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Registered number: 13322239










THE RED LION LOUNGE LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 18 MONTH PERIOD ENDED 31 OCTOBER 2023

 
THE RED LION LOUNGE LIMITED
REGISTERED NUMBER: 13322239

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023

31 October
30 April
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
468,103

  
-
468,103

Current assets
  

Stocks
  
-
13,771

Debtors: amounts falling due within one year
 5 
5,090
8,626

Cash at bank and in hand
  
135,050
29,371

  
140,140
51,768

Creditors: amounts falling due within one year
 6 
(109,128)
(110,430)

Net current assets/(liabilities)
  
 
 
31,012
 
 
(58,662)

Total assets less current liabilities
  
31,012
409,441

Creditors: amounts falling due after more than one year
 7 
(556,398)
(672,599)

  

Net liabilities
  
(525,386)
(263,158)


Capital and reserves
  

Called up share capital 
  
900
900

Profit and loss account
  
(526,286)
(264,058)

  
(525,386)
(263,158)


Page 1

 
THE RED LION LOUNGE LIMITED
REGISTERED NUMBER: 13322239
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the 18 month period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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: 




................................................
Daniel Grocott
................................................
Julie Dyson
Director
Director


Date: 30 July 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
THE RED LION LOUNGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 OCTOBER 2023

1.


General information

The Red Lion Lounge Limited is a private company limited by shares and incorporated in England and Wales, registration number 13322239. The registered office is Heath Barn, Norwich Road, Fakenham, Norfolk, NR21 8LZ.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

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2.2

Going concern

The Directors have considered the Company’s position at the time of signing the financial statements, and in particular the effects on the Company of the wider economy. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios.
Based on this, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

 
2.3

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
THE RED LION LOUNGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10%
straight line
Plant and machinery
-
20%
reducing balance
Fixtures and fittings
-
20%
reducing balance
Office equipment
-
33%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
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.

Page 4

 
THE RED LION LOUNGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
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.

 
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.

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 average monthly number of employees, including directors, during the 18 month period was 16 (2022 - 16).

Page 5

 
THE RED LION LOUNGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 OCTOBER 2023

4.


Tangible fixed assets







Short-term leasehold property
Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£
£





At 1 May 2022
422,000
30,490
49,603
10,868
512,961


Disposals
(422,000)
(30,490)
(49,603)
(10,868)
(512,961)



At 31 October 2023

-
-
-
-
-





At 1 May 2022
31,406
4,215
6,661
2,576
44,858


Charge for the 18 month period on owned assets
55,334
7,445
12,167
3,915
78,861


Disposals
(86,740)
(11,660)
(18,828)
(6,491)
(123,719)



At 31 October 2023

-
-
-
-
-



Net book value



At 31 October 2023
-
-
-
-
-



At 30 April 2022
390,594
26,275
42,942
8,292
468,103


5.


Debtors

31 October
30 April
2023
2022
£
£


Trade debtors
4,240
5,087

Called up share capital not paid
50
50

Prepayments and accrued income
800
3,489

5,090
8,626


Page 6

 
THE RED LION LOUNGE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 18 MONTH PERIOD ENDED 31 OCTOBER 2023

6.


Creditors: Amounts falling due within one year

31 October
30 April
2023
2022
£
£

Trade creditors
21,077
50,905

Other taxation and social security
85,195
11,592

Other creditors
-
35,171

Accruals and deferred income
2,856
12,762

109,128
110,430



7.


Creditors: Amounts falling due after more than one year

31 October
30 April
2023
2022
£
£

Trade creditors
177,398
172,599

Other creditors
379,000
500,000

556,398
672,599


 
Page 7