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Registered number: 12132824










RED LION HOLDINGS 1 LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 26 DECEMBER 2021

 
RED LION HOLDINGS 1 LIMITED
REGISTERED NUMBER: 12132824

STATEMENT OF FINANCIAL POSITION
AS AT 26 DECEMBER 2021

As restated
2021
2020
Note
£
£

Fixed assets
  

Investments
 4 
237,779
237,779

  
237,779
237,779

Current assets
  

Debtors
 5 
7,998,475
1,862,205

Cash at bank and in hand
 6 
12,000
379,118

  
8,010,475
2,241,323

Creditors: amounts falling due within one year
 7 
(7,004,762)
(754,709)

Net current assets
  
 
 
1,005,713
 
 
1,486,614

Total assets less current liabilities
  
1,243,492
1,724,393

Creditors: amounts falling due after more than one year
 8 
(1,605,268)
(1,903,767)

  

Net liabilities
  
(361,776)
(179,374)


Capital and reserves
  

Called up share capital 
 9 
-
-

Other reserves
  
240,689
240,689

Profit and loss account
  
(602,465)
(420,063)

  
(361,776)
(179,374)


Page 1

 
RED LION HOLDINGS 1 LIMITED
REGISTERED NUMBER: 12132824
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 26 DECEMBER 2021

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 October 2023.




David John Altern Ramsey
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
RED LION HOLDINGS 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

1.


General information

Red Lion Holdings 1 Limited is a private company limited by shares incorporated in England and Wales. The registered office address is The Wool Barn, Peper Harow, Godalming, England, GU8 6BQ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The directors have prepared cash flow forecasts for the group covering a period extending beyond 12 months from the date of approval of these financial statements that demonstrate the sufficient availability of funds to continue on in business and meeting its liabilities as they fall due.  For these reasons, the directors believe it is appropriate to prepare the financial statements on a going concern basis.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 3

 
RED LION HOLDINGS 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is
Page 4

 
RED LION HOLDINGS 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

2.Accounting policies (continued)


2.10
Financial instruments (continued)

immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2020 - £NIL).

The average monthly number of employees during the year was 0 (2020 - 0).


4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 27 December 2020
237,779



At 26 December 2021
237,779




Page 5

 
RED LION HOLDINGS 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Class of shares

Holding

Red Lion Properties 1 Limited
Ordinary
100%
Red Lion Properties 2 Limited
Ordinary
100%
Red Lion Properties 3 Limited
Ordinary
100%
Red Lion Operations 1 Limited*
Ordinary
100%
Red Lion Operations 2 Limited*
Ordinary
100%
Red Lion Operations 3 Limited*
Ordinary
100%

*indirect subsidiary
The registered office of all subsidiary undertakings is The Wool Barn, Peper Harow, Godalming, England, GU8 6BQ.


5.


Debtors

2021
2020
£
£

Due after more than one year

Amounts owed by group undertakings
1,604,242
1,558,366

1,604,242
1,558,366

Due within one year

Amounts owed by group undertakings
6,394,233
169,594

Other debtors
-
134,245

7,998,475
1,862,205



6.


Cash and cash equivalents

2021
2020
£
£

Cash at bank and in hand
12,000
379,118

12,000
379,118


Page 6

 
RED LION HOLDINGS 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

7.


Creditors: Amounts falling due within one year

As restated
2021
2020
£
£

Trade creditors
17,400
69,610

Amounts owed to group undertakings
6,955,423
591,276

Other taxation and social security
5,722
-

Other creditors
-
65,960

Accruals and deferred income
26,217
27,863

7,004,762
754,709



8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Amounts owed to group undertakings
1,605,268
1,903,767

1,605,268
1,903,767



9.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



1 (2020 - 1) Ordinary share of £0.01
-
-



10.


Prior year adjustment

In the previous year, amounts received by the company totalling £131,921 from KH V Lending 302 Limited were recognised within other reserves as a capital contribution. KH V Lending 302 Limited is a company who's ultimate parent entity is Kitty Hawk Capital Partners V LP, a limited partnership registered in Jersey, and which has a controlling interest in Red Lion Holdings LLP, the smallest and largest undertaking which produces consolidated accounts that include Red Lion Holdings 1 Limited.
Management have identified that £65,961 was received on behalf of a fellow group undertaking and £65,960 was received on behalf of Grosvenor Pubs Trading Limited, a private limited company in which Red Lion Holdings LLP held a 50% equity interest.  Therefore these amounts were incorrectly accounted for and this errors has been corrected by way of prior period adjustment in these financial statements.
The impact on the comparatives within the financial statements has been as follows:
- A decrease in other reserves of £131,921, an increase in amounts owed to group undertakings included in creditors due within one year of £65,961 and an increase in other creditors of £65,960.
- There has been no impact on the result for the current or previous year.

Page 7

 
RED LION HOLDINGS 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 26 DECEMBER 2021

11.


Related party transactions

The Company had balances with the following group undertakings, that are not wholly owned.
Red Mist Holdings Limited : £62,412 owed to the company
Red Mist Parrot Inn Limited: £33,500 owed to the company
The company has taken advantage of the exemption available under FRS 102 not to disclose transactions with wholly owned group members.


12.


Post balance sheet events

On 29 December 2022 the group entered into further funding arrangements under which the company became party to a fixed and floating charge over its assets in respect of group borrowings.


13.


Controlling party

The Company’s immediate and ultimate parent entity is Red Lion Holdings LLP, a limited liability partnership incorporated in England and Wales. The registered office address of Red Lion Holdings LLP is The Wool Barn, Peper Harow, Godalming, Surrey, GU8 6BQ. The smallest and largest group of which the Company is a member and for which group accounts are prepared is Red Lion Holdings LLP. Copies of these accounts are available from Companies House.
It is the opinion of the directors that there is no single controlling party of the company.


14.


Auditor's information

The auditor's report on the financial statements for the year ended 26 December 2021 was unqualified.

The audit report was signed on 16 October 2023 by Emma Bernardez (Senior Statutory Auditor) on behalf of Haysmacintyre LLP.

 
Page 8