REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Red Lion Leisure Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2023 |
for |
Red Lion Leisure Ltd |
Red Lion Leisure Ltd (Registered number: 07188860) |
Contents of the Financial Statements |
for the year ended 30 September 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Red Lion Leisure Ltd |
Company Information |
for the year ended 30 September 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
7 Forbes Business Centre |
Kempson Way |
Bury St Edmunds |
Suffolk |
IP32 7AR |
Red Lion Leisure Ltd (Registered number: 07188860) |
Balance Sheet |
30 September 2023 |
30/9/23 | 30/9/22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 3 |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 9 |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Red Lion Leisure Ltd (Registered number: 07188860) |
Balance Sheet - continued |
30 September 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Red Lion Leisure Ltd (Registered number: 07188860) |
Notes to the Financial Statements |
for the year ended 30 September 2023 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
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: |
Hotel accommodation |
Revenue from a contract to provide services such as accommodation is recognised in the period in |
which the stay takes place. Monies paid in advance by guests is held within deferred income and is |
released upon the service being delivered. |
Food & beverage |
Revenue recognised from food & beverage is recognised at the point of sale. |
Intangible assets |
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible |
assets are measured at cost less any accumulated amortisation and any accumulated impairment |
losses. |
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life |
cannot be made, the useful life shall not exceed ten years. |
The estimated useful lives range as follows: |
Licence Fee - 20 years |
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, using the straight-line method. |
Depreciation is provided on the following basis: |
Hotel Buildings - core - 50 years straight line |
Hotel Buildings - surface finishes and services - 20 years straight line |
Plant and machinery - 25% reducing balance |
Fixtures and fittings - 25% 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. |
Red Lion Leisure Ltd (Registered number: 07188860) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
1. | ACCOUNTING POLICIES - continued |
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. |
Taxation |
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss |
except that a charge attributable to an item of income and expense recognised as other |
comprehensive income or to an item recognised directly in equity is also recognised in other |
comprehensive income or directly in equity respectively. |
The current income tax charge is calculated on the basis of tax rates and laws that have been |
enacted or substantively enacted by the reporting date in the countries where the Company operates |
and generates income. |
Deferred tax |
Deferred tax balances are recognised in respect of all timing differences that have originated but not |
reversed by the reporting date, except that: |
The recognition of deferred tax assets is limited to the extent that it is probable that they will |
be recovered against the reversal of deferred tax liabilities or other future taxable profits; and |
Any deferred tax balances are reversed if and when all conditions for retaining associated tax |
allowances have been met. |
Deferred tax balances are not recognised in respect of permanent differences except in respect of |
business combinations, when deferred tax is recognised on the differences between the fair values |
of assets acquired and the future tax deductions available for them and the differences between the |
fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is |
determined using tax rates and laws that have been enacted or substantively enacted by the |
reporting date. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Red Lion Leisure Ltd (Registered number: 07188860) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
3. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 October 2022 |
Additions |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Amounts owed by group undertakings are interest free and repayable on demand. |
Red Lion Leisure Ltd (Registered number: 07188860) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Bank loans and overdrafts (see note 8) |
Trade creditors |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30/9/23 | 30/9/22 |
£ | £ |
Bank loans (see note 8) |
Other creditors |
8. | LOANS |
An analysis of the maturity of loans is given below: |
30/9/23 | 30/9/22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Metro Bank plc have a legal charge on the freehold property being land and buildings known as the Red |
Lion Hotel and Holiday Inn Express, Station Road, Whittlesford Bridge, Cambridge, CB22 4NL. The land |
registered at HM Land Registry with title number CB353316 and CB107585 by way of fixed charge, |
floating charge and negative pledge, and any part or parts of it and including all rights attached or |
appurtenant to it and all building fixtures, fittings, plant and machinery from time to time situated on it. |
9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 October 2022 |
Revaluation movement | (111,699 | ) |
At 30 September 2023 |
Red Lion Leisure Ltd (Registered number: 07188860) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2023 |
10. | RELATED PARTY DISCLOSURES |
The Company has taken advantage of exemptions from disclosing transactions with related companies |
under the provisions of Section 33 of Financial Reporting Standard 102. |
As at 30 September 2023, included within other creditors is a balance of £1,769 (30 September 2022: |
-£109,365) owed to M Gregorios-Pippas, a director of the company. |
As at 30 September 2023, included within other creditors is a balance of £18,169 (30 September 2022: |
£16,300) owed to P Gregorios-Pippas, a director of the company. |
As at 30 September 2023, included within other creditors is a balance of £313 (30 September 2022: |
-£82,756) owed to S Gregorios-Pippas, a director of the company. |
11. | ULTIMATE CONTROLLING PARTY |
The Company is under the immediate control and ultimate control of the director Ms S L Gregorios- |
Pippas. The parent company is Xenia Leisure Group Limited. |