Company Registration No. 08520285 (England and Wales)
REDWINGS LODGE (HERTS) 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 (HERTS) LIMITED
COMPANY INFORMATION
Directors
Mr N R Radia
Mr S N Radia
Secretary
Mrs S N Radia
Company number
08520285
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 (HERTS) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
REDWINGS LODGE (HERTS) LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REDWINGS LODGE (HERTS) 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 (Herts) 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 (Herts) Limited and state those matters that we have agreed to state to the Board of Directors of Redwings Lodge (Herts) 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 (Herts) 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 (Herts) 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 (Herts) Limited. You consider that Redwings Lodge (Herts) 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 (Herts) 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
"
12 March 2025
REDWINGS LODGE (HERTS) LIMITED
BALANCE SHEET
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,064,433
4,070,384
Current assets
Debtors
4
928,268
959,632
Cash at bank and in hand
178,038
208,354
1,106,306
1,167,986
Creditors: amounts falling due within one year
5
(496,269)
(549,856)
Net current assets
610,037
618,130
Total assets less current liabilities
4,674,470
4,688,514
Creditors: amounts falling due after more than one year
6
(679,541)
(797,935)
Provisions for liabilities
7
(581,904)
(581,904)
Net assets
3,413,025
3,308,675
Capital and reserves
Called up share capital
9
100
100
Revaluation reserve
10
1,861,880
1,861,880
Profit and loss reserves
11
1,551,045
1,446,695
Total equity
3,413,025
3,308,675
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 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.
REDWINGS LODGE (HERTS) LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 March 2025 and are signed on its behalf by:
Mr N R Radia
Director
Company Registration No. 08520285
REDWINGS LODGE (HERTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
1
Accounting policies
Company information
Redwings Lodge (Herts) 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 freehold 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 hotels 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:
Land and buildings Freehold
0%
Land and buildings Leasehold
5% per annum on a straight line method
Plant and machinery
33.3% per annum on straight line method
Fixtures, fittings & equipment
20% per annum on straight line method
It is company’s policy to maintain the freehold properties in a continuous state of good repair. The directors consider that the life of the freehold properties are long and the estimated residual values at the end of its useful economic life is such that any depreciation is immaterial. Carrying value is reviewed for impairment annually.
Based on the above no charge has been made in the accounts for depreciation of freehold buildings.
REDWINGS LODGE (HERTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, trade and other creditors, amounts due to and due from related parties and bank loans.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, amounts due from related parties 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 trade and other creditors, amounts due to related parties 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.
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
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.
REDWINGS LODGE (HERTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 6 -
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.
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.9
Certain comparative amounts have been restated to ensure comparability without affecting the relevant net results.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
30
31
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 July 2023 and 30 June 2024
4,050,406
221,124
4,271,530
Depreciation and impairment
At 1 July 2023
2,012
199,134
201,146
Depreciation charged in the year
280
5,671
5,951
At 30 June 2024
2,292
204,805
207,097
Carrying amount
At 30 June 2024
4,048,114
16,319
4,064,433
At 30 June 2023
4,048,394
21,990
4,070,384
Land and buildings were revalued by the directors on 30 June 2023.
The revaluation surplus is disclosed in note 10.
Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £1,519,237 (2023 - £1,519,517), being cost £1,521,529 (2023 - £1,521,529) and depreciation £2,292 (2023 - £2,012).
REDWINGS LODGE (HERTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
24,822
42,140
Other debtors
760,831
897,937
785,653
940,077
Deferred tax asset (note 8)
18,615
19,555
804,268
959,632
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
124,000
Total debtors
928,268
959,632
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
120,029
118,309
Trade creditors
28,909
42,791
Corporation tax
33,937
59,099
Other taxation and social security
42,754
58,359
Other creditors
270,640
271,298
496,269
549,856
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
474,173
592,567
Other creditors
205,368
205,368
679,541
797,935
REDWINGS LODGE (HERTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 8 -
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
-
39,048
The long-term bank loan is secured by fixed charge over freehold properties at A1 Great North Road, Hinxworth, Baldock SG7 5EX and A5 Watling Street, Hockliffe, Leighton Buzzard LU7 9NB, whilst bounce back loan of £23,333 (2023 : £33,333) is backed by the British Business Bank on behalf of and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy.
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
581,904
581,904
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
-
18,615
19,555
Revaluations
581,904
581,904
-
-
581,904
581,904
18,615
19,555
2024
Movements in the year:
£
Liability at 1 July 2023
562,349
Charge to profit or loss
940
Liability at 30 June 2024
563,289
9
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
REDWINGS LODGE (HERTS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
10
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
1,861,880
1,861,880
11
Profit and loss reserves
The only movements in reserves for the year ended 30 June 2024 and 30 June 2023 are profits for the years.
12
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 (Rutland) Limited, Redwings Properties Limited, Redwings Lodge (Midlands) Limited,Redwings Lodge (Birmingham) Limited and Redwings Lodge (Solihull).
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