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Registration number: 09374055

Kernow The Old Inn Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Kernow The Old Inn Limited

Contents




 

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Kernow The Old Inn Limited

Company Information




 

Director

Mr D R Wills

Registered office




 

2nd Floor
19 Southernhay West
Exeter
Devon
EX1 1PJ

Accountants

Everett King
Chartered Certified Accountants
4 Kings Court
Little King Street
BRISTOL
BS1 4HW

 

Kernow The Old Inn Limited

(Registration number: 09374055)
Balance Sheet as at 31 December 2024

Note

2024

2023

   

£

£

£

£

Fixed assets

   

 

Tangible assets

4

 

38,045

 

45,066

Current assets

   

 

Stocks

5

34,012

 

22,172

 

Debtors

6

2,656

 

22,750

 

Cash at bank and in hand

 

16,368

 

11,680

 

 

53,036

 

56,602

 

CREDITORS: Amounts falling due within one year

7

(118,369)

 

(119,234)

 

Net current liabilities

   

(65,333)

 

(62,632)

Total assets less current liabilities

   

(27,288)

 

(17,566)

CREDITORS: Amounts falling due after more than one year

7

 

(9,895)

 

(14,302)

Provisions for liabilities

 

-

 

(6,103)

Net liabilities

   

(37,183)

 

(37,971)

Capital and reserves

   

 

Called up share capital

8

100

 

100

 

Retained earnings

(37,283)

 

(38,071)

 

Shareholders' deficit

   

(37,183)

 

(37,971)

For the financial year ending 31 December 2024 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.

 

Kernow The Old Inn Limited

(Registration number: 09374055)
Balance Sheet as at 31 December 2024

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 4 March 2025
 

.........................................
Mr D R Wills
Director

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements

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:
2nd Floor
19 Southernhay West
Exeter
Devon
EX1 1PJ

These financial statements were authorised for issue by the director on 4 March 2025.

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 or receivable for the sale of goods and provision of services 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.

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements

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.

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:

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 for merchandise sold or services performed 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.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 36 (2023 - 32).

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

16,891

156,534

3,000

176,425

Additions

-

3,597

-

3,597

Disposals

-

(14,408)

-

(14,408)

At 31 December 2024

16,891

145,723

3,000

165,614

Depreciation

At 1 January 2024

5,634

124,412

1,313

131,359

Charge for the year

1,689

8,507

422

10,618

Eliminated on disposal

-

(14,408)

-

(14,408)

At 31 December 2024

7,323

118,511

1,735

127,569

Carrying amount

At 31 December 2024

9,568

27,212

1,265

38,045

At 31 December 2023

11,257

32,122

1,687

45,066

Included within the net book value of land and buildings above is £9,569 (2023 - £11,257) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

34,012

22,172

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,188

2,121

Prepayments

1,468

3,297

Other debtors

-

17,332

 

2,656

22,750

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements

7

CREDITORS

CREDITORS: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,269

10,648

Trade creditors

 

41,392

30,410

Taxation and social security

 

60,229

42,205

Accruals and deferred income

 

4,944

18,053

Other creditors

 

1,535

17,918

 

118,369

119,234

CREDITORS: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

9,895

14,302

 

Kernow The Old Inn Limited

Notes to the Unaudited Financial Statements

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

A Ordinary of £1 each

98

98

98

98

B Ordinary of £1 each

1

1

1

1

C Ordinary of £1 each

1

1

1

1

100

100

100

100

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,895

14,302

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,269

10,648

Bank borrowings

Bank loan is denominated in sterling 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 £20,164 (2023 - £24,950).

10

Related party transactions

Director's remuneration

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

2024
£

2023
£

Remuneration

28,334

12,784