General Information
Key Inns Limited is a private company, limited by shares, registered in England and Wales, registration number 04117471, registration address The Old Mill Thinford Road, Metal Bridge, Coxhoe, Durham, DH6 5NX.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Development expenditures
Research and development expenditure is charged to the income statement in the period in which it is incurred. However, where the directors are satisfied as to the technical, commercial and financial viability of individual projects, development expenditure is deferred and amortised over years during which the company is expected to benefit.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
Nil Reducing Balance |
| Plant and Machinery |
15% Reducing Balance
|
| Motor Vehicles |
25% Reducing Balance
|
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 130 (2024 : 129).
|
| 3. |
Intangible fixed assets
| Cost |
Research and Development |
|
Goodwill |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 February 2024 |
13,850 |
|
300,000 |
|
313,850 |
| Additions |
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
| At 31 January 2025 |
13,850 |
|
300,000 |
|
313,850 |
| Net book values |
| At 31 January 2025 |
13,850 |
|
72,000 |
|
85,850 |
| At 31 January 2024 |
13,850 |
|
84,000 |
|
97,850 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Land and Buildings |
|
Plant and Machinery |
|
Motor Vehicles |
|
Total |
| |
£ |
|
£ |
|
£ |
|
£ |
| At 01 February 2024 |
2,271,318 |
|
1,497,936 |
|
135,471 |
|
3,904,725 |
| Additions |
41,801 |
|
34,595 |
|
144,883 |
|
221,279 |
| Disposals |
- |
|
- |
|
(135,472) |
|
(135,472) |
| Revaluations |
2,058,682 |
|
- |
|
- |
|
2,058,682 |
| At 31 January 2025 |
4,371,801 |
|
1,532,531 |
|
144,882 |
|
6,049,214 |
| Depreciation |
| At 01 February 2024 |
- |
|
1,165,233 |
|
66,055 |
|
1,231,288 |
| Charge for year |
- |
|
50,894 |
|
25,950 |
|
76,844 |
| On disposals |
- |
|
- |
|
(74,461) |
|
(74,461) |
| At 31 January 2025 |
- |
|
1,216,127 |
|
17,544 |
|
1,233,671 |
| Net book values |
| Closing balance as at 31 January 2025 |
4,371,801 |
|
316,404 |
|
127,338 |
|
4,815,543 |
| Opening balance as at 01 February 2024 |
4,330,000 |
|
332,703 |
|
69,416 |
|
4,732,119 |
|
| 5. |
Stocks
|
2025
£ |
|
2024
£ |
| Finished Goods |
17,951 |
|
20,951 |
|
17,951 |
|
20,951 |
|
| 6. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| Prepayments & Accrued Income |
36,542 |
|
36,950 |
| Other Debtors |
7,129 |
|
10,226 |
|
43,671 |
|
47,176 |
|
| 7. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Trade Creditors |
55,082 |
|
48,539 |
| Bank Loans & Overdrafts |
172,451 |
|
172,451 |
| Corporation Tax |
154,261 |
|
120,835 |
| PAYE & Social Security |
25,924 |
|
25,865 |
| Accrued Expenses |
14,300 |
|
14,300 |
| Obligations under HP/Financial Leases |
13,923 |
|
0 |
| Nest Pension Control |
2,001 |
|
1,592 |
| Machine Games Duty |
(1) |
|
(1) |
| VAT |
193,646 |
|
192,508 |
|
631,587 |
|
576,089 |
|
| 8. |
Creditors: amount falling due after more than one year
|
2025
£ |
|
2024
£ |
| Long term bank loan |
459,138 |
|
589,991 |
| Obligations Under HP/Financial Leases |
19,174 |
|
0 |
| Other long-term loans |
119,000 |
|
101,119 |
|
597,312 |
|
691,110 |
|
| 9. |
Provisions for liabilities
|
2025
£ |
|
2024
£ |
| Deferred tax - brought forward |
62,120 |
|
28,614 |
| Deferred tax - additions |
(8,274) |
|
33,506 |
|
53,846 |
|
62,120 |
|
| 10. |
Revaluation Reserves
|
2025
£ |
|
2024
£ |
| Revaluation Reserve b/fwd |
423,333 |
|
423,333 |
| Revaluation of Fixed Assets |
2,058,682 |
|
2,058,682 |
|
2,482,015 |
|
2,482,015 |
|
| 11. |
Directors advances, credits and guarantees
Included in creditors: amounts due within one year, are amounts owed to the Directors of £119,000. (2024 - £101.119)
|
| 12. |
Controlling party
For the whole of the period under review the company was under the control of Darren, Lene, Malcolm & Heather Salicki, directors of the company.
|
2
|