Keeping Inn Limited - Accounts

Registered number

03303284

Keeping Inn Limited

Report and Financial Statements

31 January 2023

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 comprehensive income	10
Statement of financial position	11
Statement of changes in equity	12
Statement of cash flows	13
Notes to the financial statements	14 - 25

Keeping Inn Limited

Company Information

Directors

J T Sanderson

E A Sanderson

C S Sanderson

R A Sanderson

J J Sanderson

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 2023.
Principal activities
The company's principal activity during the year continued to be trading as an operator of bars, restaurants and leisure facilities.
Future developments
The directors anticipate the business environment will remain competitive. They believe that the company is in a good financial position and that the risks that have been identified are being well managed. With a careful focus on the provision of current products and services as well as appropriate development of new products and services, as well as continuing review of the state of the market and the activities of competitors, the directors are confident in the company's ability to maintain and build on this position, albeit with cautious growth expectations.
Dividends
The directors have paid £20,000 in dividends (2022: £Nil).
Events since the balance sheet date
On 25 May 2023 a portion of the land making up the Centurion Park Golf Club was disposed of for £2.7million. Using the funds from this, £700,000 of debt from HSBC was repaid. On 20 October 2023, the leasehold interest in the Quayside Exchange, Sunderland and the leasehold interest in land adjacent to the Quayside Exchange, Sunderland was disposed of for a value of £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 seciton 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013.

This report was approved by the board on 15 December 2023 and signed on its behalf.

C S Sanderson

Director

Keeping Inn Limited

Strategic Report

Review of business

The company is recovering well from the significant impacts of the Covid-19 pandemic and the government mandated restrictions imposed to control the spread of the virus. These restrictions ended in the prior year, but the effects are still ongoing due to changing working patterns of our customers (for example, working form home). The directors have taken all financial assistance provided by both local and national government, which is now much reduced, but the performance of the company is very encouraging for the future. Turnover rose by 41.2% to £1,808,409 (2022: £1,280,434), operating profit before depreciation and administration rose 26.3% to £476,669 (2022: £377,442) and EBITDA rose 39.7% to £328,581 (2022: £235,161).

Finance

The company has an HSBC (20 year capital repayment) group loan facility together with its parent company, STR Enterprises Limited. 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

£56,278 was spent on plant and equipment during the period (2022: £8,213). In addition to this £75,903 (2022: £65,837) 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 profit from operating activities 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 credit risk, interest rate risk and liquidity risk. 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 directors are aware of the increased interest rate risk and have 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 loan) 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 15 December 2023 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 (the 'company') for the year ended 31 January 2023 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 2023 and of its loss for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
●	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for 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 twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections 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.
Opinion 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 set out on page 3, 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.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. 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), distributable profits 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, Data Protection regulations and The Licensing Act 2003, 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 available 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
Statutory Auditor		Tyne & Wear
15 December 2023		NE4 7YD

Keeping Inn Limited
Income Statement
for the year ended 31 January 2023
Notes						2023		2022
£							£
Turnover				3		1,808,409		1,280,434
Cost of sales						(993,501)		(720,141)
Gross profit						814,908		560,293
Administrative expenses						(627,924)		(588,620)
Other operating income						18,000		124,987
Operating profit				4		204,984		96,660
Loss on sale of fixed assets						(304)		-
Loss on revaluation of land and buildings				11		(728,313)		-
Interest payable				8		(82,398)		(44,391)
(Loss)/profit on ordinary activities before taxation						(606,031)		52,269
Tax on (loss)/profit on ordinary activities				9		(27,212)		(43,262)
(Loss)/profit for the financial year						(633,243)		9,007
The notes on pages 14 to 25 form part of these financial statements

Keeping Inn Limited
Statement of Comprehensive Income
for the year ended 31 January 2023
Notes					2023		2022
£						£
(Loss)/profit for the financial year					(633,243)		9,007
Other comprehensive income
Gain on revaluation of land and buildings			10		1,005,963		-
Deferred taxation arising on the revaluation of land and buildings			18		(162,253)		(87,023)
Total comprehensive income for the year					210,467		(78,016)

Keeping Inn Limited
Statement of Financial Position
as at 31 January 2023
Notes				2023			2022
£					£
Fixed assets
Tangible assets	10			5,354,948			5,144,921
Investments	12			100,000			100,000
				5,454,948			5,244,921
Current assets
Stocks	13		25,069			16,897
Debtors	14		763,771			546,622
Cash at bank and in hand			34,540			52,136
			823,380			615,655
Creditors: amounts falling due within one year	15		(1,155,857)			(329,644)
Net current (liabilities)/assets				(332,477)			286,011
Total assets less current liabilities				5,122,471			5,530,932
Creditors: amounts falling due after more than one year	16			(809,010)			(1,574,286)
Provisions for liabilities
Deferred taxation	18			(616,403)			(450,055)
Net assets				3,697,058			3,506,591
Capital and reserves
Called up share capital	19			110			110
Share premium	20			314,581			314,581
Other reserves	21			2,568,320			1,767,325
Profit and loss account	22			814,047			1,424,575
Total equity				3,697,058			3,506,591
C S Sanderson
Director
Approved by the board on 15 December 2023
Registered in England. Company registration number: 03303284
The notes on pages 14 to 25 form part of these financial statements

Keeping Inn Limited
Statement of Changes in Equity
for the year ended 31 January 2023
Share			Share		Other		Profit		Total
capital			premium		reserves		and loss
account
£			£		£		£		£
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		(87,023)
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
At 1 February 2022		110		314,581		1,767,325		1,424,575		3,506,591
Loss for the financial year								(633,243)		(633,243)
Transfer of realised profit						(42,715)		42,715		-
Gain on revaluation of land and buildings						1,005,963				1,005,963
Deferred taxation arising on the revaluation of land and buildings						(162,253)				(162,253)
Other comprehensive income for the financial year		-		-		800,995		42,715		843,710
Total comprehensive income for the financial year		-		-		800,995		(590,528)		210,467
Dividends								(20,000)		(20,000)
At 31 January 2023		110		314,581		2,568,320		814,047		3,697,058
The notes on pages 14 to 25 form part of these financial statements

Keeping Inn Limited
Statement of Cash Flows
for the year ended 31 January 2023
Notes			2023		2022
£				£
Operating activities
(Loss)/profit for the financial year			(633,243)		9,007
Adjustments for:
Loss on sale of fixed assets			304		-
Loss on revaluation of land and buildings			728,313		-
Interest payable			82,398		44,391
Tax on (loss)/profit on ordinary activities			27,212		43,262
Depreciation			123,597		138,501
(Increase)/decrease in stocks			(8,172)		4,718
(Increase)/decrease in debtors			(217,149)		55,501
Increase/(decrease) in creditors			107,783		(108,367)
			211,043		187,013
Interest paid			(82,398)		(44,391)
Corporation tax paid			-		(43,081)
Cash generated by operating activities			128,645		99,541
Investing activities
Payments to acquire tangible fixed assets			(56,278)		(8,213)
Cash used in investing activities			(56,278)		(8,213)
Financing activities
Equity dividends paid			(20,000)		-
Proceeds from new loans			-		1,651,766
Repayment of loans			(69,963)		(1,702,464)
Cash used in financing activities			(89,963)		(50,698)
Net cash (used)/generated
Cash generated by operating activities			128,645		99,541
Cash used in investing activities			(56,278)		(8,213)
Cash used in financing activities			(89,963)		(50,698)
Net cash (used)/generated			(17,596)		40,630
Cash and cash equivalents at 1 February 2022			52,136		11,506
Cash and cash equivalents at 31 January 2023			34,540		52,136
Cash and cash equivalents comprise:
Cash at bank			34,540		52,136

Keeping Inn Limited
Notes to the Accounts
for the year ended 31 January 2023
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. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
	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. 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. Current and deferred tax assets and liabilities are not discounted.
	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.
	Sources of estimation uncertainty
	Valuation of properties
	As described in note 10 to the financial statements, property is stated at fair value based on the valuations performed during the financial year. The valuations have been based on independent valuations by members of the Royal Institute of Chartered Surveyors. There remains some uncertainty in the UK property market which has inevitably increased the degree of judgement involved in the property valuation at 31 January 2023. The total value of the properties held in the financial statements at 31 January 2023 is £5,084,188 (2022: £4,917,081).
3	Analysis of turnover					2023		2022
£							£
	Bar sales					1,291,330		788,379
	Food sales					224,210		133,339
	Golf sales					154,683		252,800
	Other sales					138,186		105,916
						1,808,409		1,280,434
	By geographical market:
	UK					1,808,409		1,280,434
4	Operating profit					2023		2022
£							£
	This is stated after charging:
	Depreciation of owned fixed assets					123,597		138,501
	Auditors' remuneration for audit services					5,690		3,950
	Auditors' remuneration for other services					-		1,000
5	Directors' emoluments					2023		2022
£							£
	Emoluments					-		-
	Company contributions to defined contribution pension plans					-		-
						-		-
	The directors are considered to be the only key management of the company.
6	Staff costs					2023		2022
£							£
	Wages and salaries					469,106		383,986
	Social security costs					37,401		20,784
	Other pension costs					7,745		6,005
						514,252		410,775
	All pension costs above are in respect of defined contribution pension schemes.
	Average number of employees during the year					Number	Number
	Sales					37		30
						37		30
7	Other operating income					2023		2022
£							£
	Coronavirus Job Retention Scheme grants					-		61,694
	Local authority grants					8,000		63,293
	Insurance proceeds					10,000		-
						18,000		124,987
8	Interest payable					2023		2022
£							£
	Bank loans and overdrafts					82,398		44,391
9	Taxation					2023		2022
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					34,556		33,392
	Adjustments in respect of previous periods					(11,439)		-
						23,117		33,392
	Deferred tax:
	Origination and reversal of timing differences					4,095		9,870
	Tax on profit on ordinary activities					27,212		43,262
	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:
						2023		2022
£							£
	(Loss)/profit on ordinary activities before tax					(606,031)		52,269
	Standard rate of corporation tax in the UK					19%		19%
£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					(115,146)		9,931
	Effects of:
	Super deduction claimed on qualifying Plant and Machinery					(2,664)		(468)
	Capital allowances for period in excess of depreciation					13,929		23,929
	Impairment of land and buildings					138,379		-
	Expenses not deductible for tax purposes					58		-
	Adjustments to tax charge in respect of previous periods					(11,439)		-
	Current tax charge for period					23,117		33,392
10	Tangible fixed assets
		Long leasehold properties		Plant and machinery		Soft furnishings		Total
		At valuation		At valuation		At valuation
£			£		£		£
	Cost or valuation
	At 1 February 2022	5,486,035		500,667		16,333		6,003,035
	Additions	8,250		34,653		13,375		56,278
	Revaluation	1,139,854		-		-		1,139,854
	Disposals	-		-		(14,022)		(14,022)
	At 31 January 2023	6,634,139		535,320		15,686		7,185,145
	Depreciation
	At 1 February 2022	568,234		274,083		15,797		858,114
	Charge for the year	76,278		44,673		2,646		123,597
	Revaluation	133,891		-		-		133,891
	Impairment losses recognised in profit and loss account in year	728,313		-		-		728,313
	On disposals	-		-		(13,718)		(13,718)
	At 31 January 2023	1,506,716		318,756		4,725		1,830,197
	Carrying amount
	At 31 January 2023	5,127,423		216,564		10,961		5,354,948
	At 31 January 2022	4,917,801		226,584		536		5,144,921
						2023		2022
£							£
	Carrying amount of land and buildings on cost basis					2,706,289		2,798,728
	On 16 February 2022 a valuation of the Centurion Park Golf Club was carried out by Lambert Smith Hampton, independent valuers and members of the Royal Institute of Chartered Surveyors. The directors carried out an impariment review of the Centurion Park Golf Club together with their fixtures and fittings as at 31 January 2023 and are satisfied that the valuations undertaken remain unchanged. This valuation amounted to £3,415,000, On 11 May 2022 a valuation of the Centurion Bar together with its fixtures, fittings and equipment was carried out by Lambert Smith Hampton, independent valuers and members of the Royal Institute of Chartered Surveyors. The directors carried out an impairment review of the Centurion Bar together with their fixtures, fittings and equipment as at 31 January 2023 and are satisfied that the valuations undertaken by remain unchanged. The valuations amounted to £2,000,000. See note 16 for assets pledged as security.
11	Impairment of assets
	The company held a leasehold interest in the Quayside Exchange, Sunderland, which ceased trading during the Covid-19 pandemic. The directors took the decision not to reopen the premises when restrictions were lifted. An independent valuation was undertaken in August 2023, which concluded that the lease had a market value of £Nil. Consequently the book value of the building has been written down to £Nil to reflect this value. The company also held a 54.45% interest in the leasehold of land adjacent to the Quayside Exchange. In addition to the lack of trade at the Quayside Exchange, there was a covenant restricting the use of the land, which limited the options of the directors in realising value. An independent valuation was undertaken in August 2023, which concluded that the lease had a market value of £Nil. Consequently the book value of the building has been written down to £Nil to reflect this value. See note 25 for further details. In accordance with FRS102, the reduction in value below historical cost totalling £728,313 has been taken to the profit and loss account in the year ended 31 January 2023.
12	Investments
Other
investments
£
	Cost
	At 1 February 2022							100,000
	At 31 January 2023							100,000
13	Stocks					2023		2022
£							£
	Raw materials and consumables					25,069		16,897
14	Debtors					2023		2022
£							£
	Trade debtors					9,036		1,008
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					590,168		408,991
	Prepayments and accrued income					164,567		136,623
						763,771		546,622
15	Creditors: amounts falling due within one year					2023		2022
£							£
	Bank loans					780,019		84,706
	Trade creditors					154,283		60,275
	Corporation tax					56,509		33,392
	Other taxes and social security costs					123,216		113,553
	Accruals and deferred income					41,830		37,718
						1,155,857		329,644
16	Creditors: amounts falling due after one year					2023		2022
£							£
	Bank loans					809,010		1,574,286
17	Loans					2023		2022
£							£
	Loans not wholly repayable within five years:
	Repayable over 20 years, Interest charged at 2.75% over SONIA					1,589,029		1,658,992
	Analysis of maturity of debt:
	Within one year or on demand					780,019		84,706
	Between one and two years					51,238		84,706
	Between two and five years					154,826		224,118
	After five years					602,946		1,265,462
						1,589,029		1,658,992
	Security has been given by the company to secure £1,589,029 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 and Centurion Park Golf Course. 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.
18	Deferred taxation					2023		2022
£							£
	Revaluation of land and buildings					581,127		418,874
	Accelerated capital allowances					35,276		31,181
						616,403		450,055
						2023		2022
£							£
	At 1 February 2022					450,055		353,162
	Charged to the profit and loss account					4,095		9,870
	Charged to other comprehensive income					162,253		87,023
	At 31 January 2023					616,403		450,055
19	Share capital	Nominal		2023		2023		2022
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£0.01 each		10,484		104		104
	A Ordinary shares	£0.01 each		552		6		6
						110		110
20	Share premium					2023		2022
£							£
	At 1 February 2022					314,581		314,581
	At 31 January 2023					314,581		314,581
	Share premium records the amount above nominal value received for shares sold, less transaction costs.
21	Other reserves					2023		2022
	Revaluation reserve					£	£
	At 1 February 2022					1,767,325		1,915,155
	Gain on revaluation of land and buildings					1,005,963		-
	Deferred taxation arising on the revaluation of land and buildings					(162,253)		(87,023)
	Transfer of realised profit					(42,715)		(60,807)
	At 31 January 2023					2,568,320		1,767,325
	The revaluation reserve reflects the movement in the true value of fixed assets and investments, which are not held at cost. The revaluation model has been adopted for leasehold land and buildings, and fixtures, equipment and soft furnishings.
22	Profit and loss account					2023		2022
£							£
	At 1 February 2022					1,424,575		1,354,761
	(Loss)/profit for the financial year					(633,243)		9,007
	Transfer of realised profit					42,715		60,807
	Dividends					(20,000)		-
	At 31 January 2023					814,047		1,424,575
	The profit and loss account records the cumulative amount of profits and losses less any dividends paid or proposed.
23	Dividends					2023		2022
£							£
	Dividends on A ordinary shares (note 22)					20,000		-
24	Reconciliation of movement in net debt
		1 February 2022	Cash flows			Non-cash changes		31 January 2023
£			£		£		£
	Cash at bank and in hand	52,136		(17,596)				34,540
				(17,596)
	Debt due within 1 year	(84,706)		69,963		(765,276)		(780,019)
	Debt due after 1 year	(1,574,286)		-		765,276		(809,010)
				69,963
	Total	(1,606,856)		52,367		-		(1,554,489)
25	Events after the reporting date
	On 25 May 2023 a portion of the land making up the Centurion Park Golf Club was disposed of for £2.7million. Using the funds from this, £700,000 of debt from HSBC was repaid. On 20 October 2023, the leasehold interest in the Quayside Exchange, Sunderland and the leasehold interest in land adjacent to the Quayside Exchange, Sunderland was disposed of for a value of £Nil to J T Sanderson, director. As per note 10 above, this was the market value of the leases as determined by an independent valuer.
26	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. This guarantee would only come into effect should the STR Enterprises Limited group be unable to meet its obligations under the loan agreement. The contingent liability in this respect was £5,097,169 (2022: £5,371,632). Details of security given in respect of this guarantee are in Note 17 above.
27	Related party transactions					2023		2022
£							£
	STR Enterprises Limited (registered in England Co. No. 03256878)
	Parent company
	Due from STR Enterprises Limited at the year end					239,430		172,395
	Harrison Golf and Leisure Limited (registered in England Co. No. 11425291)
	Associate company
	Due from Harrison Golf and Leisure Limited at the year end					350,738		236,596
	Management fees of £Nil (2022: £80,000) were recognised from HG&L Newcastle Limited (registered in England Co. No. 11451024), a subsidiary of Harrison Golf & Leisure Limited
28	Controlling party
	The company is controlled by its directors. The ultimate parent company is STR Enterprises Limited, incorporated in England, company number 03256878.
29	Presentation currency
	The financial statements are presented in Sterling.
30	Legal form of entity and country of incorporation
	Keeping Inn Limited is a private company limited by shares and incorporated in England, company number 03303284.
31	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