Year Ended
Registration number:
A R & A L Keen Limited
Contents
Company Information |
|
Strategic Report |
|
Director's Report |
|
Statement of Director's Responsibilities |
|
Independent Auditor's Report |
|
Statement of Income and Retained Earnings |
|
Statement of Comprehensive Income |
|
Balance Sheet |
|
Statement of Changes in Equity |
|
Notes to the Financial Statements |
A R & A L Keen Limited
Company Information
Director |
Mrs A L Keen |
Company secretary |
Ms B Keen |
Registered office |
|
Auditors |
|
A R & A L Keen Limited
Strategic Report for the Year Ended 31 December 2023
The director presents her strategic report for the year ended 31 December 2023.
Principal activity
The principal activity of the company is the sale of caravans and ongoing maintenance of caravans.
Fair review of the business
The company, trading as Southern Counties Leisure, sells caravans and lodges, wholesale to caravan parks and retail to the general public. Trading during the year has been steady, given the current economic conditions. The gross and net profitability are driven by the sales of units, which will vary year on year, with significant increases when holiday parks replace assets or expand. The cost structure is managed to minimise the impacts of these fluctuations in turnover.
The balance sheet position is positive, with growth in current assets and net assets. The director is confident that the management of costs and cashflow will enable the company to continue trading profitably and therefore considers it appropriate to prepare the financial statements on a going concern basis.
The company's key financial and other performance indicators during the year were as follows:
Financial KPIs |
Unit |
2023 |
2022 |
Turnover |
£'000 |
14,976 |
29,379 |
Gross profit |
£'000 |
2,162 |
3,906 |
Gross profit % |
£'000 |
14 |
13 |
Profit before tax |
£'000 |
987 |
3,224 |
Net current assets |
£'000 |
9,179 |
8,383 |
Net assets |
£'000 |
9,260 |
8,450 |
Principal risks and uncertainties
The risks and uncertainties impacting on the management and strategy of the business are considered below.
Factors beyond the company's control:
- The weather plays a significant part in determining the success and duration or otherwise of the tourist season and this could impact on decisions by the holiday park trade on investment. The economic conditions can impact on the retail business, as caravans and lodges are seen as luxury expenditure.
- The director has structured the cost base and cash requirements to address fluctuations in demand and is confident that through monitoring and control, these uncertainties can be managed.
Factors under the company's control:
- The company has a critical relationship with Lombard Finance, DF Capital and Willerby Limited. Lombard and DF Capital provide stocking loans and Willerby Limited manufacture the stock. There is a set of criteria that has to be adhered to ensure financial support, these and the ongoing relationships are monitored and managed carefully.
Approved and authorised by the
......................................... |
A R & A L Keen Limited
Director's Report for the Year Ended 31 December 2023
The director presents her report and the financial statements for the year ended 31 December 2023.
Director of the company
The director who held office during the year was as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments at the year end comprise bank balance, trade creditors, debtors and other loans to the company. The main purpose of these instruments is to provide finance for the company's operations.
Price risk, credit risk, liquidity risk and cash flow risk
Due to the nature of the financial instruments used by the company, there is little exposure to price risk. The company's approach to managing other risks applicable is outlined below.
The primary risk management policy of the company is the use of stocking loans to manage liquidity. Stock is paid for by a lender and repayment is not required until the earlier of sale or the passing of 365 days. Management work to ensure that sale and legal title is transferred within 365 days to minimise cash flow impact.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between continuity of funding and the use of loans at fixed interest rates.
The liquidity risk associated with trade creditors is managed by ensuring sufficient funds are available to meet amounts required as they fall due.
Trade debtors are managed by policies concerning the credit offered to customers.
Disclosure of information to the auditors
The director has taken steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that she knows of and of which she knows the auditors are unaware.
Approved and authorised by the
......................................... |
A R & A L Keen Limited
Statement of Director's Responsibilities
The director acknowledges her responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:
• |
select suitable accounting policies and apply them consistently; |
• |
make judgements and accounting estimates that are reasonable and prudent; |
• |
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
• |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable her to ensure that the financial statements comply with the Companies Act 2006. She is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
A R & A L Keen Limited
Independent Auditor's Report to the Members of A R & A L Keen Limited
Qualified opinion
We have audited the financial statements of A R & A L Keen Limited (the 'company') for the year ended 31 December 2023, which comprise the Statement of Income and Retained Earnings, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for qualified opinion on financial statements
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The director are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
A R & A L Keen Limited
Independent Auditor's Report to the Members of A R & A L Keen Limited
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock quantities of £13,527,198 held at 31 December 2023. We have concluded that where the other information refers to the stock balance or related balances such as cost of sales, it may be materially misstated for the same reason.
Opinion on other matter prescribed by the Companies Act 2006
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:
• |
the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
• |
the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
We were not appointed as auditor of the company until after 31 December 2023 and thus did not observe the counting of physical stock at the end of the year. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023, which are included in the balance sheet at £13,527,198, by using other audit procedures.
Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance to be required, the strategic report would also need to be amended.
Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Director’s Report.
Arising solely from the limitation of scope of our work relating to stock existence, referred to above:
• |
we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and |
• |
we were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you, in our opinion:
• | returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of director's remuneration specified by law are not made. |
A R & A L Keen Limited
Independent Auditor's Report to the Members of A R & A L Keen Limited
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 4, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:
Based on our understanding of the company and industry, we identified the principal risks of non-compliance with laws and regulations related to acts by the company which were contrary to applicable laws and regulations, including fraud.
We considered those laws and regulations that have a direct impact on the preparation of the financial statements including, but not limited to the reporting framework (Companies Act 2006 and FRS 102) and the relevant tax compliance regulations in the UK. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance which may be fundamental to the company's ability to operate or to avoid a material penalty, including compliance with health and safety regulations and employment law.
To address the risk of fraud through management bias and override of controls, we:
• |
reviewed journals and other accounting entries for appropriateness; |
• |
evaluated the business rationale of significant transactions; |
• |
reviewed judgements and estimates made in the accounts for any indication of bias; and |
• |
performed analytical procedures to identify any unusual or unexpected relationships. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. This risk increases the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements as we are less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
A R & A L Keen Limited
Independent Auditor's Report to the Members of A R & A L Keen Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Lowin House
Tregolls Road
Cornwall
TR1 2NA
A R & A L Keen Limited
Statement of Income and Retained Earnings
Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Turnover |
|
|
|
Cost of sales |
( |
( |
|
Gross profit |
|
|
|
Administrative expenses |
( |
( |
|
Operating profit |
|
|
|
Other interest receivable and similar income |
|
|
|
Interest payable and similar charges |
( |
( |
|
(191,778) |
(11,977) |
||
Profit before tax |
|
|
|
Taxation |
( |
( |
|
Profit for the financial year |
|
|
|
Retained earnings brought forward |
8,449,883 |
5,900,840 |
|
Retained earnings carried forward |
9,260,365 |
8,449,883 |
A R & A L Keen Limited
Statement of Comprehensive Income
Year Ended 31 December 2023
2023 |
2022 |
|
Profit for the year |
|
|
Total comprehensive income for the year |
|
|
A R & A L Keen Limited
Balance Sheet
31 December 2023
Note |
2023 |
2022 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Capital redemption reserve |
|
|
|
Profit and loss account |
|
|
|
Shareholders' funds |
|
|
Approved and authorised by the
......................................... |
Company Registration Number: 05391949
A R & A L Keen Limited
Statement of Changes in Equity
Year Ended 31 December 2023
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 January 2023 |
|
|
|
|
Profit for the year |
- |
- |
|
|
At 31 December 2023 |
|
|
|
|
Share capital |
Capital redemption reserve |
Profit and loss account |
Total |
|
At 1 January 2022 |
|
|
|
|
Profit for the year |
- |
- |
|
|
At 31 December 2022 |
50 |
50 |
8,449,883 |
8,449,983 |
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
The principal place of business is:
St Agnes Holiday Park
Blackwater
Three Burrows
Truro
Cornwall
TR4 8HS
These financial statements were authorised for issue by the
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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
Summary of disclosure exemptions
- the requirements of Section 7 Statement of Cash Flows;
- the requirements of Section 33 Related Party Disclosures paragraph 33.7.
Going concern
The financial statements have been prepared on a going concern basis.
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Key sources of estimation uncertainty and judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period. If the revision affects both current and future periods, then it is recognised in both the current and future periods. |
The director believes the point of turnover recognition to be the key judgement in the accounts, and thereby the potential recovery of the associated trade debtor. Under certain circumstances it is the director's position that the company enters into agreements where the risks and rewards of ownership have been substantively transferred and so entitling the company to the future economic benefits of sale but legal title transfers upon the receipt of settlement, which can result in significant periods of credit being provided and so increasing the potential of non-payment. The director monitors and manages the customer relationships closely. See Note 16 for details on how this approach relates to the company's stocking loans. |
Revenue recognition
Turnover comprises the invoiced cost of goods sold during the year, excluding value added tax, and net of discounts.
The company recognises revenue when the amount of revenue can be reliably measured, which is when it is probable that future economic benefits will flow to the entity. Under certain circumstances the company will enter into agreements where the risks and rewards of ownership have been substantively transferred but not the legal title. As these agreements entitle the company to probable economic benefit with limited further cost they are recognised as sales and the stock appropriately derecognised.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
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 corporation 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.
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
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 |
Furniture, fittings and equipment |
20 - 25% reducing balance |
Motor vehicles |
25% reducing balance |
Plant, machinery and office equipment |
25% reducing balance |
Land and buildings |
3% reducing balance |
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, is being amortised evenly over its estimated useful life.
Intangible assets
Internally developed software is capitalised when it is considered to be technically feasible, there are probable future benefits, there is the ability to use the software, resources are available to complete the software, and there is the ability to measure the cost.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intangible assets other than goodwill |
2 years |
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items which are reviewed regularly by the company director on an ongoing basis. Cost is determined using the first-in, first-out (FIFO) method.
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
2023 |
2022 |
|
Sale of goods |
|
|
Rendering of services |
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
|
Foreign exchange losses |
- |
|
Operating lease expense - plant and machinery |
|
|
Profit on disposal of property, plant and equipment |
( |
- |
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Staff costs |
The aggregate payroll costs (including director's remuneration) were as follows:
2023 |
2022 |
|
Wages and salaries |
|
|
Social security costs |
|
|
Pension costs, defined contribution scheme |
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
2023 |
2022 |
|
Sales, marketing and distribution |
|
|
|
|
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Director's remuneration |
The director's remuneration for the year was as follows:
2023 |
2022 |
|
Remuneration |
|
|
Contributions paid to money purchase schemes |
|
|
33,030 |
32,832 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
2023 |
2022 |
|
Accruing benefits under money purchase pension scheme |
|
|
Auditor's remuneration |
2023 |
2022 |
|
Audit of the financial statements |
|
|
Other interest receivable and similar income |
2023 |
2022 |
|
Interest income on bank deposits |
|
|
Other finance income |
|
- |
|
|
Interest payable and similar expenses |
2023 |
2022 |
|
Interest expense on other finance liabilities |
|
|
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Taxation |
Tax charged/(credited) in the profit and loss account
2023 |
2022 |
|
Current taxation |
||
UK corporation tax |
|
|
UK corporation tax adjustment to prior periods |
( |
|
179,580 |
670,856 |
|
Deferred taxation |
||
Arising from origination and reversal of timing differences |
( |
|
Tax expense in the income statement |
|
|
Deferred tax
Deferred tax assets and liabilities
2023 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
2022 |
Asset |
Liability |
Accelerated capital allowances |
- |
|
- |
|
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Intangible assets |
Goodwill |
Internally generated software development costs |
Total |
|
Cost or valuation |
|||
At 1 January 2023 |
|
|
|
At 31 December 2023 |
|
|
|
Amortisation |
|||
At 1 January 2023 |
|
|
|
At 31 December 2023 |
|
|
|
Carrying amount |
|||
At 31 December 2023 |
- |
- |
- |
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
|||||
At 1 January 2023 |
|
|
|
|
|
Additions |
- |
|
|
- |
|
Disposals |
- |
- |
( |
- |
( |
At 31 December 2023 |
|
|
|
|
|
Depreciation |
|||||
At 1 January 2023 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
- |
( |
At 31 December 2023 |
|
|
|
|
|
Carrying amount |
|||||
At 31 December 2023 |
|
|
|
|
|
At 31 December 2022 |
|
|
|
|
|
Included within the net book value of land and buildings above is £13,408 (2022 - £13,822) in respect of short leasehold land and buildings.
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Stocks |
2023 |
2022 |
|
Other inventories |
|
|
The carrying amount of stocks pledged as security for liabilities amounted to £13,527,198 (2022: £2,382,163).
Debtors |
Note |
2023 |
2022 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
Income tax asset |
|
- |
|
|
|
Cash and cash equivalents |
2023 |
2022 |
|
Cash on hand |
|
|
Cash at bank |
|
|
|
|
Creditors |
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Note |
2023 |
2022 |
|
Due within one year |
|||
Loans and borrowings |
|
- |
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Outstanding defined contribution pension costs |
|
- |
|
Other creditors |
|
|
|
Accruals |
|
|
|
Corporation tax |
- |
642,861 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
- |
Included within other creditors is a Lombard stocking loan with a carrying amount of £10,871,724 (2022: £4,815,270) denominated in sterling £ with a nominal interest rate of 3.25% above LIBOR. This is a rolling stocking loan secured on the specific asset purchased for stock until the earlier of the item's legal title being transferred on sale or 365 days from purchase. As the company recognises turnover when the risks and rewards of ownership have been transferred, which may not always be the point legal title is transferred, and future economic benefit is probable, an element of the debt is effectively secured against trade debtors of the company.
Included in other creditors is a loan with DF Capital Bank Limited with a carrying amount of £7,655,154 (2022: £3,607,224) denominated in sterling £. Interest is based on the Bank of England Base Rate subject to a minimum base rate of 0.5%, along with a 4.5% monthy unit fee.
Also included in other creditors is a loan with Willerby with a carrying amount of £3,240,108 (2022: £4,682,997) denominated in sterling £.
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Loans and borrowings |
Non-current loans and borrowings
2023 |
2022 |
|
Hire purchase contracts |
|
- |
Current loans and borrowings
2023 |
2022 |
|
Hire purchase contracts |
|
- |
Obligations under leases and hire purchase contracts |
Finance leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
( |
- |
Later than one year and not later than five years |
( |
- |
( |
- |
Operating leases
The total of future minimum lease payments is as follows:
2023 |
2022 |
|
Not later than one year |
|
|
Later than one year and not later than five years |
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Provisions for liabilities |
Deferred tax |
Total |
|
At 1 January 2023 |
|
|
Increase (decrease) in existing provisions |
( |
( |
At 31 December 2023 |
|
|
|
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
|||
No. |
£ |
No. |
£ |
|
|
|
50 |
|
50 |
Non adjusting events after the financial period |
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The most senior parent entity producing publicly available financial statements is
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
A R & A L Keen Limited
Notes to the Financial Statements
Year Ended 31 December 2023
Related party transactions |
Transactions with the director |
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
Mrs A L Keen |
||||
Loan repayable not by instalments |
|
|
( |
|
2022 |
At 1 January 2022 |
Advances to director |
Repayments by director |
At 31 December 2022 |
Mrs A L Keen |
||||
Loan repayable not by instalments |
|
|
( |
|
Summary of transactions with parent
Summary of transactions with entities with joint control or significant interest
The property from which the company trades, and for which rent of £15,000 has been charged, is owned by A Keen Leisure Limited of which A Keen is also director.
The director is also a 100% owner of A Keen Leisure Limited. At the year end the company was owed £2.6m (2022 - £2.3m) by A Keen Leisure Limited, which is within other debtors at the year end. There is no interest charged and no set repayment terms on the outstanding balance. During the year the company supplied A Keen Leisure Limited with £206,370 (2022 - £128,762) of goods and services.