Company registration number 09390870 (England and Wales)
Lamb & Lion (UK) Limited
Unaudited
Financial Statements
for the year ended 31 January 2023
PAGES FOR FILING WITH REGISTRAR
Lamb & Lion (UK) Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Lamb & Lion (UK) Limited
Statement Of Financial Position
as at 31 January 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
115,222
160,623
Current assets
Stocks
21,008
12,934
Debtors
5
237,361
297,717
Cash at bank and in hand
214,052
256,408
472,421
567,059
Creditors: amounts falling due within one year
6
(485,434)
(526,807)
Net current (liabilities)/assets
(13,013)
40,252
Total assets less current liabilities
102,209
200,875
Creditors: amounts falling due after more than one year
7
(80,000)
(112,000)
Provisions for liabilities
(21,892)
(6,709)
Net assets
317
82,166
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
315
82,164
Total equity
317
82,166
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
Lamb & Lion (UK) Limited
Statement Of Financial Position (continued)
as at 31 January 2023
- 2 -
For the financial year ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 October 2023 and are signed on its behalf by:
P M Barker
Director
Company Registration No. 09390870
Lamb & Lion (UK) Limited
Notes to the financial statements
for the year ended 31 January 2023
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover represents amounts receivable for goods and services net of VAT. Turnover is recognised upon receipt of cash.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences represent accumulated differences between the company's taxable profit and its financial profit and arise primarily from the difference between accelerated capital allowances and depreciation.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Lamb & Lion (UK) Limited
Notes to the financial statements (continued)
for the year ended 31 January 2023
1
Accounting policies
(continued)
- 4 -
Government grants
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.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
40
41
Lamb & Lion (UK) Limited
Notes to the financial statements (continued)
for the year ended 31 January 2023
- 5 -
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 February 2022
205,307
Additions
14,350
Disposals
(19,639)
At 31 January 2023
200,018
Depreciation and impairment
At 1 February 2022
44,684
Depreciation charged in the year
35,543
Eliminated in respect of disposals
(9,437)
Adjustment
14,006
At 31 January 2023
84,796
Carrying amount
At 31 January 2023
115,222
At 31 January 2022
160,623
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
3,374
135,374
Other debtors
223,987
162,343
Prepayments and accrued income
10,000
237,361
297,717
Lamb & Lion (UK) Limited
Notes to the financial statements (continued)
for the year ended 31 January 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
32,000
32,000
Trade creditors
91,589
77,499
Corporation tax
18,933
Other taxation and social security
73,563
63,033
Other creditors
236,821
306,495
Accruals and deferred income
32,528
47,780
485,434
526,807
The bank loan is secured by an additional cross guarantee between this company and its parent company Visit Yorkshire Holdings Ltd.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
80,000
112,000
The bank loan is secured by an additional cross guarantee between this company and its parent company Visit Yorkshire Holdings Ltd.
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
9
Parent company
The parent company is Visit Yorkshire Holdings Ltd and its registered office is West House, King Cross road, Halifax, HX1 1EB.
10
Company information
Lamb & Lion (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.