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REGISTERED NUMBER: 11519749 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2025

FOR

LOCK KEY PROPERTIES LIMITED

LOCK KEY PROPERTIES LIMITED (REGISTERED NUMBER: 11519749)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LOCK KEY PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2025







DIRECTORS: D N Lock
K B Nelson
E S Philpott
C J White
Z J R Lock





SECRETARY: B M Granger





REGISTERED OFFICE: Homes Support Centre
1 Lutterworth Road
Burbage
Hinckley
Leicestershire
LE10 2DJ





REGISTERED NUMBER: 11519749 (England and Wales)





INDEPENDENT AUDITORS: Armstrongs Accountancy Limited
1 & 2 Mercia Village
Torwood Close
Westwood Business Park
Coventry
West Midlands
CV4 8HX

LOCK KEY PROPERTIES LIMITED (REGISTERED NUMBER: 11519749)

BALANCE SHEET
28 FEBRUARY 2025

2025 2024
Notes £    £   
CURRENT ASSETS
Stocks 4 10,000 10,000
Debtors 5 2,293,500 2,600,025
Cash at bank 1,438,539 1,462,457
3,742,039 4,072,482
CREDITORS
Amounts falling due within one year 6 3,873,789 3,909,095
NET CURRENT (LIABILITIES)/ASSETS (131,750 ) 163,387
TOTAL ASSETS LESS CURRENT
LIABILITIES

(131,750

)

163,387

CAPITAL AND RESERVES
Called up share capital 7 100 100
Retained earnings 8 (131,850 ) 163,287
SHAREHOLDERS' FUNDS (131,750 ) 163,387

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 30 April 2025 and were signed on its behalf by:





C J White - Director


LOCK KEY PROPERTIES LIMITED (REGISTERED NUMBER: 11519749)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025

1. STATUTORY INFORMATION

Lock Key Properties 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 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.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

LOCK KEY PROPERTIES LIMITED (REGISTERED NUMBER: 11519749)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

LOCK KEY PROPERTIES LIMITED (REGISTERED NUMBER: 11519749)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025

2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
In the application of the company's accounting policies, the directors are 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 considered to be 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - NIL).

4. STOCKS

The stock is carried at a valuation made by Castle Estates on the 13th January 2021.

5. DEBTORS
2025 2024
£    £   
Amounts falling due within one year:
Amounts owed by participating interests - 150,000
Other debtors - 1,100,025
- 1,250,025

Amounts falling due after more than one year:
Amounts owed by participating interests 2,293,500 1,350,000

Aggregate amounts 2,293,500 2,600,025

Amounts owed by participating interests represent long-term loans issued at 0% interest. In accordance with FRS102 guidelines, this represents a financing transaction and has hence been remeasured at its net present value, discounted at a market rate of interest. For the purposes of this transaction, the rate of interest used was 2.25%, representing HMRC's current official interest rate for beneficial loans.

This has resulted in a one off notional charge to the profit and loss account of £306,500, and is the sole cause of the net loss in 2025. In the absence of discounting, the company balance sheet would have total shareholder funds £174,750.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£    £   
Trade creditors - 150
Amounts owed to group undertakings 3,824,434 3,823,390
Taxation and social security 3,705 84,547
Other creditors 45,650 1,008
3,873,789 3,909,095

LOCK KEY PROPERTIES LIMITED (REGISTERED NUMBER: 11519749)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2025

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2025 2024
value: £    £   
100 Ordinary £1 100 100

8. RESERVES
Retained
earnings
£   

At 1 March 2024 163,287
Deficit for the year (295,137 )
At 28 February 2025 (131,850 )

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Muhammed Shabbir FCA, FCCA (Senior Statutory Auditor)
for and on behalf of Armstrongs Accountancy Limited

10. ULTIMATE CONTROLLING PARTY

The controlling party is Adept Care Homes Limited.

The ultimate controlling party is D N Lock.

The company is a subsidiary of Adept Care Homes Limited, a company registered in the United Kingdom.

A copy of the parent company's accounts financial statements can be obtained from its registered office which is situated at Homes Support Centre, 1 Lutterworth Road, Burbage, Hinckley, Leicester's, LE10 2DJ.