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REGISTERED NUMBER: 11049221 (England and Wales)











UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

FOR

KEY FOUR LTD

KEY FOUR LTD (REGISTERED NUMBER: 11049221)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


KEY FOUR LTD (REGISTERED NUMBER: 11049221)

STATEMENT OF FINANCIAL POSITION
30 NOVEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 3,753 4,504
Investment property 5 1,745,000 1,442,908
1,748,753 1,447,412

CURRENT ASSETS
Debtors 6 1,180 1,330
Cash at bank 71,454 5,243
72,634 6,573
CREDITORS
Amounts falling due within one year 7 10,065 1,134,527
NET CURRENT ASSETS/(LIABILITIES) 62,569 (1,127,954 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,811,322

319,458

CREDITORS
Amounts falling due after more than one
year

8

(1,463,073

)

(281,400

)

PROVISIONS FOR LIABILITIES 10 (76,461 ) -
NET ASSETS 271,788 38,058

CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 226,569 -
Retained earnings 45,119 37,958
271,788 38,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 14 November 2024 and were signed on its behalf by:



Mr A Tornari - Director


KEY FOUR LTD (REGISTERED NUMBER: 11049221)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1. STATUTORY INFORMATION

Key Four Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 11049221

Registered office: 1 Kings Avenue
London
N21 3NA

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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are significant judgements and estimates involved in the preparation of the financial statements.

Revenue
Revenue represents the value of rental income chargeable in respect of the company's investment property. Revenue is recognised evenly over the period of the rental agreement.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Fixtures and fittings - 10% on Straight line basis

The company has adopted the policy of not depreciating the assets in the first year, however full depreciation is provided in the year of disposal.

Investment property
Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet date.


KEY FOUR LTD (REGISTERED NUMBER: 11049221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

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

4. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and
fittings
£   
COST
At 1 December 2022
and 30 November 2023 7,507
DEPRECIATION
At 1 December 2022 3,003
Charge for year 751
At 30 November 2023 3,754
NET BOOK VALUE
At 30 November 2023 3,753
At 30 November 2022 4,504

KEY FOUR LTD (REGISTERED NUMBER: 11049221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022 1,442,908
Revaluations 302,092
At 30 November 2023 1,745,000
NET BOOK VALUE
At 30 November 2023 1,745,000
At 30 November 2022 1,442,908

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2023 302,092
Cost 1,442,908
1,745,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 1,442,908 1,442,908

Investment property was valued on an open market basis on 30 November 2023 by the directors of the company .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 1,180 1,330

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 1,118,550
Trade creditors 282 1,620
Taxation and social security 1,933 6,507
Other creditors 7,850 7,850
10,065 1,134,527

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,121,673 -
Other creditors 341,400 281,400
1,463,073 281,400

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 1,121,673 -

KEY FOUR LTD (REGISTERED NUMBER: 11049221)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 NOVEMBER 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,121,673 1,118,550

Bank loan is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 938 -
Deferred tax 75,523 -
76,461 -

Deferred
tax
£   
Provided during year 76,461
Balance at 30 November 2023 76,461

11. RESERVES
Fair
value
reserve
£   
Transfer to fair value reserve 302,092
Deferred tax on revaluation (75,523 )

At 30 November 2023 226,569

12. RELATED PARTY DISCLOSURES

Included in other creditors more than one year is an amount of £170,500 (2022: £110,500) due to a connected company. Also, included is an amount of £170,900 (2022: £170,900) due to the directors of the company.