Company No: 04424188 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	604		902
Investment property	4	650,000		650,000
		650,604		650,902
Current assets
Debtors	5	146,949		152,034
Cash at bank and in hand		38,009		9,560
		184,958		161,594
Creditors: amounts falling due within one year	6	( 637,682)		( 651,477)
Net current liabilities		(452,724)		(489,883)
Total assets less current liabilities		197,880		161,019
Net assets		197,880		161,019
Capital and reserves
Called-up share capital		8		8
Share premium account		59,998		59,998
Profit and loss account		137,874		101,013
Total shareholders' funds		197,880		161,019

For the financial year ending 30 September 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Keyes Limited (registered number: 04424188) were approved and authorised for issue by the Director on 27 May 2026. They were signed on its behalf by:

Ms J Routledge Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Keyes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 17 Queens Lane, Newcastle Upon Tyne, NE1 1RN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ issued by the Financial Reporting Council, including Section 1A of Financial Reporting Standard 102 (FRS102), and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The functional currency of Keyes Limited is considered to be pounds sterling because that is the currency of the primary economic environment in which the Company operates.

These financial statements are separate financial statements.

Going concern

Included in other creditors is an amount of £539,200 which the company has yet to agree payment terms. In the event that the liability is called on, the company does not currently have liquid funds to satisfy the liability and would be required to agree alternative payment terms or to consider alternative financing arrangements. Whilst there is no certainty that these would prove successful, the directors are confident they would be able to source alternative funding and consider it appropriate to prepare the financial statements on the going concern basis. Included in other creditors is an amount of £539,200 which the company has yet to agree payment terms. In the event that the liability is called on, the company does not currently have liquid funds to satisfy the liability and would be required to agree alternative payment terms or to consider alternative financing arrangements.

Whilst there is no certainty that these would prove successful, the directors are confident they would be able to source alternative funding and consider it appropriate to prepare the financial statements on the going concern basis.

Turnover

Rents are recognised in the profit and loss account on a receivable basis.

Employee benefits

Short term benefits
Short term employee benefits are recognised as an expense in the period in which they are incurred.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
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 financial statements. 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 enacted or substantively enacted tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.

Significant judgements and estimates

No significant judgments have had to be made by management in preparing these financial statements.

The directors have made key assumptions in the determination of the fair value of an investment property in respect of the state of the property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. The valuation method is further described in note 6 together with the valuation of the property at the reporting date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the Company's net investment outstanding in respect of leases.

Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit and loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investment property

Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account along with the associated deferred tax.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	2		2

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 October 2024	3,571		3,571
At 30 September 2025	3,571		3,571
Accumulated depreciation
At 01 October 2024	2,669		2,669
Charge for the financial year	298		298
At 30 September 2025	2,967		2,967
Net book value
At 30 September 2025	604		604
At 30 September 2024	902		902

4. Investment property

	Investment property
	£
Valuation
As at 01 October 2024	650,000
As at 30 September 2025	650,000

The fair value of the investment property at 30 September 2025 has been arrived at on the basis of a valuation carried out by BNP Paribas Real Estate, Chartered Surveyors on 20 June 2017, on an open market value basis. BNP Paribas Real Estate are not connected to the company. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location and rental yields. In the director's opinion the fair value of the investment property at the year end has not changed from the professional valuation obtained on 20 June 2017.

5. Debtors

	2025		2024
	£		£
Trade debtors	75,654		84,152
Other debtors	71,295		67,882
	146,949		152,034

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	977		340
Taxation and social security	31,416		41,635
Other creditors	605,289		609,502
	637,682		651,477