Company Registration No. 08809154 (England and Wales)
REDWINGS LODGE (RUTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
REDWINGS LODGE (RUTLAND) LIMITED
COMPANY INFORMATION
Directors
Mr N R Radia
Mr S N Radia
Secretary
Mrs S N Radia
Company number
08809154
Registered office
Old Great North Road
Sawtry
Huntingdon
Cambridgeshire
PE28 5XP
Accountants
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
REDWINGS LODGE (RUTLAND) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
REDWINGS LODGE (RUTLAND) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REDWINGS LODGE (RUTLAND) LIMITED FOR THE YEAR ENDED 30 JUNE 2024
- 1 -
The following reproduces text of the Accountants' Report prepared in respect of the company's annual unaudited financial statements, from which the unaudited financial statements set out on pages 2 to 9 have been extracted.
"In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Redwings Lodge (Rutland) Limited for the year ended 30 June 2024 set out on pages 3 to 12 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/about-us/regulation/rulebook.html.
Our work has been undertaken solely to prepare for your approval the financial statements of Redwings Lodge (Rutland) Limited and state those matters that we have agreed to state to the Board of Directors of Redwings Lodge (Rutland) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Redwings Lodge (Rutland) Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Redwings Lodge (Rutland) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Redwings Lodge (Rutland) Limited. You consider that Redwings Lodge (Rutland) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Redwings Lodge (Rutland) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
John Cumming Ross Limited
Chartered Certified Accountants
1st Floor, Kirkland House
11-15 Peterborough Road
Harrow
Middlesex
HA1 2AX
"
7 February 2025
REDWINGS LODGE (RUTLAND) LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
436,655
452,041
Current assets
Debtors
4
259,168
143,900
Cash at bank and in hand
97,789
191,747
356,957
335,647
Creditors: amounts falling due within one year
5
(187,521)
(178,312)
Net current assets
169,436
157,335
Total assets less current liabilities
606,091
609,376
Creditors: amounts falling due after more than one year
6
(57,195)
(67,409)
Provisions for liabilities
8
(66,841)
(67,007)
Net assets
482,055
474,960
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
12
216,602
225,654
Profit and loss reserves
12
265,353
249,206
Total equity
482,055
474,960
The directortrues of the company have taken advantage under section 444 of the Companies Act 2006 to not deliver the profit and loss account and the directors' report within the financial statements.
For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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.
REDWINGS LODGE (RUTLAND) LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 7 February 2025 and are signed on its behalf by:
Mr N R Radia
Director
Company Registration No. 08809154
REDWINGS LODGE (RUTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Redwings Lodge (Rutland) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Old Great North Road, Sawtry, Huntingdon, Cambridgeshire, PE28 5XP.
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, modified to include the revaluation of leasehold properties. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover represents the amounts receivable in respect of provision of hotel accommodation and services provided to customers of the hotel and is net of VAT.
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:
Leasehold buildings
Over the term of the lease
Fixtures, fittings & equipment
20% per annum on straight line method
1.5
Financial instruments
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, and bank loans are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
REDWINGS LODGE (RUTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
17
REDWINGS LODGE (RUTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2023 and 30 June 2024
520,053
24,703
544,756
Depreciation and impairment
At 1 July 2023
73,712
19,003
92,715
Depreciation charged in the year
13,961
1,425
15,386
At 30 June 2024
87,673
20,428
108,101
Carrying amount
At 30 June 2024
432,380
4,275
436,655
At 30 June 2023
446,341
5,700
452,041
Land and buildings were revalued by the directors on 30 June 2024.
The revaluation surplus is disclosed in note 11.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been £154,625 (2023 - £159,897), being cost of £196,399 (2023 - £196,399) and depreciation of £41,774 (2023 - £36,502).
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,430
3,010
Amounts owed by group undertakings
227,382
93,093
Other debtors
20,240
Prepayments and accrued income
2,892
6,093
237,704
122,436
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
21,464
21,464
Total debtors
259,168
143,900
REDWINGS LODGE (RUTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
11,198
10,564
Trade creditors
10,707
17,449
Corporation tax
7,316
4,178
Other taxation and social security
19,837
17,537
Other creditors
138,463
128,584
187,521
178,312
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
57,195
67,409
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
2,031
15,697
7
Loans and overdrafts
2024
2023
£
£
Bank loans
68,393
77,973
Payable within one year
11,198
10,564
Payable after one year
57,195
67,409
The long-term bank loan is secured by a fixed charge over leasehold property at A47 Glaston Road, Morcott, Oakham LE15 9DL.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
9
66,841
67,007
REDWINGS LODGE (RUTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
9
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
1,643
1,425
Revaluations
65,198
65,582
66,841
67,007
2024
Movements in the year:
£
Liability at 1 July 2023
67,007
Charge to profit or loss
218
Credit to other comprehensive income
(384)
Liability at 30 June 2024
66,841
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Revaluation reserve
2024
2023
£
£
At the beginning of the year
225,654
231,717
Deferred tax on revaluation of tangible assets
384
3,106
Transfer to retained earnings amortisation on revaluation
(9,436)
(9,169)
At the end of the year
216,602
225,654
12
Reserves
Profit and loss reserves
The only movement in reserves for the year ended 30 June 2024 and year ended 30 June 2023 are profit for the year and transfer from revaluation reserve for amortisation on revaluation.
REDWINGS LODGE (RUTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
13
Financial commitments, guarantees and contingent liabilities
The company has given a Cross Guarantee and debenture to the bank for facilities made available to Redwings Lodge Limited, Redwings Lodge (Herts) Limited, Redwings Properties Limited, Redwings Lodge (Midlands) Limited, Redwings Lodge (Birmingham) Limited and Redwings Lodge (Solilhull) Limited.
14
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total rent payable over the term of the lease
929,508
960,093
15
Parent company
The ultimate parent undertaking is Redwings Lodge Limited, a company registered in England and Wales.
The company was under the control of Redwings Lodge Limited and ultimate control of director Mr N R Radia and his wife, Mrs S N Radia, by virtue of 90% and 100% shareholding of Redwings Lodge Limited in 2024 and 2023 respectively.
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