IRIS Accounts Production v26.1.10.61 03688022 director 1.12.24 30.11.25 30.11.25 0 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 03688022 2024-11-30 03688022 2025-11-30 03688022 2024-12-01 2025-11-30 03688022 2023-11-30 03688022 2023-12-01 2024-11-30 03688022 2024-11-30 03688022 ns15:EnglandWales 2024-12-01 2025-11-30 03688022 ns14:PoundSterling 2024-12-01 2025-11-30 03688022 ns10:Director1 2024-12-01 2025-11-30 03688022 ns10:PrivateLimitedCompanyLtd 2024-12-01 2025-11-30 03688022 ns10:SmallEntities 2024-12-01 2025-11-30 03688022 ns10:AuditExempt-NoAccountantsReport 2024-12-01 2025-11-30 03688022 ns10:SmallCompaniesRegimeForAccounts 2024-12-01 2025-11-30 03688022 ns10:FullAccounts 2024-12-01 2025-11-30 03688022 ns10:OrdinaryShareClass1 2024-12-01 2025-11-30 03688022 ns10:RegisteredOffice 2024-12-01 2025-11-30 03688022 ns5:CurrentFinancialInstruments 2025-11-30 03688022 ns5:CurrentFinancialInstruments 2024-11-30 03688022 ns5:Non-currentFinancialInstruments 2025-11-30 03688022 ns5:Non-currentFinancialInstruments 2024-11-30 03688022 ns5:ShareCapital 2025-11-30 03688022 ns5:ShareCapital 2024-11-30 03688022 ns5:RevaluationReserve 2025-11-30 03688022 ns5:RevaluationReserve 2024-11-30 03688022 ns5:RetainedEarningsAccumulatedLosses 2025-11-30 03688022 ns5:RetainedEarningsAccumulatedLosses 2024-11-30 03688022 ns5:PlantMachinery 2024-11-30 03688022 ns5:FurnitureFittings 2024-11-30 03688022 ns5:ComputerEquipment 2024-11-30 03688022 ns5:PlantMachinery 2024-12-01 2025-11-30 03688022 ns5:FurnitureFittings 2024-12-01 2025-11-30 03688022 ns5:ComputerEquipment 2024-12-01 2025-11-30 03688022 ns5:PlantMachinery 2025-11-30 03688022 ns5:FurnitureFittings 2025-11-30 03688022 ns5:ComputerEquipment 2025-11-30 03688022 ns5:PlantMachinery 2024-11-30 03688022 ns5:FurnitureFittings 2024-11-30 03688022 ns5:ComputerEquipment 2024-11-30 03688022 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-11-30 03688022 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-11-30 03688022 ns5:CurrentFinancialInstruments 2024-12-01 2025-11-30 03688022 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2025-11-30 03688022 ns5:Non-currentFinancialInstruments ns5:BetweenTwoFiveYears 2024-11-30 03688022 ns5:DeferredTaxation 2024-11-30 03688022 ns5:DeferredTaxation 2025-11-30 03688022 ns10:OrdinaryShareClass1 2025-11-30

REGISTERED NUMBER: 03688022 (England and Wales)

| KEY LET LIMITED |

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 30 NOVEMBER 2025 |

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

KEY LET LIMITED

COMPANY INFORMATION

FOR THE YEAR ENDED 30 NOVEMBER 2025

| DIRECTOR: | Mrs E R A Vidler

| REGISTERED OFFICE: | Churchgate House

| 3 Church Road

| Whitchurch

| Cardiff

| SOUTH GLAMORGAN

| CF14 2DX

| REGISTERED NUMBER: | 03688022 (England and Wales)

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

BALANCE SHEET

30 NOVEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 18,289 |  | 22,093 |  |

Investment property | 5 | 5,530,830 |  | 5,529,450 |  |

5,549,119 |  | 5,551,543 |  |

CURRENT ASSETS

Debtors | 6 | 2,154,380 |  | 2,173,450 |  |

Cash at bank | 255 |  | 26,349 |  |

2,154,635 |  | 2,199,799 |  |

CREDITORS

Amounts falling due within one year | 7 | 453,119 |  | 517,960 |  |

NET CURRENT ASSETS | 1,701,516 |  | 1,681,839 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 7,250,635 |  | 7,233,382 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (3,073,194 | ) | (3,070,300 | ) |

PROVISIONS FOR LIABILITIES | 10 | (721,363 | ) | (722,314 | ) |

NET ASSETS | 3,456,078 |  | 3,440,768 |  |

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

BALANCE SHEET - continued

30 NOVEMBER 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 11 | 2 |  | 2 |  |

Non distributable reserves | 2,150,373 |  | 2,150,373 |  |

Retained earnings | 1,305,703 |  | 1,290,393 |  |

SHAREHOLDERS' FUNDS | 3,456,078 |  | 3,440,768 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2025 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 director and authorised for issue on 30 July 2026 and were signed by:

Mrs E R A Vidler - Director

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2025

1. | STATUTORY INFORMATION

| Key Let 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 preparation

| 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 as modified by the revaluation of certain assets.

| Going Concern

| The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making their assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with their continued support.

| At the date of approving the financial statements the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The director continues to adopt the going concern basis of accounting in preparing the financial statements.

| Significant judgements and estimates

| In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 a ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

| Investment properties:

| The fair value of investment properties involved the use of professional valuation techniques, which are reviewed annually by management. Where factors that could impact the fair value are identified, appropriate adjustments are made through the income statement.

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Rental Income:

| Turnover is recognised at the fair value of rent received or receivable in the normal course of business. Rental income is recognised when the entity becomes entitled to receive the income.

| Tangible fixed assets

| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

| Depreciation is provided at the following annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives:

| Fixtures and fittings - 15% on reducing balance

| Computer equipment - 10% on reducing balance

| Plant and machinery - 25% on reducing balance

| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

| Investment property

| Investment properties are held to generate rental income and capital appreciation. Investment properties are initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Investment properties are subsequently remeasured at fair value. An assessment of investment property fair value is performed annually. Any changes in fair value are recognised in the income statement.

| Deferred tax is recognised on any fair value changes at the rate that would apply to the sale of the investment property, unless the property has a limited useful life and is held as part of a business model to consume all of the economic benefits associated with it.

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Cash and cash equivalents

| Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

| Financial instruments

| The company has elected to apply the provisions of Section 11 "Basic Financial Instruments".

| Financial instruments are recognised 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 trade and other debtors, loans to related companies 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

| Basic financial liabilities

| Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

| 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.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

2. | ACCOUNTING POLICIES - continued

| Provisions

| Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement and the amount can be reliably estimated.

| Where there are a number of similar obligations, the likelihood that an outflow of economic benefits will be required in settlement is determined by considering the class of obligation as a whole. A provision is recognised even if the likelihood of an outflow with respect of any one item in the same class of obligations may be small.

| Provisions are not made for future operating losses.

| Provisions are measured at the present value of the cost expected to be required to settle the obligation using a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the obligation. The increase in the provision due to the passing of time is recognised as a cost in the income statement.

| Government grants

| Government grants are recognised at the fair value of the asset received or receivable when there is a reasonable assurance that the grant conditions will be met and the grants will be received.

| A grant that specifies performance conditions are recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised with deferred income.

| Impairment

| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit and loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was NIL (2024 - 1 ).

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

4. | TANGIBLE FIXED ASSETS

| Fixtures |  | Furniture |

| Plant and |  | and |  | and |

| machinery |  | fittings |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 December 2024

| and 30 November 2025 | 1,458 |  | 85,215 |  | 79,716 |  | 166,389 |  |

| DEPRECIATION

| At 1 December 2024 | 1,118 |  | 68,018 |  | 75,160 |  | 144,296 |  |

| Charge for year | 84 |  | 2,580 |  | 1,140 |  | 3,804 |  |

| At 30 November 2025 | 1,202 |  | 70,598 |  | 76,300 |  | 148,100 |  |

| NET BOOK VALUE

| At 30 November 2025 | 256 |  | 14,617 |  | 3,416 |  | 18,289 |  |

| At 30 November 2024 | 340 |  | 17,197 |  | 4,556 |  | 22,093 |  |

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 December 2024 | 5,529,450 |  |

| Additions | 1,380 |  |

| At 30 November 2025 | 5,530,830 |  |

| NET BOOK VALUE

| At 30 November 2025 | 5,530,830 |  |

| At 30 November 2024 | 5,529,450 |  |

| The property is initially recognised at cost which is deemed to be its fair value. The property value is reviewed on an annual basis and subsequently remeasured by the directors with reference to a rental yield calculation to determine its fair value.

| Fair value at 30 November 2025 is represented by:

£ |

| Valuation in 2023 | 1,355,384 |  |

| Valuation in 2018 | 421,463 |  |

| Valuation in 2016 | 1,090,317 |  |

| Cost | 2,663,666 |  |

5,530,830 |  |

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Amounts due from related Companies | 2,139,798 |  | 2,153,298 |  |

| VAT | - |  | 27 |  |

| Prepayments | 14,582 |  | 20,125 |  |

2,154,380 |  | 2,173,450 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 15,861 |  | 64,206 |  |

| Trade creditors | - |  | 480 |  |

| Tax | 5,820 |  | 6,366 |  |

| VAT | 4,470 |  | - |  |

| Due to related companies | 368,284 |  | 397,447 |  |

| Directors' current accounts | 138 |  | 138 |  |

| Accruals and deferred income | 28,000 |  | 28,000 |  |

| Accrued expenses | 30,546 |  | 21,323 |  |

453,119 |  | 517,960 |  |

| There is no formal agreement between the company and its related companies for the company to repay its loans in more than one year. All the loans are repayable by demand and are shown at cost. The amounts shown in the accounts are at their carrying values.

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans - more than 1 year | 3,073,194 |  | 3,070,300 |  |

9. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 3,073,194 |  | 3,134,506 |  |

| The company's bank borrowings are secured by a floating charge over the company's property and undertakings. The director ha provided a personal guarantee in respect of the borrowings. A cross-company guarantee is also in place with Tredilion Park Limited.

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

10. | PROVISIONS FOR LIABILITIES

2025 | 2024 |

£ | £ |

| Deferred tax | 721,363 |  | 722,314 |  |

| Deferred |

| tax |

£ |

| Balance at 1 December 2024 | 722,314 |  |

| Accelerated capital allowances | (951 | ) |

| Balance at 30 November 2025 | 721,363 |  |

| The deferred tax account consists of the tax effect of timing differences in respect of;

|  | 2025 |  | 2024 |  |

|  | £ |  | £ |  |

| Accelerated capital allowances |  | 4,572 |  | 5,523 |  |

| Revaluation of investment property |  | 716,791 |  | 716,791 |  |

|  | 721,363 |  | 722,314 |  |

| .

11. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2025 | 2024 |

| value: | £ | £ |

| 2 | Ordinary | £1 | 2 |  | 2 |  |

12. | TRANSACTIONS WITH DIRECTORS

| As at 30 November 2025 an amount of £138 (2024: £138) was owed to the director. This amount is included within creditors falling due within one year.

| The balance is interest free and repayable on demand.

KEY LET LIMITED (REGISTERED NUMBER: 03688022)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 30 NOVEMBER 2025

13. | RELATED PARTY DISCLOSURES

| As at 30 November 2025 an amount of £1,915,798 (2024: £1,929,298) was owed to the company by Tredilion Park Limited. This balance is included within debtors due within one year. During the year, the company incurred management fees of £13,500 charged by Tredilion Park Limited (2024: £nil). Tredilion Park Limited is considered a related party due to common control.

| As at 30 November 2025 an amount of £101,000 (2024: £101,000) was owed to the company by Nugent Developments Limited. This balance is included within debtors due within one year. Nugent Developments Limited is considered a related party due to common control.

| As at 30 November 2025 an amount of £123,000 (2024: £123,000) was owed to the company by Nugent Lettings Limited. This balance is included within debtors due within one year. Nugent Lettings Limited is considered a related party due to common control.

| As at 30 November 2025 an amount of £174,333 (2024: £174,540) was owed by the company to Cardiff Property Lettings Limited. This balance is included within creditors due within one year. Cardiff Property Lettings Limited is considered a related party due to common control.

| As at 30 November 2025 an amount of £222,950 (2024: £222,907) was owed by the company to Luxury Lets Limited. This balance is included within creditors due within one year. Luxury Lets Limited is considered a related party due to common control.

| During the year the company received rental income of £25,000 (2024: £25,000) from Cardiff Property Lettings Limited and £37,500 (2024: £37,500) from Luxury Lets Limited.

| All related party transactions were unsecured, interest-free, and repayable on demand, unless otherwise stated.