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Company registration number: 01672560







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
29 FEBRUARY 2024


RED LION LIMITED (THE)






































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RED LION LIMITED (THE)
REGISTERED NUMBER:01672560



STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
328,465
329,692

  
328,465
329,692

Current assets
  

Stocks
  
7,874
8,209

Debtors: amounts falling due within one year
 6 
11,505
4,082

Cash at bank and in hand
  
119,065
135,692

  
138,444
147,983

Creditors: amounts falling due within one year
 7 
(87,684)
(96,975)

Net current assets
  
 
 
50,760
 
 
51,008

Total assets less current liabilities
  
379,225
380,700

Creditors: amounts falling due after more than one year
 8 
(60,648)
(76,204)

  

Net assets
  
318,577
304,496


Capital and reserves
  

Called up share capital 
  
89,891
89,891

Share premium account
  
2,959
2,959

Other reserves
  
4,689
4,689

Profit and loss account
  
221,038
206,957

  
318,577
304,496


Page 1

 


RED LION LIMITED (THE)
REGISTERED NUMBER:01672560


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 income and retained earnings 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 on 20 June 2024.




D Dixon
D Clark
Director
Director

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

Page 2

 


RED LION LIMITED (THE)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


Statutory information

Red Lion Limited(The) is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).


2.


Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.Accounting policies

 
3.1

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

  
3.2

Significant judgements and estimates

No significant judgements or estimates have had to be made by the directors in preparing these financial statements.

 
3.3

Revenue recognition

Revenue is recognised when goods have been delivered and services supplied to customers such that risks and rewards of ownership have transferred to them.

 
3.4

Taxation

Tax 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 tax 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 statement of financial position date.
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Page 3

 


RED LION LIMITED (THE)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

3.Accounting policies (continued)

 
3.5

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, using the straight-line method.

The estimated useful lives range as follows:

Freehold property
-
Not depreciated
Freehold improvements
-
15 years on cost
Plant and machinery
-
5 years on cost

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.

Schedule 4 of the Companies Act 2006 and Financial Reporting Standard 102, "Tangible Fixed Assets" both require that provision be made for depreciation of fixed assets having a finite useful life.
However, in the opinion of the directors, the residual value at the end of the estimated life of the freehold land and buildings represented by The Red Lion Public House is not likely to be materially lower than cost.
It is the company's policy to maintain the property in such a condition that its value is not diminished by the passage of time and maintenance expenditure is charged to profit before tax in the year in which it is incurred.
Therefore any depreciation is not material and no provision is made.

 
3.6

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.


4.


Employees

The average monthly number of employees, excluding the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Average No. Employees
7
5

Page 4

 


RED LION LIMITED (THE)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Tangible fixed assets







Freehold property
Plant and machinery
Total

£
£
£



Cost or valuation


At 1 March 2023
319,082
41,220
360,302


Additions
-
861
861



At 29 February 2024

319,082
42,081
361,163



Depreciation


At 1 March 2023
-
30,610
30,610


Charge for the year on owned assets
-
2,088
2,088



At 29 February 2024

-
32,698
32,698



Net book value



At 29 February 2024
319,082
9,383
328,465



At 28 February 2023
319,082
10,610
329,692

Page 5

 


RED LION LIMITED (THE)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
7,289
-

Prepayments and accrued income
4,216
4,082

11,505
4,082



7.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Bank loans
5,000
5,000

Trade creditors
12,617
16,911

Preference shares
10,000
10,000

Corporation tax
4,431
6,434

Other taxation and social security
6,857
7,057

Other creditors
6,990
8,694

Accruals and deferred income
41,789
42,879

87,684
96,975



8.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
30,648
36,204

Preference shares
30,000
40,000

60,648
76,204


Page 6

 


RED LION LIMITED (THE)
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

9.


Share capital

29 February
28 February
2024
2023
£
£
Shares classified as equity

Allotted, called up and fully paid



89,891 (2023 - 89,891) Called up share capital shares of £1 each
89,891
89,891



10.


Reserves

Retained Earnings
Share Premium
Other Reserves
Totals
        £
        £
        £
        £

At 1st March 2023

206,957

2,959

4,689
 
214,605
 
Profit for the year

14,109

-

-
 
14,109
 
At 29th February 2024

221,066

2,959

4,689
 
228,714
 


11.


Auditors' information

The auditors' report on the financial statements for the year ended 29 February 2024 was unqualified.

The audit report was signed on 2 July 2024 by R Lobue (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 7