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REGISTERED NUMBER: 01231879 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 September 2023

for

Ken Warne Limited

Ken Warne Limited (Registered number: 01231879)






Contents of the Financial Statements
for the Year Ended 30 September 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Ken Warne Limited

Company Information
for the Year Ended 30 September 2023







DIRECTORS: K A Warne
P D Warne





SECRETARY: K A Warne





REGISTERED OFFICE: 17/19 Cleveland Terrace
DARLINGTON
Co Durham
DL3 7HD





REGISTERED NUMBER: 01231879 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
140 Coniscliffe Road
DARLINGTON
Co Durham
DL3 7RT

Ken Warne Limited (Registered number: 01231879)

Balance Sheet
30 September 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 15,750 26,250
Tangible assets 5 327,226 331,126
Investments 6 1,131 1,131
Investment property 7 400,000 400,000
744,107 758,507

CURRENT ASSETS
Stocks 8 88,323 123,074
Debtors 9 32,906 4,844
Cash at bank and in hand 654,107 712,492
775,336 840,410
CREDITORS
Amounts falling due within one year 10 626,740 716,224
NET CURRENT ASSETS 148,596 124,186
TOTAL ASSETS LESS CURRENT
LIABILITIES

892,703

882,693

CREDITORS
Amounts falling due after more than one
year

11

147,217

187,920
NET ASSETS 745,486 694,773

CAPITAL AND RESERVES
Called up share capital 13 100,000 100,000
Revaluation reserve 189,462 189,462
Retained earnings 456,024 405,311
SHAREHOLDERS' FUNDS 745,486 694,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Ken Warne Limited (Registered number: 01231879)

Balance Sheet - continued
30 September 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 October 2024 and were signed on its behalf by:





P D Warne - Director


Ken Warne Limited (Registered number: 01231879)

Notes to the Financial Statements
for the Year Ended 30 September 2023

1. STATUTORY INFORMATION

Ken Warne 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.

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 as modified by the revaluation of certain assets.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts with the exception of goodwill.

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

Income recognition
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer.

Intangible assets
Goodwill, being the amount paid in connection with the acquisition of businesses in 1999, 2001 and 2014, is being written off evenly over its estimated useful life of ten years.

Franchise costs have been written off evenly over the term of the agreement, and are now fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Short leasehold - over period of the lease
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 10% on reducing balance

Freehold property is valued at fair value using revaluation model as assessed by directors at year end.

The valuations were carried out by the directors at 30 September 2016 and the directors are of the opinion that the value has not changed since.

The directors consider that the freehold property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the profit and loss account.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to sell, after making due allowance for obsolete and slow moving items.

Ken Warne Limited (Registered number: 01231879)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Investments
Investments held as fixed assets are stated at cost less provision for any impairment in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Franchise
Goodwill costs Totals
£    £    £   
COST
At 1 October 2022
and 30 September 2023 137,105 1,000 138,105
AMORTISATION
At 1 October 2022 110,855 1,000 111,855
Amortisation for year 10,500 - 10,500
At 30 September 2023 121,355 1,000 122,355
NET BOOK VALUE
At 30 September 2023 15,750 - 15,750
At 30 September 2022 26,250 - 26,250

Ken Warne Limited (Registered number: 01231879)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Short and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 October 2022
and 30 September 2023 297,999 68,922 273,211 33,481 673,613
DEPRECIATION
At 1 October 2022 - 68,922 242,773 30,792 342,487
Charge for year - - 3,900 - 3,900
At 30 September 2023 - 68,922 246,673 30,792 346,387
NET BOOK VALUE
At 30 September 2023 297,999 - 26,538 2,689 327,226
At 30 September 2022 297,999 - 30,438 2,689 331,126

Cost or valuation at 30 September 2023 is represented by:

Fixtures
Freehold Short and Motor
property leasehold fittings vehicles Totals
£    £    £    £    £   
Valuation in 1997 140,216 - - - 140,216
Valuation in 2016 49,245 - - - 49,245
Cost 108,538 68,922 273,211 33,481 484,152
297,999 68,922 273,211 33,481 673,613

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 October 2022
and 30 September 2023 1,131
NET BOOK VALUE
At 30 September 2023 1,131
At 30 September 2022 1,131

Ken Warne Limited (Registered number: 01231879)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

7. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2022
and 30 September 2023 400,000
NET BOOK VALUE
At 30 September 2023 400,000
At 30 September 2022 400,000

8. STOCKS
2023 2022
£    £   
Stocks 88,323 123,074

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 30,000 -
Prepayments and accrued income 2,906 4,844
32,906 4,844

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 40,337 42,522
Trade creditors 229,784 292,412
Taxation and social security 79,075 57,439
Other creditors 4,247 8,066
Directors' current accounts 166,947 140,290
Accruals and deferred income 106,350 175,495
626,740 716,224

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 1-2 years 39,800 41,474
Bank loans - 2-5 years 58,268 87,776
Bank loans > 5 years 49,149 57,518
Pension loan - 1,152
147,217 187,920

Ken Warne Limited (Registered number: 01231879)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2023

12. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 187,554 229,290

Bank loans and overdrafts are secured with a fixed and floating charge over the assets of the company.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100,000 Ordinary £1 100,000 100,000

14. RELATED PARTY DISCLOSURES

2023 2022
£    £   
Amounts owed to directors 166,947 140,290

No interest has been charged

Included within other debtors is £30,000 owed to the company by Cleveland Properties, a partnership in which the two directors are both partners.