Company registration number 08263329 (England and Wales)
RED LION LAW LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
RED LION LAW LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RED LION LAW LTD
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,645
3,568
Current assets
Stocks
22,550
86,444
Debtors
4
431,979
417,871
Cash at bank and in hand
140,483
137,732
595,012
642,047
Creditors: amounts falling due within one year
5
(90,209)
(130,607)
Net current assets
504,803
511,440
Total assets less current liabilities
512,448
515,008
Creditors: amounts falling due after more than one year
6
(29,813)
(35,144)
Net assets
482,635
479,864
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
482,631
479,860
Total equity
482,635
479,864
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have 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 and signed by the director and authorised for issue on 29 July 2024
Ayaz Iqbal
Director
Company registration number 08263329 (England and Wales)
RED LION LAW LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information
Red Lion Law Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 143 The Broadway, Perry Barr, Birmingham, UK, B20 3ED.
1.1
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.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Work in progress is valued at the lower of cost and net realisable value.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
RED LION LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 November 2022
10,281
Additions
5,988
At 31 October 2023
16,269
Depreciation and impairment
At 1 November 2022
6,713
Depreciation charged in the year
1,911
At 31 October 2023
8,624
Carrying amount
At 31 October 2023
7,645
At 31 October 2022
3,568
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
6,299
6,300
Corporation tax recoverable
65
Other debtors
425,615
411,571
431,979
417,871
RED LION LAW LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,341
5,351
Trade creditors
9,193
4,836
Corporation tax
9,687
Other taxation and social security
2,774
3,597
Other creditors
72,901
107,136
90,209
130,607
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
29,813
35,144
7
Related party disclosure
As at 31 October 2023 the following balance, included in other debtors due within one year, was due from related companies:
Red Lion Property Investments Ltd: £417,251
The above balance is repayable on demand.
8
Ultimate Controlling Party
The controlling party is Ayaz Iqbal.