Ken Warne Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01231879 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 September 2024

for

Ken Warne Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

FIXED ASSETS

Intangible assets

4

5,250

15,750

Tangible assets

5

318,078

327,226

Investments

6

1,131

Investment property

7

400,000

724,459

744,107

CURRENT ASSETS

Stocks

8

59,840

88,323

Debtors

9

33,143

32,906

Cash at bank and in hand

497,397

654,107

590,380

775,336

CREDITORS

Amounts falling due within one year

10

(493,268

)

(626,740

)

NET CURRENT ASSETS

97,112

148,596

TOTAL ASSETS LESS CURRENT
LIABILITIES

821,571

892,703

CREDITORS

Amounts falling due after more than one
year

11

(98,221

)

(147,217

)

NET ASSETS

723,350

745,486

CAPITAL AND RESERVES

Called up share capital

13

100,000

Revaluation reserve

189,462

Retained earnings

433,888

456,024

SHAREHOLDERS' FUNDS

723,350

745,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 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.

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 26 November 2025 and were signed on its behalf by:

P D Warne - Director

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.

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 11 (2023 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

Goodwill

costs

Totals

£

COST

At 1 October 2023

and 30 September 2024

137,105

1,000

138,105

AMORTISATION

At 1 October 2023

121,355

1,000

122,355

Amortisation for year

10,500

-

10,500

At 30 September 2024

131,855

1,000

132,855

NET BOOK VALUE

At 30 September 2024

5,250

-

5,250

At 30 September 2023

15,750

-

15,750

5.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Short

and

Motor

property

leasehold

fittings

vehicles

Totals

£

COST OR VALUATION

At 1 October 2023

297,999

68,922

273,211

33,481

673,613

Additions

-

2,207

-

2,207

Disposals

-

(228,817

)

-

(228,817

)

At 30 September 2024

297,999

68,922

46,601

33,481

447,003

DEPRECIATION

At 1 October 2023

-

68,922

246,673

30,792

346,387

Charge for year

-

11,355

-

11,355

Eliminated on disposal

-

(228,817

)

-

(228,817

)

At 30 September 2024

-

68,922

29,211

30,792

128,925

NET BOOK VALUE

At 30 September 2024

297,999

-

17,390

2,689

318,078

At 30 September 2023

297,999

-

26,538

2,689

327,226

Cost or valuation at 30 September 2024 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

46,601

33,481

257,542

297,999

68,922

46,601

33,481

447,003

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 October 2023

and 30 September 2024

1,131

NET BOOK VALUE

At 30 September 2024

1,131

At 30 September 2023

1,131

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

and 30 September 2024

400,000

NET BOOK VALUE

At 30 September 2024

400,000

At 30 September 2023

400,000

8.

STOCKS

2024

2023

£

Stocks

59,840

88,323

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Other debtors

30,237

30,000

Prepayments and accrued income

2,906

33,143

32,906

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

48,551

40,337

Trade creditors

160,318

229,784

Taxation and social security

31,704

79,075

Other creditors

4,247

Directors' current accounts

152,098

166,947

Accruals and deferred income

96,350

106,350

493,268

626,740

11.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans - 1-2 years

40,989

39,800

Bank loans - 2-5 years

57,232

58,268

Bank loans > 5 years

-

49,149

98,221

147,217

12.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

146,772

187,554

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

2024

2023

value:

£

100,000

Ordinary

£1

100,000

14.	RELATED PARTY DISCLOSURES

2024

2023

£

Amounts owed to directors

152,098

166,947

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.