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Registered number: 11459079
Red Lion Thurgarton Properties Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11459079
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 506,121 518,151
506,121 518,151
CURRENT ASSETS
Stocks 5 12,628 15,083
Debtors 6 1,102 3,761
Cash at bank and in hand 38,426 65,190
52,156 84,034
Creditors: Amounts Falling Due Within One Year 7 (64,249 ) (96,631 )
NET CURRENT ASSETS (LIABILITIES) (12,093 ) (12,597 )
TOTAL ASSETS LESS CURRENT LIABILITIES 494,028 505,554
Creditors: Amounts Falling Due After More Than One Year 8 (268,513 ) (293,249 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (50,885 ) (43,764 )
NET ASSETS 174,630 168,541
CAPITAL AND RESERVES
Called up share capital 11 97 109
Profit and Loss Account 174,533 168,432
SHAREHOLDERS' FUNDS 174,630 168,541
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Julian Benton
Director
03/09/2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Red Lion Thurgarton Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11459079. The registered office is 21A Nottingham Road, Bottesford, Nottingham, NG13 0AP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 2% over 50 years (Buildings Only)
Plant & Machinery 20% Reducing Balance
Fixtures & Fittings 20% Reducing Balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profitAndLossAccount so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profitAndLossAccount as incurred.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 20 (2023: 18)
20 18
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 April 2023 500,000 50,142 24,568 574,710
As at 31 March 2024 500,000 50,142 24,568 574,710
Depreciation
As at 1 April 2023 12,000 30,380 14,179 56,559
Provided during the period 6,000 3,952 2,078 12,030
As at 31 March 2024 18,000 34,332 16,257 68,589
Net Book Value
As at 31 March 2024 482,000 15,810 8,311 506,121
As at 1 April 2023 488,000 19,762 10,389 518,151
5. Stocks
2024 2023
£ £
Materials 12,628 15,083
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6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,102 809
Other debtors - 2,952
1,102 3,761
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 19,303 47,849
Bank loans and overdrafts 9,286 8,351
Taxation 30,340 14,094
Other creditors 421 294
Accruals and deferred income 4,899 26,043
64,249 96,631
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 173,075 182,341
Directors loan account 95,438 110,908
268,513 293,249
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 126,312 131,074
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
The bank lender holds a fixed & floating charge over all of the company's assets.
2024 2023
£ £
Bank loans and overdrafts 146,943 150,000
10. Deferred Taxation
The provision for deferred taxation is made up of accelerated capital allowances & revaluation of freehold land & buildings
2024 2023
£ £
Other timing differences 50,885 43,764
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 97 109
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