

The Companies Act 2006 requires all properties to be depreciated. However this requirement conflicts with the

generally accepted accounting principle set out in section 1A "Small Entities" of Financial Reporting Standard

102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The director considers

that because the property is not held for consumption but for its investment potential, to depreciate it would not

give true and fair view, and that is necessary to adopt section 1A "Small Entities" of Financial Reporting

Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" in order to give

true and fair view. Depreciation is only one of the many factors reflected in the annual valuation and the amount

which might otherwise have been shown cannot be separately identified or quantified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

Provisions and accruals

Provisions are recognised when there is a present legal or constructive obligation as a result of past events and

the amount can be reliably estimated. Provisions are not recognised for future operating losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INVESTMENT PROPERTY

Total

£

COST

At 1 October 2016

1,611,679

Additions

82,082

At 30 September 2017

1,693,761

NET BOOK VALUE

At 30 September 2017

1,693,761

At 30 September 2016

1,611,679

In the opinion of the directors, the market value of the property at the balance sheet date was £1,693,761 on an

open market basis.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Amounts owed by associates

335,630

-

Other debtors

-

62,695

335,630

62,695

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans and overdrafts

77,793

-

Rate setter mortgage

-

1,155,198

Amounts owed to associates

2,669

-

Accruals and deferred income

39,572

2,000

120,034

1,157,198

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.17

30.9.16

£

£

Bank loans - 2-5 years

1,957,110

-

Directors' loan accounts

-

536,400

Accruals and deferred income

69,368

-

2,026,478

536,400

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.17

30.9.16

£

£

Bank loan

2,034,903

-

Security Trustee Services Ltd

-

1,155,198

2,034,903

1,155,198

The bank loan is secured by fixed and floating charges over the company's investment property. The floating

charge covers all of the property or undertaking of the company. These charges also contain a negative pledge.