Company registration number 10134173 (England and Wales)
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2025
31 December 2025
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
Mr M L Poulton
Mr I McDowell
Mr M Dev
Company number
10134173
Registered office
1 Hardman Street
Spinningfields
Manchester
M3 3HF
Auditor
AMS Audit Limited
1 Hardman Street
Spinningfields
Manchester
M3 3HF
Business address
Unit 2
Bollin Court
Mill Lane
Lymm
WA13 9SX
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 38
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Principal activities

Key Integrated Services (Holdings) Limited is the parent company of the KeyIS Group. The Group specialises in the design, installation, commissioning and maintenance of mechanical, electrical and associated building engineering services across a range of commercial, industrial and public sector environments throughout the United Kingdom and Europe.

Fair Review of the Business

Business Overview

Key Integrated Services (Holdings) L imi t e d and its group companies (“KEYis”) specialise in the design, installation, commissioning and maintenance of building services, including mechanical, electrical and other related solutions. The group operates across commercial and industrial sectors not limited to Food & Beverage, Defence & Security and Public Sectors, providing compliance-focused and high-quality service to clients across the UK and in Europe.

Business Model and Strategy

The group’s business model continues to leverage technical expertise and strong client relationships to deliver tailored building services solutions. Our strategy remains centred on:

- Expanding market share in commercial and industrial sectors.

- Enhancing operational efficiency through investment in technology and project management systems.

- Building sustainable competitive advantage through environmental and general industry accreditations, including ISO standards.

- Fostering long-term partnerships with clients, supported by high-quality service delivery and workforce development through the UK apprenticeship scheme.

Business Review

During the year, the Group continued to strengthen its position within its core markets and delivered a strong trading performance supported by growth from existing customer relationships and the successful acquisition of new clients.

The Group remains focused on providing high-quality engineering solutions whilst maintaining strong operational controls and customer service standards. The directors are satisfied with the Group's overall performance during the year and its financial position at the year end.

Strategy and Future Development

The Group's strategic priorities remain focused on:

- Delivering sustainable organic growth through existing customer relationships and the acquisition of new customers.

- Expanding recurring maintenance and service revenues to improve visibility and resilience of future earnings.

- Improving operational efficiency through continued investment in systems, processes and management information.

The directors believe these priorities provide a strong platform for continued growth and long-term value creation.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Financial Performance

- Turnover: Increased to £48.9m in FY25 (FY24: £36.5m), reflecting robust demand across sectors

- Gross Profit: Increased to £10.0m (FY24: £7.0m), driven by improved project delivery and effective cost management

- Operating Profit: Decreased to £1.23m (FY24: £1.28m), demonstrating higher overheads for the year

- Profit Before Tax: Remained consistent at £1.2m (FY24: £1.22m).

- Profit for the Year: Remains strong at £1.16m (FY24: £1.43m), reflecting strong gross margins and disciplined financial management

- The balance sheet remains strong with net assets of £6.7m and cash reserves of £7.2m, providing a solid foundation for growth

Environmental and Social Responsibility

KEYis remains committed to sustainability and social impact. In 2025:

- Achieved further efficiencies through ISO and other certified environmental and industry management systems.

- Prioritised energy-efficient and waste-reducing solutions across projects.

- Expanded use of the UK apprenticeship scheme, supporting young people in developing long-term careers in engineering and construction.

- Maintained a strong commitment to employee well-being, health and safety, and community engagement initiatives.

Principal risks and uncertainties

The principal risks facing the Group include:

- Economic and market conditions impacting customer investment decisions.

- Labour availability and skills shortages within the engineering sector.

- Supply chain disruption and inflationary pressures.

- Customer credit risk and working capital management.

The Group actively monitors these risks and implements appropriate mitigation strategies through customer diversification, disciplined project management, supplier management and regular financial review processes.

Key Performance Indicators

The board monitors financial and operational KPIs monthly, including:

- Gross Profit Margin: 20.5% (FY24: 19.6%), reflecting disciplined cost management.

- Net Profit Margin (before tax): 2.4% (FY24: 3.9%), impacted by increased investment in staff and infrastructure.

- Debtor Days: Remained within target range, supporting strong cash conversion and liquidity.

- Cash Flow: Net cash inflow from operating activities of £2.1m (FY24: £5.2m), strengthening financial resilience.

On behalf of the board

Mr M Dev
Director
25 June 2026
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £935,544. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M L Poulton
Mr I McDowell
Mr M Dev
Financial instruments

The Group manages liquidity risk by maintaining adequate cash reserves and committed banking facilities, together with close monitoring of forecast and actual cash flows.

The Group’s operations are cash generative and it continues to maintain a strong cash position, with cash at bank of £7.2m at the reporting date.

The majority of liabilities are short-term trade creditors arising in the normal course of business. The directors monitor rolling cash flow forecasts to ensure sufficient liquidity is available to meet obligations as they fall due.

The Group is exposed to interest rate risk primarily on its variable rate borrowings. Bank loans are subject to interest rates linked to the Bank of England base rate.

The directors monitor interest rate movements and assess the potential impact on cash flows. Given the level of borrowings relative to cash reserves, the directors consider the Group’s exposure to interest rate risk to be manageable

Credit risk arises principally from trade debtors and contract assets. The Group’s exposure to credit risk is influenced by the individual characteristics of each customer.

The Group mitigates this risk through credit control procedures, including credit checks, monitoring of aged receivables and active management of debtor balances.

At the reporting date, trade debtors amounted to £7.1m. The directors consider that no material impairment is required beyond amounts already provided, based on historical default rates and current economic conditions

Auditor

In accordance with the company's articles, a resolution proposing that AMS Audit Limited be reappointed as auditor of the group will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

United Kingdom company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have elected to prepare the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the medium companies regime.

On behalf of the board
Mr M Dev
Director
25 June 2026
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
- 5 -
Opinion

We have audited the financial statements of Key Integrated Services (Holdings) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2025 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non -compliance with laws and regulations related to pensions legislation, UK tax legislation and UK employment legislation, and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or manipulate expenditure and management bias in accounting estimates. Audit procedures performed by the audit engagement team included:

• Discussions with management, including consideration of known or suspected instances of non- compliance with laws and regulation and fraud;

• Review of the financial statement disclosures to underlying supporting documentation;

• Challenging assumptions and judgements made by management in their significant accounting estimates;

• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the further removed non- compliance with laws and regulations is from the events and transaction reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
- 7 -

Use of our report

This report is made solely to the parent company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Davis ACCA CTA MAAT (Senior Statutory Auditor)
For and on behalf of AMS Audit Limited, Statutory Auditor
Chartered Accountants
1 Hardman Street
Spinningfields
Manchester
M3 3HF
25 June 2026
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
as restated
Notes
£
£
Turnover
3
48,840,962
36,494,910
Cost of sales
(38,881,259)
(29,355,821)
Gross profit
9,959,703
7,139,089
Administrative expenses
(8,754,829)
(5,832,770)
Other operating income/(expenses)
4,858
(31,208)
Operating profit
4
1,209,732
1,275,111
Interest receivable and similar income
8
79,244
13,015
Interest payable and similar expenses
9
(87,039)
(72,493)
Profit before taxation
1,201,937
1,215,633
Tax on profit
10
(52,293)
217,976
Profit for the financial year
26
1,149,644
1,433,609
Profit for the financial year is attributable to:
- Owners of the parent company
629,164
1,009,611
- Non-controlling interests
520,480
423,998
1,149,644
1,433,609
Total comprehensive income for the year is attributable to:
- Owners of the parent company
629,164
1,009,611
- Non-controlling interests
520,480
423,998
1,149,644
1,433,609
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
GROUP BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,472,263
692,178
Investment property
13
150,615
335,734
1,622,878
1,027,912
Current assets
Debtors
17
12,170,732
10,373,939
Cash at bank and in hand
7,196,689
6,873,404
19,367,421
17,247,343
Creditors: amounts falling due within one year
18
(13,560,606)
(10,679,522)
Net current assets
5,806,815
6,567,821
Total assets less current liabilities
7,429,693
7,595,733
Creditors: amounts falling due after more than one year
19
(861,286)
(716,832)
Provisions for liabilities
Deferred tax liability
22
45,920
25,612
(45,920)
(25,612)
Net assets
6,522,487
6,853,289
Capital and reserves
Called up share capital
25
100
100
Profit and loss reserves
26
5,529,613
5,835,993
Equity attributable to owners of the parent company
5,529,713
5,836,093
Non-controlling interests
992,774
1,017,196
Total equity
6,522,487
6,853,289

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 25 June 2026 and are signed on its behalf by:
25 June 2026
Mr M Dev
Director
Company registration number 10134173 (England and Wales)
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
14
735
402
Current assets
Debtors
17
5,755,805
3,997,425
Cash at bank and in hand
1,078,642
1,073,338
6,834,447
5,070,763
Creditors: amounts falling due within one year
18
(4,741,698)
(2,366,037)
Net current assets
2,092,749
2,704,726
Net assets
2,093,484
2,705,128
Capital and reserves
Called up share capital
25
100
100
Profit and loss reserves
26
2,093,384
2,705,028
Total equity
2,093,484
2,705,128

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £323,900 (2024 - £459,916 profit).

The financial statements were approved by the board of directors and authorised for issue on 25 June 2026 and are signed on its behalf by:
25 June 2026
Mr M Dev
Director
Company registration number 10134173 (England and Wales)
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Share capital
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
As restated for the period ended 31 December 2024:
Balance at 1 January 2024
100
5,126,382
5,126,482
1,130,073
6,256,555
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,009,611
1,009,611
423,998
1,433,609
Dividends
11
-
(300,000)
(300,000)
(536,875)
(836,875)
Balance at 31 December 2024
100
5,835,993
5,836,093
1,017,196
6,853,289
Year ended 31 December 2025:
Profit and total comprehensive income
-
629,164
629,164
520,480
1,149,644
Dividends
11
-
(935,544)
(935,544)
(544,902)
(1,480,446)
Balance at 31 December 2025
100
5,529,613
5,529,713
992,774
6,522,487
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
As restated for the period ended 31 December 2024:
Balance at 1 January 2024
100
2,545,112
2,545,212
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
459,916
459,916
Dividends
11
-
(300,000)
(300,000)
Balance at 31 December 2024
100
2,705,028
2,705,128
Year ended 31 December 2025:
Profit and total comprehensive income
-
323,900
323,900
Dividends
11
-
(935,544)
(935,544)
Balance at 31 December 2025
100
2,093,384
2,093,484
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 13 -
2025
2024
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
32
2,086,414
5,071,025
Interest paid
(87,039)
(72,493)
Income taxes refunded
295,514
203,460
Net cash inflow from operating activities
2,294,889
5,201,992
Investing activities
Purchase of tangible fixed assets
(657,073)
(512,972)
Purchase of investment property
-
(335,734)
Interest received
79,244
13,015
Net cash used in investing activities
(577,829)
(835,691)
Financing activities
Proceeds from new bank loans
250,000
510,000
Repayment of bank loans
(114,290)
(138,700)
Payment of finance leases obligations
(49,039)
(34,682)
Dividends paid to equity shareholders
(935,544)
(300,000)
Dividends paid to non-controlling interests
(544,902)
(536,875)
Net cash used in financing activities
(1,393,775)
(500,257)
Net increase in cash and cash equivalents
323,285
3,866,044
Cash and cash equivalents at beginning of year
6,873,404
3,007,360
Cash and cash equivalents at end of year
7,196,689
6,873,404
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
1
Accounting policies
Company information

Key Integrated Services (Holdings) Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 1 Hardman Street, Spinningfields, Manchester, M3 3HF. The principal place of business is Unit 2, Bollin Court, Mill Lane, Lymm, WA13 9SX.

The group consists of Key Integrated Services (Holdings) Limited and all of its subsidiaries.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;true

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues true: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 33 ‘Related Party Disclosures’true: Compensation for key management personnel.

1.2
Business combinations

The group has not undertaken any business combinations during the current or prior year.

Subsidiary undertakings have been incorporated by the group and are therefore initially recognised at the nominal value of the share capital issued.

The group will apply acquisition accounting in accordance with FRS 102 Section 19 to any future business combinations.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Key Integrated Services (Holdings) Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

The directors have prepared cash flow forecasts for the Group covering a period of at least twelve months from the date of approval of these financial statements. These forecasts take into account current trading performance, expected future activity and committed expenditure.true

The Group has a strong balance sheet position, including net assets of £6.7m and cash reserves of £7.2m at the reporting date. The Group also has access to bank facilities, which remain available and have not been breached during the year.

Sensitivity analysis has been performed on key assumptions, including reductions in revenue and delays in cash receipts. The directors are satisfied that the Group would continue to meet its liabilities as they fall due under reasonably foreseeable downside scenarios.

Accordingly, the directors have a reasonable expectation that the Group and the parent company have adequate resources to continue in operational existence for the foreseeable future and have therefore adopted the going concern basis in preparing the financial statements.

1.5
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The group recognises revenue from the following major sources:

- Maintaining and installing business services and electrical installations

- Management and consultancy services

- Rental income

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Maintaining and installing business services and electrical installations

Revenue is recognised based on the company’s entitlement to consideration for work carried out on construction and project‑based contracts. Applications for payment are prepared by project managers for each project and are reviewed internally before being submitted to customers. Where construction management systems are used, applications or invoices are raised once the relevant stage of work, or full project completion, has been confirmed.

Many customer contracts include retention arrangements, typically at a rate of 5% of the contract value. Retention is deducted from each application and withheld by the customer until specified contractual milestones are met.

Revenue relating to retention is recognised only when the company has an unconditional right to receive the amount. Under standard terms, one half of the retention becomes receivable at practical completion, and the remaining balance becomes receivable 12 months after completion, subject to the satisfaction of any defect‑liability requirements.

For contracts without retention, a sales invoice is raised once the relevant work has been completed and the necessary supporting information has been provided. Revenue is recognised when the right to consideration has been established.

Customer payments are recorded upon receipt and allocated to the related applications for payment or invoices.

Revenue from maintenance and repair services is recognised when the company becomes entitled to consideration for work completed. Sales invoices for these activities are raised within the construction management system by the maintenance team once the service or repair has been fully completed.

Invoices are issued to customers only after confirming that the invoiced amounts accurately reflect the work performed. Revenue is recognised at the point the invoice is raised, as this is when the company obtains the

right to payment for the completed service.

Customer payments are recorded upon receipt and allocated to the corresponding maintenance invoices within the accounting system.

Management and consultancy services

Revenue represents amounts receivable in respect of management services provided to fellow group companies, net of value added tax.

Revenue is recognised when the company has provided the services to group companies in accordance with the relevant service agreements and when the amount can be measured reliably. Management charges are recognised in the period in which the related services are provided.

The company provides administrative, management and support services to other companies within the group. Charges are levied on group companies in accordance with agreed intercompany arrangements and are recognised as turnover over time as the services are delivered.

Rental income

Turnover represents rental income from investment properties and is recognised on a straight-line basis over the period of the lease in accordance with the lease terms.

Income from service charges and other income directly recoverable from tenants is recognised when the related costs are incurred.

Turnover excludes value added tax and is stated net of any rent-free periods or lease incentives, which are spread over the term of the lease.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% - 20% straight line
Fixtures and fittings
25% reducing balance
Computers
25% straight line
Motor vehicles
25% reducing balance

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 recognised in the profit and loss account.

1.7
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.8
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

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

Financial assets and liabilities are offset and 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 m ethod 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.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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 paymen ts 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.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group 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 group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

As lessor

When the group acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the group allocates the consideration in the contract to the two elements.

Amounts due from lessees under finance leases are recognised as receivables at the amount of the group'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 group’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.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.18

Subsidiary undertakings exempt from audit

Under Section 479a of the Companies Act 2006 available to subsidiary undertakings, the company provides a guarantee in respect of the below subsidiary undertakings claiming exemption from audit.

KeyIS Propco 1 Ltd (CRN: 14921410)

Key Integrated Services (SPV1) Ltd (CRN: 16443583)

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The most significant estimate relates to amounts recoverable on contracts, which are recognised based on the stage of completion of individual projects.

The stage of completion is assessed with reference to the progress of work performed at the reporting date, including costs incurred to date and estimated total contract costs. The determination of contract recoverability therefore involves judgement in estimating costs to complete and the overall outcome of contracts.

At the reporting date, amounts recoverable on contracts totalled £150,601 (2024: £2,082,248) and contract-related balances such as deferred income of £3,612,340 (2024: £2,905,350).

Actual results may differ from these estimates, and such differences would be recognised in the period in which they become known.

Investment Property

The Group measures investment property at fair value, with management considering market conditions and comparable transactions in assessing whether carrying value approximates fair value at the reporting date.

Given the nature of the property and the limited availability of observable market data, a degree of estimation uncertainty exists in determining fair value.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Maintaining and installing business services installations
48,825,880
36,410,793
Management and consultancy services
9,750
3,200
Rental income
5,332
80,917
48,840,962
36,494,910
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover and other revenue
(Continued)
- 23 -
2025
2024
£
£
Turnover analysed by geographical market
UK
39,360,404
36,189,241
Poland
9,480,558
305,669
48,840,962
36,494,910
2025
2024
£
£
Other revenue
Interest income
79,244
13,015
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Exchange losses
66,268
-
Depreciation of owned tangible fixed assets
22,335
9,448
Depreciation of tangible fixed assets held under finance leases
46,457
36,655
Loss on disposal of tangible fixed assets
17,315
-
Operating lease charges
184,905
225,945
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
50,000
45,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Directors
3
3
3
3
Engineers
51
43
-
-
Administration
71
46
-
-
Total
125
92
3
3
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
8,122,043
5,457,914
-
0
-
0
Social security costs
333,791
109,763
-
-
Pension costs
395,215
229,454
-
0
-
0
8,851,049
5,797,131
-
0
-
0
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
212,323
131,718
Company pension contributions to defined contribution schemes
48,505
25,646
260,828
157,364

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2024 - 3).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
158,322
88,579
Company pension contributions to defined contribution schemes
37,125
8,750
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
64,461
-
Other interest income
14,783
13,015
Total income
79,244
13,015
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
68,844
55,368
Interest on finance leases and hire purchase contracts
17,369
14,607
Other interest
826
2,518
Total finance costs
87,039
72,493
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
420,010
297,555
Adjustments in respect of prior periods
(388,024)
(535,003)
Total current tax
31,986
(237,448)
Deferred tax
Origination and reversal of timing differences
20,307
19,472
Total tax charge/(credit)
52,293
(217,976)

The actual charge/(credit) for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
1,201,937
1,215,633
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
300,484
303,908
Tax effect of expenses that are not deductible in determining taxable profit
21,358
24,013
Tax effect of utilisation of tax losses not previously recognised
(84,460)
-
Unutilised tax losses carried forward
204,780
(5,980)
Effect of change in corporation tax rate
(621)
(2,010)
Permanent capital allowances in excess of depreciation
(1,201)
(2,903)
Under/(over) provided in prior years
(388,024)
(535,004)
Tax at marginal rate
(23)
-
Taxation charge/(credit)
52,293
(217,976)
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
935,544
300,000
12
Tangible fixed assets
Group
Freehold land and buildings
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2025
511,132
7,303
654
258,571
777,660
Additions
578,732
54,922
18,740
28,679
681,073
Disposals
-
(5,464)
(654)
(59,660)
(65,778)
Transfer to investment property where fair value becomes available
185,119
-
-
-
-
At 31 December 2025
1,274,983
56,761
18,740
227,590
1,578,074
Depreciation and impairment
At 1 January 2025
9,371
5,385
654
70,072
85,482
Depreciation charged in the year
13,633
7,279
1,423
46,457
68,792
Eliminated in respect of disposals
-
(5,371)
(654)
(42,438)
(48,463)
At 31 December 2025
23,004
7,293
1,423
74,091
105,811
Carrying amount
At 31 December 2025
1,251,979
49,468
17,317
153,499
1,472,263
At 31 December 2024
501,761
1,918
-
188,499
692,178
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.

Included within tangible fixed assets are assets held under finance leases or hire purchase contracts, as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
153,500
188,498
-
0
-
0
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
13
Investment property
Group
Company
2025
2025
£
£
Fair value
At 1 January 2025 and 31 December 2025
335,734
-
Transfers from owner-occupied property
(185,119)
-
At 31 December 2025
150,615
-

Investment properties are held at fair value, which is determined by the directors having regard to recent market transactions for similar properties in comparable locations and condition.

Due to the nature of the property and the limited availability of observable market data, the valuation involves a degree of judgement.

The directors review the carrying value at each reporting date and are satisfied that the fair value at 31 December 2025 of £150,615 is not materially different from the carrying amount. No independent valuation has been obtained during the year.

14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
-
735
402
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2025
402
Additions
333
At 31 December 2025
735
Carrying amount
At 31 December 2025
735
At 31 December 2024
402
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Subsidiaries
(Continued)
- 28 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Key Integrated Services Limited
UK
Maintaining building services installations
Ordinary
50.00
-
Key Integrated Services (Electrical) Limited
UK
Maintaining building services installations
Ordinary
66.67
-
Key Integrated Services (North West) Ltd
UK
Maintaining building services installations
Ordinary
66.67
-
Key Integrated Services (Maintenance) Limited
UK
Maintaining building services installations
Ordinary
66.67
-
KeyIS Propco 1 Ltd
UK
Maintaining building services installations
Ordinary
-
0
Key Integrated Services (Group Services) Ltd
UK
Maintaining building services installations
Ordinary
100.00
-
Task Energy Ltd
UK
Maintaining building services installations
Ordinary
66.67
-
Key Integrated Services (SPV1) Ltd
UK
Maintaining building services installations
Ordinary
100.00
-
ProDefend Ltd
UK
Maintaining building services installations
Ordinary
66.67
-

Registered office addresses for each subsidiary is the same as that of the parent company:

1 Hardman Street,

Spinningfields,

Manchester,

M3 3HF.

The investments in subsidiaries are all stated at cost.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Subsidiaries
(Continued)
- 29 -

In certain cases, the Group holds less than a majority of the voting equity interests in an entity.

However, these entities are accounted for as subsidiaries where the Group exercises control.

Control is achieved where the Group has the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. This may arise through contractual arrangements, including board representation and decision-making rights.

The group has the ability to direct the relevant activities of these entities through majority representation on the board of directors and decision‑making rights over key operational and financial policies.

In particular, the Group has assessed that it exercises control over Key Integrated Services Limited and KeyIS Propco 1 Ltd through its ability to direct the relevant activities via board control, notwithstanding that its equity holding is 50%.

Key Integrated Services (SPV1) Ltd was incorporated on 12 May 2025 and is wholly owned by the company.

ProDefend Ltd was incorporated on 10 January 2025 and is not wholly owned; however, the group holds a majority shareholding and exercises control. Accordingly, it has been treated as a subsidiary and consolidated into the Group financial statements.

Both the above entities are preparing their first set of financial statements for the period ending 31 December 2025 and have been included in the consolidated financial statements from their respective dates of incorporation or acquisition.

16
Financial instruments
Group
Company
2025
2024
2025
2024
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
11,801,127
7,854,582
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
9,395,268
7,586,809
n/a
n/a
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
7,087,248
3,306,138
-
0
-
0
Gross amounts owed by contract customers
150,601
2,082,248
-
0
-
0
Corporation tax recoverable
-
327,001
-
0
-
0
Amounts owed by group undertakings
-
170,000
1,608,962
289,582
Other debtors
623,420
670,601
-
0
-
0
Prepayments and accrued income
162,620
110,108
-
0
-
0
8,023,889
6,666,096
1,608,962
289,582
Amounts falling due after more than one year:
Amount owed by related parties
4,146,843
3,707,843
4,146,843
3,707,843
Total debtors
12,170,732
10,373,939
5,755,805
3,997,425

At the reporting date, the Group had an outstanding balance due from a related party of £4,146,843 (2024: £3,707,843). The balance arose from funding provided and other working capital movements during the year.

The balance is unsecured, interest-free, and repayable on demand, as there are no formal repayment terms in place. Management has reviewed the financial position of the related party and is satisfied that the balance is fully recoverable, and therefore no impairment provision has been recognised at the reporting date.

No guarantees have been given or received in respect of this balance.

18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans
20
87,796
120,000
-
0
-
0
Obligations under finance leases
21
33,287
34,866
-
0
-
0
Trade creditors
7,753,785
6,373,259
-
0
-
0
Amounts owed to group undertakings
-
-
4,441,496
2,325,893
Corporation tax payable
431,101
430,603
-
0
-
0
Other taxation and social security
997,183
473,592
-
0
-
0
Deferred income
23
3,598,340
2,905,350
-
0
-
0
Other creditors
573,992
273,585
300,202
40,144
Accruals and deferred income
85,122
68,267
-
0
-
0
13,560,606
10,679,522
4,741,698
2,366,037
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
19
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Bank loans and overdrafts
20
729,214
561,300
-
0
-
0
Obligations under finance leases
21
132,072
155,532
-
0
-
0
861,286
716,832
-
-

On 3 September 2025, a company in the group granted HSBC UK Bank plc a fixed and floating charge over all of its assets. A floating charge also covers all other present and future assets and the undertaking of the business. The d ebenture contains a negative pledge restricting the creation of further security and constitutes a qualifying floating charge, giving HSBC rights to appoint an administrator if enforcement conditions arise.

Amounts included above which fall due after five years are as follows:
Payable by instalments
1,301,996
778,600
-
-
20
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans
817,010
681,300
-
0
-
0
Payable within one year
87,796
120,000
-
0
-
0
Payable after one year
729,214
561,300
-
0
-
0

Bank loans and overdraft facilities are secured by a f irst fixed and floating charge over company assets and undertakings.

One of the directors has provided a personal guarantee limited to £60,000 in respect of bank loans.

The bank loan is capital repayment over 60 months and due to be repaid in June 2026 with an interest rate of 3.99% over Bank of England base rate per annum.

The mortgage is capital and interest repayments over 300 months and due to be repaid in January 2049 with an interest rate of 4.25% over Bank of England base rate per annum.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
21
Finance lease obligations
Group
Company
2025
2024
2025
2024
Amounts due:
£
£
£
£
Current liabilities
33,287
34,866
-
0
-
0
Non-current liabilities
132,072
155,532
-
0
-
0
165,359
190,398
-
-
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
33,287
34,866
-
0
-
0
In two to five years
132,072
155,532
-
0
-
0
165,359
190,398
-
-
22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
45,920
25,612
The company has no deferred tax assets or liabilities.
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 January 2025
25,612
-
Charge to profit or loss
20,308
-
Liability at 31 December 2025
45,920
-
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 33 -
23
Deferred income
Group
Company
2025
2024
2025
2024
£
£
£
£
Other deferred income
3,598,340
2,905,350
-
-

Deferred income represents amounts invoiced in advance of performance under construction and service contracts.

Revenue is recognised over time based on the stage of completion of each contract, measured by reference to costs incurred relative to total estimated contract costs.

At the reporting date, the Group recognises both contract assets (amounts recoverable on contracts) and contract liabilities (deferred income), reflecting the timing difference between revenue recognition and billing milestones.

Judgement is required in estimating total contract costs and forecasting outcomes. These estimates directly impact the stage of completion and therefore the timing of revenue recognition. Management reviews contract performance on a regular basis and updates estimates where necessary..

24
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
214,428
119,153

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
26
Reserves
Profit and loss reserves

Profit and loss reserves represent accumulated comprehensive income for the year and prior years less dividends paid.

27
Operating lease commitments
As lessee
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
27
Operating lease commitments
(Continued)
- 34 -

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within 1 year
11,434
27,051
-
-
Years 2-5
-
26,894
-
-
11,434
53,945
-
-
28
Events after the reporting date

Subsequent to the year end, on 27 May 2026, Key Integrated Services (Holdings) Limited acquired a controlling interest in Key Integrated Services (Europe) Sp. z o.o., a newly incorporated company in Poland, through the acquisition of 67 shares, representing a 67% shareholding.

The remaining 33% shareholding is held by a minority shareholder.

As this transaction occurred after the reporting date of 31 December 2025, it is considered a non-adjusting event in accordance with FRS 102 Section 32. Accordingly, no amounts have been recognised in respect of this acquisition in these financial statements.

As the entity is newly incorporated and had no significant net assets or trading activity at the date of acquisition, the financial effect of this transaction is not considered material to the Group. The entity is expected to be consolidated into the Group financial statements for the year ending 31 December 2026.

29
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
874,608
401,487
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
2025
2024
£
£
Group
Other related parties
2,938
-
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
29
Related party transactions
(Continued)
- 35 -

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Company
Entities over which the company has control, joint control or significant influence
4,566,116
2,325,892

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2024
Balance
Balance
£
£
Group
Other related parties
4,146,843
3,707,843
Company
Entities over which the company has control, joint control or significant influence
1,212,887
230,021
Other related parties
4,146,843
3,707,843
Other information

Amounts owed by other related parties are in respect of companies who have common directorship with the company and group.

The amounts owed are unsecured and interest free.

The group has taken advantage of the exemptions under FRS 102 for related party transactions from disclosing transactions with other wholly owned members of the group included within the consolidated financial statements.

Amounts owed to and from entities over which the company has control, joint control or significant influence primarily comprise intercompany loan balances. These balances are unsecured, interest-free and repayable on demand.

Amounts owed from other related parties represent loans advanced to entities under common control or common directorship. These balances are also unsecured and interest-free. Where repayment is not expected to occur within twelve months of the reporting date, amounts are disclosed as falling due after more than one year.

The directors consider that the carrying amounts of these balances are recoverable and reflective of their fair value given their repayable-on-demand nature or agreed repayment profile

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 36 -
30
Directors' transactions

Dividends totalling £630,924 (2024 - £560,000) were paid in the year in respect of shares held by the company's directors.

During the year, Mr I McDowell withdrew a total of £64,620 from the company, which represented the maximum balance during the year. Dividends of £204,620 were declared and paid, and the overdrawn director’s loan account was fully cleared. Accordingly, there was no overdrawn director’s loan account balance at the year-end.

The director’s loan account balance of £nil (2024: £140,000) is unsecured, interest-free, and repayable on demand.

No interest has been charged on the director’s loan account during the year.

At the beginning of the year, a balance of £40,243 was owed to Mr M Poulton. During the year, the director’s loan account increased by £120,681 through net withdrawals or repayments. In addition, dividends of £510,924 were declared and paid to the director.

At the year-end, the company owed the director a balance of £160,825 (2024: £40,144). This amount is unsecured, interest-free, and repayable on demand.

Interest free loans have been granted by the group to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Mr M L Poulton -
-
(40,144)
193,914
(314,595)
(160,825)
Mr I McDowell -
-
140,000
64,620
(204,620)
-
99,856
258,534
(519,215)
(160,825)
31
Controlling party

By virtue of beneficial ownership of the group's entire issued share capital, Mr Mark Poulton is the ultimate controlling party.

KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 37 -
32
Cash generated from group operations
2025
2024
£
£
Profit after taxation
1,149,644
1,433,609
Adjustments for:
Taxation charged/(credited)
52,293
(217,976)
Finance costs
87,039
72,493
Investment income
(79,244)
(13,015)
Loss on disposal of tangible fixed assets
17,315
-
Depreciation and impairment of tangible fixed assets
68,792
46,103
Movements in working capital:
Increase in debtors
(1,688,639)
(392,102)
Increase in creditors
1,786,224
1,236,563
Increase in deferred income
692,990
2,905,350
Cash generated from operations
2,086,414
5,071,025
33
Analysis of changes in net funds - group
1 January 2025
Cash flows
New finance leases
31 December 2025
£
£
£
£
Cash at bank and in hand
6,873,404
323,285
-
7,196,689
Borrowings excluding overdrafts
(681,300)
(135,710)
-
(817,010)
Obligations under finance leases
(190,398)
49,039
(24,000)
(165,359)
6,001,706
236,614
(24,000)
6,214,320
34
Prior period adjustment
Reconciliation of changes in equity - group
1 January
31 December
2024
2024
Notes
£
£
Adjustments to prior year
Task Energy
1
-
170,000
Equity as previously reported
6,256,555
6,683,289
Equity as adjusted
6,256,555
6,853,289
Analysis of the effect upon equity
Profit and loss reserves
-
170,000
KEY INTEGRATED SERVICES (HOLDINGS) LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
34
Prior period adjustment
(Continued)
- 38 -
Reconciliation of changes in profit for the previous financial period
2024
Notes
£
Adjustments to prior year
Task Energy
1
170,000
Profit as previously reported
1,263,609
Profit as adjusted
1,433,609
Notes to reconciliation
Management charge

During the preparation of the consolidated financial statements for the year ended 31 December 2025, the Group identified an error in the prior year consolidation. Turnover of £170,000 recognised in a subsidiary’s individual financial statements, relating to an intercompany management charge, had not been reflected within the consolidated financial statements.

As a result, both turnover and trade debtors were understated in the consolidated financial statements by £170,000.

This error arose due to an omission in the consolidation process rather than a change in accounting policy or estimate. Under FRS 102 Section 10, this is treated as a prior period error, as the information was available at the time the financial statements were authorised for issue.

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