Keeping Inn Limited - Accounts

Registered number

03303284

Keeping Inn Limited

Report and Financial Statements

31 January 2022

Keeping Inn Limited
Report and accounts
Contents
Page
Company information	1
Directors' report	2 - 3
Strategic report	4 - 5
Independent auditor's report	6 - 8
Income statement	9
Statement of financial position	10
Statement of changes in equity	11
Statement of cash flows	12
Notes to the financial statements	13 - 23

Keeping Inn Limited

Company Information

Directors

J T Sanderson

E A Sanderson

C S Sanderson

R A Sanderson

J J Sanderson

Independent Auditors

Stephenson Coates Audit Limited

West 2, Asama Court

Newcastle Business Park

Newcastle upon Tyne

Tyne & Wear

NE4 7YD

Registered office

30 The Oval

Forest Hall

Newcastle upon Tyne

Tyne and Wear

NE12 9PP

Registered number

03303284

Keeping Inn Limited
Registered number:				03303284
Directors' Report
The directors present their report and financial statements for the year ended 31 January 2022.
Principal activities
The company's principal activity during the year continued to be trading as an operator of bars, restaurants and leisure facilities.
We would like to thank the staff for all of their hard work and effort throughout the year.
Dividends
The directors have paid £Nil in dividends (2021: £Nil).
Directors
The following persons served as directors during the year:
	J T Sanderson
	E A Sanderson
	C S Sanderson
	R A Sanderson
	J J Sanderson
Directors' responsibilities

The directors are responsible for preparing the report and financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are 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 directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
●	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is unaware; and
●	he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

Strategic report

The strategic report has been prepared on pages 4 and 5, in accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

This report was approved by the board on 28 October 2022 and signed on its behalf.

C S Sanderson

Director

Keeping Inn Limited

Strategic Report

Review of business

In common with all businesses in the leisure and hospitality industry, the company has been significantly impacted by the Covid-19 pandemic and the government mandated restrictions imposed to control the spread of the virus. These restrictions ended during the year under review but there was still significant impact throughout the year. The directors have taken all financial assistance provided by both local and national government, which reduced the impact of the forced closures but could not eliminate it entirely. Despite this the company has recovered well from the enforced closures and the results are very encouraging for the future. Operating profit before depreciation and administration rose 164% to £377,442 (2021: £142,845) and EBITDA rose 355% to £235,161 (2021: £51,653).

Finance

The company had a HSBC (15 year capital and repayment) loan facility, which was refinanced in July 2021. The company has met all agreed repayments and there are no matters of which the directors are aware which would lead to the withdrawal of the facility.

Capital expenditure

£8,213 was spent on plant and equipment during the period (2021: £Nil). In addition to this £65,837 (2021: £60,732) was spent on repairs and renewals which ensures that we continue to improve the quality of our product.

Future and Covid-19

While restrictions regarding the Covid-19 pandemic have now ended, challenges remain. The directors are encouraged with the trading strength shown by our businesses and the profitability in the period from which we were allowed to reopen fully has been good. The company continues to invest significant sums in upgrading and improving its trading properties. The directors are currently working on future schemes to develop our strategically placed businesses.

Principal risks and uncertainties

The Directors have set in place a thorough risk management process that identifies the key risks faced by the Company and ensures that processes are adopted to monitor and mitigate such risks. The principal non-financial risk affecting the business relates to the fact that the market in which the company operates is highly competitive, with constant pressure on rates in the Provincial marketplace. The company seeks to mitigate this by ensuring its product offering is maintained to a high standard, via a programme of on-going refurbishment to maintain competitiveness. The principal financial risks affecting the business are currency risk, credit risk, interest rate risk and liquidity risk. All the company's sales and purchases are made in sterling; therefore, the Company is not exposed to any significant currency risks. The Directors are satisfied that the credit risk is adequately managed and the level of bad debt is consistent with the nature of the industry. Given the current market expectations as to the movement in bank base rate in the short to medium term, the company is aware of the increased interest rate risk and has in place several plans to mitigate the effects of further interest rate rises. This policy will be kept under regular review. Liquidity needs are managed by regular review of the timing of expected receivables and payments (including capital payments required on the bank and other loans) and the availability of facilities and levels of cash on deposit via the preparation of cash flow forecasts.

This report was approved by the board on 28 October 2022 and signed on its behalf.

C S Sanderson

Director

Keeping Inn Limited

Independent auditor's report

to the members of Keeping Inn Limited

Opinion

We have audited the financial statements of Keeping Inn Limited for the year ended 31 January 2022 which comprise the Income Statement, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
●	give a true and fair view of the state of the company's affairs as at 31 January 2022 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis of opinion
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’s 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 opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' 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 12 months from when the financial statements are authorised for issue.
Our responsibilites and the responsibilities of the directors with respect to going concern are described in the relevant secions of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 this gives rise to a material misstatement in the financial statements themselves. 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.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
●	the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
●	the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception

In the light of the 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 or the directors’ report.
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 if, in our opinion:
●	adequate accounting records have not been kept, or 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 directors’ remuneration specified by law are not made; or
●	we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the directors’ responsibilities statement, the directors are 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 directors determine 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor’s 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.
We obtained an understanding of the legal and regulatory framework applicable to both the company itself and the industry in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the directors and other management. The most significant identified that directly affect the financial statements include financial reporting legislation (including related companies' legislation), and taxation legislation. The company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Health and Safety, Employment Law and Data Protection regulations, recognising the nature of the company's activities.
We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:
●	making enquiries of directors and management as to where they consider there to be susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
●	obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
●	assessing the design effectiveness of the controls in place to prevent and detect fraud;
●	assessing the risk of management override, including identifying and testing journal entries;
●	challenging the assumptions and judgements made by management in its significant accounting estimates.
Our audit did not identify any key audit matters relating to the detection of irregularities including fraud. However, despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report
This report is made solely to the company's members, as a body, in accordance with the Companies Act 2006, Chapter 3, Part 16. 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.
John Oswald
(Senior Statutory Auditor)		West 2, Asama Court
for and on behalf of		Newcastle Business Park
Stephenson Coates Audit Limited		Newcastle upon Tyne
Chartered Accountants		Tyne & Wear
28 October 2022		NE4 7YD

Keeping Inn Limited
Income Statement
for the year ended 31 January 2022
Notes						2022		2021
£							£
Turnover				3		1,280,434		728,225
Cost of sales						(720,141)		(582,321)
Gross profit						560,293		145,904
Administrative expenses						(588,620)		(544,155)
Other operating income				7		124,987		333,409
Operating profit/(loss)				4		96,660		(64,842)
Interest payable				8		(44,391)		(40,178)
Profit/(loss) on ordinary activities before taxation						52,269		(105,020)
Tax on profit/(loss) on ordinary activities				9		(43,262)		(1,406)
Profit/(loss) for the financial year						9,007		(106,426)

Keeping Inn Limited
Statement of Financial Position
as at 31 January 2022
Notes				2022			2021
£					£
Fixed assets
Tangible assets	10			5,144,921			5,275,209
Investments	11			100,000			100,000
				5,244,921			5,375,209
Current assets
Stocks	12		16,897			21,615
Debtors	13		546,622			602,123
Cash at bank and in hand			52,136			11,506
			615,655			635,244
Creditors: amounts falling due within one year	14		(329,644)			(503,213)
Net current assets				286,011			132,031
Total assets less current liabilities				5,530,932			5,507,240
Creditors: amounts falling due after more than one year	15			(1,574,286)			(1,569,471)
Provisions for liabilities
Deferred taxation	17			(450,055)			(353,162)
Net assets				3,506,591			3,584,607
Capital and reserves
Called up share capital	18			110			110
Share premium	19			314,581			314,581
Other reserves	20			1,767,325			1,915,155
Profit and loss account	21			1,424,575			1,354,761
Total equity				3,506,591			3,584,607
C S Sanderson
Director
Approved by the board on 28 October 2022

Keeping Inn Limited
Statement of Changes in Equity
for the year ended 31 January 2022
Share			Share		Other		Profit		Total
capital			premium		reserves		and loss
account
£			£		£		£		£
At 1 February 2020		110		314,581		1,975,962		1,400,380		3,691,033
Loss for the financial year		-		-		-		(106,426)		(106,426)
Transfer of realised profit		-		-		(60,807)		60,807		-
Other comprehensive income for the financial year		-		-		(60,807)		60,807		-
Total comprehensive income for the financial year		-		-		(60,807)		(45,619)		(106,426)
At 31 January 2021		110		314,581		1,915,155		1,354,761		3,584,607
At 1 February 2021		110		314,581		1,915,155		1,354,761		3,584,607
Profit for the financial year		-		-		-		9,007		9,007
Transfer of realised profit		-		-		(60,807)		60,807		-
Deferred taxation arising on the revaluation of land and buildings		-		-		(87,023)		-		(87,023)
Other comprehensive income for the financial year		-		-		(147,830)		60,807		-
Total comprehensive income for the financial year		-		-		(147,830)		69,814		(78,016)
At 31 January 2022		110		314,581		1,767,325		1,424,575		3,506,591

Keeping Inn Limited
Statement of Cash Flows
for the year ended 31 January 2022
Notes			2022		2021
£				£
Operating activities
Profit/(loss) for the financial year			9,007		(106,426)
Adjustments for:
Interest payable			44,391		40,178
Tax on profit/(loss) on ordinary activities			43,262		1,406
Depreciation			138,501		116,495
Decrease in stocks			4,718		22,451
Decrease in debtors			55,501		63,337
Decrease in creditors			(108,367)		(51,505)
			187,013		85,936
Interest paid			(44,391)		(40,178)
Corporation tax paid			(43,081)		(12,066)
Cash generated by operating activities			99,541		33,692
Investing activities
Payments to acquire tangible fixed assets			(8,213)		-
Cash used in investing activities			(8,213)		-
Financing activities
Proceeds from new loans			1,651,766		-
Repayment of loans			(1,702,464)		(52,771)
Cash used in financing activities			(50,698)		(52,771)
Net cash generated/(used)
Cash generated by operating activities			99,541		33,692
Cash used in investing activities			(8,213)		-
Cash used in financing activities			(50,698)		(52,771)
Net cash generated/(used)			40,630		(19,079)
Cash and cash equivalents at 1 February 2021			11,506		30,585
Cash and cash equivalents at 31 January 2022			52,136		11,506
Cash and cash equivalents comprise:
Cash at bank			52,136		11,506

Keeping Inn Limited
Notes to the Accounts
for the year ended 31 January 2022
1	Summary of significant accounting policies
	Basis of preparation
	The financial statements have been prepared under the historical cost convention except for certain fixed assets, which are recorded at fair value, and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
	Going Concern
	After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the next 12 months. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
	Government grants
	Income from Government Grants is presented within other operating income. Government Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Grants are recognised as income when the associated performance conditions are met.
	Tangible fixed assets

	Tangible fixed assets are stated in the statement of financial position at their revalued amounts. The revalued amounts equate to the fair value at the date of revaluation, less any depreciation and any impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. Any revaluation increase or decrease on land and buildings is credited to the revaluation reserve in 'other reserves'. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
	Leasehold land and buildings			straight line over the lease term
	Plant and machinery			straight line over 15 years
	Soft furnishings			straight line over 5 years

	The directors perform annual impairment reviews in accordance with FRS102 to ensure the carrying value is not higher than the recoverable amount.
	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.
2	Critical accounting estimates and judgements
	In the application of the company's accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
3	Analysis of turnover					2022		2021
£							£
	Bar sales					788,379		279,949
	Food sales					133,339		89,857
	Golf sales					252,800		315,625
	Other sales					105,916		42,794
						1,280,434		728,225
	By geographical market:
	UK					1,280,434		728,225
4	Operating profit					2022		2021
£							£
	This is stated after charging:
	Depreciation of owned fixed assets					138,501		116,495
	Auditors' remuneration for audit services					3,950		3,950
	Auditors' remuneration for other services					1,000		1,000
5	Directors' remuneration
	There was no Directors' remuneration during the year (2021: £Nil).
6	Staff costs					2022		2021
£							£
	Wages and salaries					383,986		486,243
	Social security costs					20,784		22,735
	Other pension costs					6,005		6,522
						410,775		515,500
	Average number of employees during the year					Number	Number
	Sales					30		47
						30		47
7	Other operating income					2022		2021
£							£
	Coronavirus Job Retention Scheme grants					61,694		220,125
	Local authority grants					63,293		113,284
						124,987		333,409
8	Interest payable					2022		2021
£							£
	Bank loans and overdrafts					44,391		40,178
9	Taxation					2022		2021
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					33,392		1,174
	Deferred tax:
	Origination and reversal of timing differences					9,870		232
	Tax on profit on ordinary activities					43,262		1,406
	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
						2022		2021
£							£
	Profit/(loss) on ordinary activities before tax					52,269		(105,020)
	Standard rate of corporation tax in the UK					19%		19%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					9,931		(19,954)
	Effects of:
	Super deduction for qualifying plant and machinery					(468)		-
	Depreciation for period in excess of capital allowances					23,929		21,128
	Current tax charge for period					33,392		1,174
10	Tangible fixed assets
		Long leasehold properties		Plant and machinery		Soft furnishings		Total
		At valuation		At valuation		At valuation
£			£		£		£
	Valuation
	At 1 February 2021	5,486,035		492,454		16,333		5,994,822
	Additions	-		8,213		-		8,213
	At 31 January 2022	5,486,035		500,667		16,333		6,003,035
	Depreciation
	At 1 February 2021	473,864		231,291		14,458		719,613
	Charge for the year	94,370		42,792		1,339		138,501
	At 31 January 2022	568,234		274,083		15,797		858,114
	Carrying amount
	At 31 January 2022	4,917,801		226,584		536		5,144,921
	At 31 January 2021	5,012,171		261,163		1,875		5,275,209
						2022		2021
£							£
	Carrying amount of land and buildings on cost basis					2,798,728		2,798,728
	On 13 April 2016 a valuation of the long leasehold properties together with their fixtures, fittings and equipment was carried out by Brownhill Vickers, independent valuers and members of the Royal Institute of Chartered Surveyors. The directors carried out an impairment review of the leasehold properties together with their fixtures, fittings and equipment as at 31 January 2022 and are satisfied that the valuations undertaken by Brownhill Vickers remain unchanged. The valuations amounted to £3,000,000 for the Centurion Bar, £850,000 for the Quayside Exchange and £1,500,000 for the Centurion Park Golf Course. On 13 April 2016 a valuation of the land adjacent to the Quayside Exchange was carried out by Brownhill Vickers, independant valuers and members of the Royal Institute of Chartered Surveyors. This valuation amounted to £750,000, of which the company owns 54.55%. The company's share of this land totalling £409,125 has been incorporated into the accounts as the directors are of the opinion that there was no material change in the value of the land between the date of valuation and the balance sheet date.
11	Investments
Other
investments
£
	Cost
	At 1 February 2021							100,000
	At 31 January 2022							100,000
12	Stocks					2022		2021
£							£
	Raw materials and consumables					16,897		21,615
13	Debtors					2022		2021
£							£
	Trade debtors					1,008		-
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					408,991		416,558
	Prepayments and accrued income					136,623		185,565
						546,622		602,123
14	Creditors: amounts falling due within one year					2022		2021
£							£
	Bank loans					84,706		140,219
	Trade creditors					60,275		67,804
	Corporation tax					33,392		43,081
	Other taxes and social security costs					113,553		154,039
	Directors' accounts					-		47,895
	Accruals and deferred income					37,718		50,175
						329,644		503,213
15	Creditors: amounts falling due after one year					2022		2021
£							£
	Bank loans					1,574,286		1,569,471
16	Loans					2022		2021
£							£
	Loans not wholly repayable within five years:
	Repayable over 15 years, Interest charged at 1.98% over base					-		1,709,690
	Repayable over 20 years, Interest charged at 2.75% over SONIA					1,658,992		-
						1,658,992		1,709,690
	Analysis of maturity of debt:
	Within one year or on demand					84,706		140,219
	Between one and two years					84,706		143,163
	Between two and five years					224,118		447,703
	After five years					1,265,462		978,604
						1,658,992		1,709,689
	Security has been given by the company to secure £1,658,992 of the amount shown under creditors. The bank loans are secured by a debenture creating a fixed and floating charge over the assets of the company, First Legal charges over The Centurion Bar & Brasserie, The Quayside Exchange, Centurion Park Golf Course and land adjacent to The Quayside Exchange. There is also a Cross Guarantee given by STR Enterprises Limited supported by First Legal Charges over the freehold interests in The Victoria Hotel, Bamburgh, Point Cottages Bamburgh, The Manor House Hotel and Country Club in West Auckland and The Honest Lawyer Hotel in Croxdale.
17	Deferred taxation					2022		2021
£							£
	Revaluation of land and buildings					418,874		331,851
	Accelerated capital allowances					31,181		21,311
						450,055		353,162
	Deferred tax has been calculated using the rate expected to apply when the tax becomes chargeable, which is 25% (2021: 19%).
						2022		2021
£							£
	At 1 February 2021					353,162		352,930
	Charged to the profit and loss account					9,870		232
	Charged to other comprehensive income					87,023		-
	At 31 January 2022					450,055		353,162
18	Share capital	Nominal		2022		2022		2021
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£0.01 each		10,484		104		110
	A Ordinary shares	£0.01 each		552		6		-
						110		110
Nominal			Number		Amount
value			£
	Shares issued during the period:
	Ordinary shares	£0.01 each		(552)		(6)
	A Ordinary shares	£0.01 each		552		6
						-
	During the year 552 Ordinary shares of £0.01 each were converted into A Ordinary shares of £0.01 each.
19	Share premium					2022		2021
£							£
	At 1 February 2021					314,581		314,581
	At 31 January 2022					314,581		314,581
20	Other reserves					2022		2021
	Revaluation reserve					£	£
	At 1 February 2021					1,915,155		1,975,962
	Deferred taxation arising on the revaluation of land and buildings					(87,023)		-
	Transfer of realised profit					(60,807)		(60,807)
	At 31 January 2022					1,767,325		1,915,155
21	Profit and loss account					2022		2021
£							£
	At 1 February 2021					1,354,761		1,400,380
	Profit/(loss) for the financial year					9,007		(106,426)
	Transfer of realised profit					60,807		60,807
	At 31 January 2022					1,424,575		1,354,761
22	Reconciliation of movement in net debt
		1 February 2021	Cash flows			Non-cash changes		31 January 2022
£			£		£		£
	Cash at bank and in hand	11,506		40,630				52,136
				40,630
	Debt due within 1 year	(140,219)		50,698		4,815		(84,706)
	Debt due after 1 year	(1,569,471)		-		(4,815)		(1,574,286)
				50,698
	Total	(1,698,184)		91,328		-		(1,606,856)
23	Contingent liabilities
	At the balance sheet date there existed a cross guarantee with STR Enterprises Limited, the parent company, in respect of its bank borrowing. The contingent liability in this respect was £4,621,123.
24	Related party transactions					2022		2021
£							£
	STR Enterprises Limited
	Parent company
	Due from STR Enterprises Limited at the year end					172,395		295,888
	H G & L Newcastle Limited
	Associate company
	Management fees recognised during the period of £80,000 (2021 - £NIl)
	Due from H G & L Newcastle Limited at the year end					236,596		120,670
	JT & EA Sanderson
	Directors
	Interest free loan made to company with no fixed date for repayment
	Due to J T and E A Sanderson at the year end					-		23,457
	C S Sanderson
	Director
	Interest free loan made to company with no fixed date for repayment
	Due to C S Sanderson at the year end					-		24,438
25	Controlling party
	The company is controlled by its directors.
26	Presentation currency
	The financial statements are presented in Sterling.
27	Legal form of entity and country of incorporation
	Keeping Inn Limited is a private company limited by shares and incorporated in England.
28	Principal place of business
	The address of the company's principal place of business and registered office is:
	30 The Oval
	Forest Hall
	Newcastle upon Tyne
	Tyne and Wear
	NE12 9PP