Silverfin false 31/01/2023 01/02/2022 31/01/2023 J C Ashcroft 22/01/2020 A S Cox 22/01/2020 P J Griffiths 22/01/2020 A P Rowe 22/01/2020 P Turner 22/01/2020 24 October 2023 The principal activity of the Company during the financial year was that of a pub. 12418042 2023-01-31 12418042 bus:Director1 2023-01-31 12418042 bus:Director2 2023-01-31 12418042 bus:Director3 2023-01-31 12418042 bus:Director4 2023-01-31 12418042 bus:Director5 2023-01-31 12418042 2022-01-31 12418042 core:CurrentFinancialInstruments 2023-01-31 12418042 core:CurrentFinancialInstruments 2022-01-31 12418042 core:Non-currentFinancialInstruments 2023-01-31 12418042 core:Non-currentFinancialInstruments 2022-01-31 12418042 core:ShareCapital 2023-01-31 12418042 core:ShareCapital 2022-01-31 12418042 core:RetainedEarningsAccumulatedLosses 2023-01-31 12418042 core:RetainedEarningsAccumulatedLosses 2022-01-31 12418042 core:LeaseholdImprovements 2022-01-31 12418042 core:FurnitureFittings 2022-01-31 12418042 core:LeaseholdImprovements 2023-01-31 12418042 core:FurnitureFittings 2023-01-31 12418042 bus:OrdinaryShareClass1 2023-01-31 12418042 core:WithinOneYear 2023-01-31 12418042 core:WithinOneYear 2022-01-31 12418042 core:BetweenOneFiveYears 2023-01-31 12418042 core:BetweenOneFiveYears 2022-01-31 12418042 core:MoreThanFiveYears 2023-01-31 12418042 core:MoreThanFiveYears 2022-01-31 12418042 2022-02-01 2023-01-31 12418042 bus:FullAccounts 2022-02-01 2023-01-31 12418042 bus:SmallEntities 2022-02-01 2023-01-31 12418042 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 12418042 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 12418042 bus:Director1 2022-02-01 2023-01-31 12418042 bus:Director2 2022-02-01 2023-01-31 12418042 bus:Director3 2022-02-01 2023-01-31 12418042 bus:Director4 2022-02-01 2023-01-31 12418042 bus:Director5 2022-02-01 2023-01-31 12418042 core:FurnitureFittings 2022-02-01 2023-01-31 12418042 2021-02-01 2022-01-31 12418042 core:LeaseholdImprovements 2022-02-01 2023-01-31 12418042 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 12418042 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 12418042 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 12418042 (England and Wales)

PRIDE OF LIONS LTD

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

PRIDE OF LIONS LTD

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

PRIDE OF LIONS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
PRIDE OF LIONS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 32,306 33,271
32,306 33,271
Current assets
Stocks 14,674 23,148
Debtors 4 8,328 10,671
Cash at bank and in hand 9,921 22,809
32,923 56,628
Creditors: amounts falling due within one year 5 ( 88,520) ( 36,431)
Net current (liabilities)/assets (55,597) 20,197
Total assets less current liabilities (23,291) 53,468
Creditors: amounts falling due after more than one year 6 ( 183,698) ( 139,233)
Net liabilities ( 206,989) ( 85,765)
Capital and reserves
Called-up share capital 7 10 10
Profit and loss account ( 206,999 ) ( 85,775 )
Total shareholders' deficit ( 206,989) ( 85,765)

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Pride of Lions Ltd (registered number: 12418042) were approved and authorised for issue by the Director on 24 October 2023. They were signed on its behalf by:

J C Ashcroft
Director
A S Cox
Director
P J Griffiths
Director
A P Rowe
Director
P Turner
Director
PRIDE OF LIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
PRIDE OF LIONS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Pride of Lions Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Golden Lion 23a The Square, Magor, Caldicot, NP26 3HY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £206,989. The Company is supported by the directors, suppliers and landlords through loans and discounts. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Leasehold improvements not depreciated
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 27 29

3. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Total
£ £ £
Cost
At 01 February 2022 5,225 42,543 47,768
Additions 0 5,098 5,098
At 31 January 2023 5,225 47,641 52,866
Accumulated depreciation
At 01 February 2022 0 14,497 14,497
Charge for the financial year 0 6,063 6,063
At 31 January 2023 0 20,560 20,560
Net book value
At 31 January 2023 5,225 27,081 32,306
At 31 January 2022 5,225 28,046 33,271

4. Debtors

2023 2022
£ £
Trade debtors 0 1,404
Prepayments 0 3,459
Other debtors 8,328 5,808
8,328 10,671

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 17,915 14,621
Accruals 3,250 3,785
Other taxation and social security 60,509 16,238
Obligations under finance leases and hire purchase contracts 3,160 0
Other creditors 3,686 1,787
88,520 36,431

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Amounts owed to directors 183,698 139,233

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10 Ordinary shares of £ 1.00 each 10 10

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 54,537 54,537
between one and five years 272,685 272,685
after five years 90,895 145,432
418,117 472,655

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,003 1,752

9. Related party transactions

At the year end, the company owed the directors £183,698 (2022: £139,233). No interest has been charged on these balances.