REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Stiffkey Red Lion Ltd. |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Stiffkey Red Lion Ltd. |
Stiffkey Red Lion Ltd. (Registered number: 03295401) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Stiffkey Red Lion Ltd. (Registered number: 03295401) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
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. |
Stiffkey Red Lion Ltd. (Registered number: 03295401) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Stiffkey Red Lion Ltd. (Registered number: 03295401) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | Statutory information |
Stiffkey Red Lion Ltd. is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Given the straightforward operations and financial position of the company, there are not considered to be any key sources of judgement or estimation uncertainty within these financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete. |
Stiffkey Red Lion Ltd. (Registered number: 03295401) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Stiffkey Red Lion Ltd. (Registered number: 03295401) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
3. | Accounting policies - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. |
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. |
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. |
4. | Employees and directors |
The average number of employees during the year was |
Stiffkey Red Lion Ltd. (Registered number: 03295401) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | Tangible fixed assets |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
At 31 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for year |
Depreciation on revaluation |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
Tangible assets held at valuation |
The company's freehold property was valued in March 2006 at £700,000. Subsequently having obtained planning permission for a new building further improvements were added to the value of the property. The directors consider that the carrying amount at 31st December 2023 is fair value. |
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows: |
Freehold Property£ |
At 31st December 2023 |
Aggregate Cost | 635,839 |
Aggregate Depreciation | (174,130 | ) |
Carrying Value | 461,709 |
At 31st December 2022 |
Aggregate cost | 624,587 |
Aggregate depreciation | (163,103 | ) |
Carrying Value | 461,484 |
Stiffkey Red Lion Ltd. (Registered number: 03295401) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | Debtors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | Creditors: amounts falling due within one year |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
Included in bank loans and overdrafts is an amount of £420,602 (2022: £49,995) which is secured by the company. The security is a legal mortgage on the freehold property and a debenture on all assets. Included in other creditors is an amount of £11,153. (2022: £13,179) of hire purchase contracts which are secured on the fixed assets concerned. |
8. | Creditors: amounts falling due after more than one year |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Hire purchase contracts |
Other creditors |
Included in bank loans and overdrafts is an amount of £0 (2022: £420,544) which is secured by the company. The security is a legal mortgage on the freehold property and a debenture on all assets. Other creditors relate to hire purchase contracts which are secured on the fixed asset concerned. |
Included within creditors amounts falling due after more than one year is an amount of £4,665 (2022: £8,398 in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. |
Stiffkey Red Lion Ltd. (Registered number: 03295401) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
9. | Reserves |
Revaluation |
reserve |
£ |
At 1 January 2023 |
Depreciation on revaluation | (12,900 | ) |
At 31 December 2023 |
Profit and loss account - This reserve records distributable retained earnings and accumulated losses. |
Revaluation reserve - This reserve is for the revaluation of the property less the accumulated depreciation on the revaluation. |
10. | Directors' advances, credits and guarantees |
At 31st December 2023 the company owed the directors £16,199 At 31st December 2022 the directors owed the company £42,694. |