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Registered Number: 04117471
England and Wales

 

 

 

KEY INNS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 February 2022

End date: 31 January 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3 109,850    121,850 
Tangible fixed assets 4 2,899,413    2,925,957 
3,009,263    3,047,807 
Current assets      
Stocks 5 22,951    27,951 
Debtors 6 47,344    44,637 
Cash at bank and in hand 1,525,528    1,304,238 
1,595,823    1,376,826 
Creditors: amount falling due within one year 7 (599,967)   (565,726)
Net current assets 995,856    811,100 
 
Total assets less current liabilities 4,005,119    3,858,907 
Creditors: amount falling due after more than one year 8 (972,017)   (1,223,163)
Provisions for liabilities 9 (28,614)   (34,502)
Net assets 3,004,488    2,601,242 
 

Capital and reserves
     
Called up share capital 10,008    10,008 
Reserves 10 423,333    423,333 
Profit and loss account 2,571,147    2,167,901 
Shareholder's funds 3,004,488    2,601,242 
 


For the year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 October 2023 and were signed on its behalf by:


-------------------------------
Darren Salicki
Director
1
General Information
Key Inns Limited is a private company, limited by shares, registered in England and Wales, registration number 04117471, registration address The Old Mill Thinford Road, Metal Bridge, Coxhoe, Durham, DH6 5NX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
As with most businesses the company has been impacted by the Coronavirus (Covid-19). This has had an impact on operations, customers, suppliers and staff. The Company has utilised the grants and benefits available from the Government and is taking the steps it can to protect the future of the business. Although the total impact is still uncertain the directors believe that it is appropriate to prepare the accounts on a going concern basis.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:



Land and Buildings Nil Reducing Balance
Motor Vehicles 25% Reducing Balance
Plant and Machinery 15% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 125 (2022 : 115).
3.

Intangible fixed assets

Cost Research and Development   Goodwill   Total
  £   £   £
At 01 February 2022 13,850    300,000    313,850 
Additions    
Disposals    
At 31 January 2023 13,850    300,000    313,850 
Amortisation
At 01 February 2022   192,000    192,000 
Charge for year   12,000    12,000 
On disposals    
At 31 January 2023   204,000    204,000 
Net book values
At 31 January 2023 13,850    96,000    109,850 
At 31 January 2022 13,850    108,000    121,850 


4.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Total
  £   £   £   £
At 01 February 2022 2,471,668    1,473,054    129,481    4,074,203 
Additions   48,491    113,865    162,356 
Disposals     (107,875)   (107,875)
At 31 January 2023 2,471,668    1,521,545    135,471    4,128,684 
Depreciation
At 01 February 2022   1,125,849    22,397    1,148,246 
Charge for year   57,813    29,954    87,767 
On disposals     (6,742)   (6,742)
At 31 January 2023   1,183,662    45,609    1,229,271 
Net book values
Closing balance as at 31 January 2023 2,471,668    337,883    89,862    2,899,413 
Opening balance as at 01 February 2022 2,471,668    347,205    107,084    2,925,957 


5.

Stocks

2023
£
  2022
£
Finished Goods 22,951    27,951 
22,951    27,951 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Prepayments & Accrued Income 38,509    33,780 
Other Debtors 8,835    10,857 
47,344    44,637 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 48,041    74,067 
Bank Loans & Overdrafts 198,483    198,483 
Corporation Tax 127,784    154,953 
PAYE & Social Security 20,455    17,126 
Accrued Expenses 15,300    16,300 
Nest Pension Control 1,192    63 
Machine Games Duty (1)   (1)
VAT 188,713    104,735 
599,967    565,726 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Long term bank loan 714,432    947,190 
Other long-term loans 257,585    275,973 
972,017    1,223,163 

9.

Provisions for liabilities

2023
£
  2022
£
Deferred tax - brought forward 34,502    44,330 
Deferred tax - additions (5,888)   (9,828)
28,614    34,502 

10.

Reserves

2023
£
  2022
£
Revaluation Reserve b/fwd 423,333    423,333 
423,333    423,333 

11.

Directors advances, credits and guarantees

Included in creditors: amounts due within one year, are amounts owed to the Directors of £257,585. (2022 - £275,973)

12.

Controlling party

For the whole of the period under review the company was under the control of Darren, Lene, Malcolm & Heather Salicki, directors of the company.
2