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Registered number: 12157098










RED LION OPERATIONS 1 LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 26 DECEMBER 2021

 
RED LION OPERATIONS 1 LIMITED
REGISTERED NUMBER: 12157098

STATEMENT OF FINANCIAL POSITION
AS AT 26 DECEMBER 2021

The Company did not trade during the period.


26 December
27 December
2021
2020
Note
£
£

  

Current assets
  

Debtors
  
101
-

Cash at bank and in hand
  
49
-

  
150
-

Creditors: amounts falling due within one year
 4 
(150)
-

Net current assets
  
 
 
-
 
 
-

Total assets less current liabilities
  
-
-

  

Net assets
  
-
-


Capital and reserves
  

Called up share capital 
 5 
-
-

  
-
-


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 by: 



David Ramsey
Director

Date: 16 October 2023

The notes on pages 2 to 4 form part of these financial statements.

Page 1

 
RED LION OPERATIONS 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

1.


General information

Red Lion Operations 1 Limited is a private company limited by shares, registered in England and Wales under number 12157098. Its registered office 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

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.

 
2.3

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.

 
2.4

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.

Page 2

 
RED LION OPERATIONS 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

2.Accounting policies (continued)

 
2.5

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.


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, including directors, during the period was 0 (2020 - 0).


4.


Creditors: Amounts falling due within one year

26 December
27 December
2021
2020
£
£

Amounts owed to group undertakings
150
-

150
-


Page 3

 
RED LION OPERATIONS 1 LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 26 DECEMBER 2021

5.


Share capital

26 December
27 December
2021
2020
£
£
Allotted, called up and fully paid



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



6.


Related party transactions

The company has taken advantage of the exemption available under FRS 102 not to disclose transactions with wholly owned group members.


7.


Post balance sheet events

On 29 December 2022, Red Mist Leisure Limited ("RML"), a fellow subsidiary of the group, sold the Stag on The River in Eashing to the Company, for consideration of £3.4m which was satisfied by an intercompany debt of the same amount.  
On the same day, the Company entered into a loan of £2.04m, bearing interest at 12% per annum, with KH V Lending 302 Limited. KH V Lending 302 Limited is a company whose 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 controlling party of the Company.  In addition an interest-free loan of £1.36m was obtained from Red Lion Properties 1 Limited, the immediate parent undertaking of the Company.
The proceeds from these loans was directed by the Company to RML to satisfy the intercompany debt arising from the acquisition of the business.
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.


8.


Controlling party

The Company’s immediate parent is Red Lion Properties 1 Limited and the the 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. 


9.


Auditor's information

The auditor's report on the financial statements for the period 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 4