REGISTERED NUMBER: 11519749 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2026

FOR

LOCK KEY PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D N Lock

K B Nelson

E S Philpott

C J White

Z J R Lock

SECRETARY:

B M Granger

REGISTERED OFFICE:

Homes Support Centre

1 Lutterworth Road

Burbage

Hinckley

Leicestershire

LE10 2DJ

REGISTERED NUMBER:

11519749 (England and Wales)

INDEPENDENT AUDITORS:

Armstrongs Accountancy Limited

1 & 2 Mercia Village

Torwood Close

Westwood Business Park

Coventry

West Midlands

CV4 8HX

CURRENT ASSETS

Stocks

4

10,000

10,000

Debtors

5

2,344,600

2,293,500

Cash at bank

127,734

1,438,539

2,482,334

3,742,039

CREDITORS

Amounts falling due within one year

6

2,517,965

3,873,789

NET CURRENT LIABILITIES

(35,631

)

(131,750

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(35,631

)

(131,750

)

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

(35,731

)

(131,850

)

SHAREHOLDERS' FUNDS

(35,631

)

(131,750

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2026 and were signed on its behalf by:

D N Lock - Director

1.	STATUTORY INFORMATION

Lock Key Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Related party exemption

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

Stocks

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

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

Financial instruments

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

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

Basic financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

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

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

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

Equity instruments

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

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Significant judgements and estimates

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

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2025 - NIL).

4.

STOCKS

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

5.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Amounts owed by participating interests

2,344,600

2,293,500

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

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Amounts owed to group undertakings

2,469,052

3,824,434

Taxation and social security

15,007

3,705

Other creditors

33,906

45,650

2,517,965

3,873,789

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 March 2025

(131,850

)

Profit for the year

96,119

At 28 February 2026

(35,731

)

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

The Auditors' Report was unqualified.

Muhammed Shabbir FCA, FCCA (Senior Statutory Auditor)

for and on behalf of Armstrongs Accountancy Limited

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Adept Care Homes Limited.

The ultimate controlling party is D N Lock.

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

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