REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2025 |
FOR |
LOCK KEY PROPERTIES LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
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 |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Amounts falling due after more than one year: |
Amounts owed by participating interests | 2,293,500 | 1,350,000 |
Aggregate amounts |
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 |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | RESERVES |
Retained |
earnings |
£ |
At 1 March 2024 |
Deficit for the year | ( |
) |
At 28 February 2025 | ( |
) |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
10. | ULTIMATE CONTROLLING PARTY |
The controlling party is Adept Care Homes Limited. |
The ultimate controlling party is |
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. |