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REGISTERED NUMBER: 11711959 (England and Wales)










The Kinmel Arms Ltd

Financial Statements

for the Year Ended 29 February 2024






The Kinmel Arms Ltd (Registered number: 11711959)






Contents of the Financial Statements
for the year ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


The Kinmel Arms Ltd

Company Information
for the year ended 29 February 2024







DIRECTORS: Mr A J Williams
Mrs A Williams





REGISTERED OFFICE: Towyn Road
Towyn
Abergele
LL22 9NW





REGISTERED NUMBER: 11711959 (England and Wales)





AUDITORS: Salisbury & Company Business Solutions Limited
Statutory Auditors
Chartered Accountants
Irish Square
Upper Denbigh Road
St Asaph
Denbighshire
LL17 0RN

The Kinmel Arms Ltd (Registered number: 11711959)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 168,683 180,108
Tangible assets 5 74,163 86,494
242,846 266,602

CURRENT ASSETS
Stocks 9,773 7,174
Debtors 6 7,369 15,822
Cash at bank and in hand 37,539 111,512
54,681 134,508
CREDITORS
Amounts falling due within one year 7 1,241,133 1,034,196
NET CURRENT LIABILITIES (1,186,452 ) (899,688 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(943,606

)

(633,086

)

CREDITORS
Amounts falling due after more than one
year

8

-

(125,000

)

PROVISIONS FOR LIABILITIES (7,318 ) (8,733 )
NET LIABILITIES (950,924 ) (766,819 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (951,024 ) (766,919 )
(950,924 ) (766,819 )

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 Board of Directors and authorised for issue on 28 November 2024 and were signed on its behalf by:





Mr A J Williams - Director


The Kinmel Arms Ltd (Registered number: 11711959)

Notes to the Financial Statements
for the year ended 29 February 2024

1. STATUTORY INFORMATION

The Kinmel Arms Ltd 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The company's ultimate parent undertaking, Tir Prince Raceway Limited, includes the company in its consolidated financial statements. In these financial statements, the company is considered to be a qualifying entity (for the purpose of FRS) and has applied the exemptions available under FRS 102 in respect of the Cash Flow Statements and related notes.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

The Kinmel Arms Ltd (Registered number: 11711959)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 228,500
AMORTISATION
At 1 March 2023 48,392
Charge for year 11,425
At 29 February 2024 59,817
NET BOOK VALUE
At 29 February 2024 168,683
At 28 February 2023 180,108

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 157,254
DEPRECIATION
At 1 March 2023 70,760
Charge for year 12,331
At 29 February 2024 83,091
NET BOOK VALUE
At 29 February 2024 74,163
At 28 February 2023 86,494

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 7,369 15,822

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 17,159 8,705
Amounts owed to group undertakings 1,208,107 1,016,744
Taxation and social security 10,961 7,203
Other creditors 4,906 1,544
1,241,133 1,034,196

The Kinmel Arms Ltd (Registered number: 11711959)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors - 125,000

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Aled Roberts FCA (Senior Statutory Auditor)
for and on behalf of Salisbury & Company Business Solutions Limited

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr A J Williams.

11. GOING CONCERN

As at 29th February 2024 the companies net liabilities exceeded net assets by £950,924. The directors expect that future trade will lead to future profitability and this together with the continued support of the parent company justifies the preparation of these financial statements on a going concern basis.