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Registration number: 09374055

Kernow The Old Inn Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Kernow The Old Inn Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Kernow The Old Inn Limited

Company Information

Director

Mr Darren Robert Wills

Company secretary

Mr Dale Stanley

Registered office

Brookside Court
St. Breward
Bodmin
Cornwall
PL30 4LN

Bankers

HSBC Plc
16 Fore Street
St. Austell
Cornwall
PL25 5EL

Accountants

Rawlings & Co
Brookside Court
St. Breward
Bodmin
Cornwall
PL30 4LN

 

Kernow The Old Inn Limited

(Registration number: 09374055)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

45,066

53,512

Current assets

 

Stocks

5

22,172

24,059

Debtors

6

22,750

38,473

Cash at bank and in hand

 

11,680

35,691

 

56,602

98,223

Creditors: Amounts falling due within one year

7

(119,234)

(114,398)

Net current liabilities

 

(62,632)

(16,175)

Total assets less current liabilities

 

(17,566)

37,337

Creditors: Amounts falling due after more than one year

7

(14,302)

(24,193)

Provisions for liabilities

(6,103)

(7,651)

Net (liabilities)/assets

 

(37,971)

5,493

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(38,071)

5,393

Shareholders' (deficit)/funds

 

(37,971)

5,493

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 April 2024
 

 

Kernow The Old Inn Limited

(Registration number: 09374055)
Balance Sheet as at 31 December 2023

.........................................
Mr Darren Robert Wills
Director

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Brookside Court
St. Breward
Bodmin
Cornwall
PL30 4LN
United Kingdom

These financial statements were authorised for issue by the director on 30 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received on the provision of food and drink in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing balance

Leasehold Improvements

15% Reducing balance

Motor vehicles

25% Reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
 

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 32 (2022 - 35).

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

16,891

150,829

3,000

170,720

Additions

-

5,705

-

5,705

At 31 December 2023

16,891

156,534

3,000

176,425

Depreciation

At 1 January 2023

3,648

112,810

750

117,208

Charge for the year

1,986

11,602

563

14,151

At 31 December 2023

5,634

124,412

1,313

131,359

Carrying amount

At 31 December 2023

11,257

32,122

1,687

45,066

At 31 December 2022

13,243

38,019

2,250

53,512

Included within the net book value of land and buildings above is £11,257 (2022 - £13,243) in respect of long leasehold land and buildings.
 

5

Stocks

2023
£

2022
£

Inventories

22,172

24,059

6

Debtors

Current

2023
£

2022
£

Trade debtors

2,121

1,672

Prepayments

3,297

4,832

Other debtors

17,332

31,969

 

22,750

38,473

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

10,648

10,648

Trade creditors

 

30,410

31,276

Taxation and social security

 

42,205

39,167

Accruals and deferred income

 

18,053

1,930

Other creditors

 

17,918

31,377

 

119,234

114,398

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,302

24,193

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

98

98

98

98

Ordinary B shares of £1 each

1

1

1

1

Ordinary C shares of £1 each

1

1

1

1

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

14,302

24,193

Current loans and borrowings

2023
£

2022
£

Bank borrowings

10,648

10,648

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Bank borrowings

Bounce Bank Loan is denominated in GBP with a nominal interest rate of 2.5%, and the final instalment is due on 17 June 2026. The carrying amount at year end is £24,951 (2022 - £34,841).

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

2,664

5,328

Later than one year and not later than five years

-

2,664

2,664

7,992

The amount of non-cancellable operating lease payments recognised as an expense during the year was £5,328 (2022 - £5,328).

11

Dividends

Final dividends paid

2023
£

2022
£

Final dividend of £Nil (2022 - £255.10) per each Ordinary A shares

-

25,000

Final dividend of £Nil (2022 - £40,800.00) per each Ordinary B shares

-

40,800

-

65,800

12

Related party transactions

Mr DR Wills, the sole director of the company was paid £150,186 (2022: £51,000) in rent for the exclusive use of the premises that the company trades from.

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Mr Darren Robert Wills

Interest free loan

21,732

85,250

(114,586)

(7,604)

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

Other payments made to company by director
£

At 31 December 2022
£

Mr Darren Robert Wills

Interest free loan

32,238

35,507

(46,716)

704

21,732

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

12,784

39,923