REGISTERED NUMBER: 00505432 (England and Wales)

COUNTRY LION (NORTHAMPTON) LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

to

4

Report of the Independent Auditors

5

to

8

Consolidated Statement of Comprehensive Income

9

to

10

Consolidated Balance Sheet

11

Company Balance Sheet

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Cash Flow Statement

15

Notes to the Consolidated Cash Flow Statement

16

to

17

Notes to the Consolidated Financial Statements

18

to

35

DIRECTORS:

Mrs J M Bull

D A O'Dell

Mrs M C Cox

SECRETARY:

Mrs J M Bull

REGISTERED OFFICE:

Oxwich Close

Brackmills Industrial Estate

Northampton

Northamptonshire

NN4 7BH

REGISTERED NUMBER:

00505432 (England and Wales)

AUDITORS:

Phipps Henson McAllister

Chartered Accountants

and Statutory Auditors

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

The directors present their strategic report of the Company and the Group for the year ended 31 March 2025.

REVIEW OF BUSINESS

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end. Our review is consistent with the size and non-complex nature of our business and is written in the context of the risks and uncertainties we face.

We feel the overall results are encouraging. The Group has continued to trade profitably throughout the year,

The group's balance sheet has reduced by £21,734 after the Group paid dividends of £100,000.

The business market we operate in continues to be challenging. However, the directors are confident of achieving continued profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal financial risks faced by the company and the group, and their objectives and policies in relation to those risks are as follows:-

CASH FLOW RISK

The company and the group closely monitor and manage cash flow. Cash flow forecasts are prepared with the objective of alerting the directors to potential future risks. It is the company and the group's policy to ensure that forecast funding requirements can be met from available facilities.

CREDIT RISK

Credit risk is the financial exposure generated by the potential default of third parties in fulfilling their obligations. Credit risk arises for the company and the group if it is unable to recover sums due from customers. Setting maximum levels of credit tolerance for more significant customers and regularly reviewing these levels mitigate this.

KEY PERFORMANCE INDICATORS

We consider our key performance indicators are those that communicate the financial performance and strength of the company and the group as a whole, these being turnover, profits and return on capital employed.

Group turnover has increased by 10.8% compared to the previous year.

Operating profit is £360,822 (2024 - £505,522). Profit after taxation is £78,266 (2024 - £246,196).

Return on capital employed is 4.84% (2024 - 6.47%). Return on capital employed is calculated as profit before interest and tax divided by capital employed, which constitutes total assets less current liabilities, less investments, less cash, plus overdrafts and other short term borrowings.

ON BEHALF OF THE BOARD:

Mrs J M Bull - Director

30 October 2025

The directors present their report with the financial statements of the Company and the Group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the Group in the year under review were those of coach operators and hire of self drive vehicles, and provision of holidays and short breaks for customers over the age of 50.

DIVIDENDS

The total distribution of dividends for the year ended 31 March 2025 will be £100,000.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

Mrs J M Bull

D A O'Dell

Mrs M C Cox

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the Group's auditors are aware of that information.

AUDITORS

The auditors, Phipps Henson McAllister, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mrs J M Bull - Director

30 October 2025

Opinion

We have audited the financial statements of Country Lion (Northampton) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the Group's and of the Parent Company affairs as at 31 March 2025 and of the Group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

-

We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the sector in which it operates. We determined that the following laws and regulations were most significant: the Companies Act 2006, the Package Travel Regulations 1992, and UK corporate taxation laws.

-

We obtained an understanding of how the Group complies with those legal and regulatory frameworks by making inquiries to the management. We corroborated our inquiries through our review of board minutes and other papers.

-

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

-

identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

-

understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;

-

challenging assumptions and judgments made by management in its significant accounting estimates;

-

identifying and testing journal entries, in particular any journal entries posted with unusual account combinations; and

-

assessing the extent of compliance with the relevant laws and regulations.

These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from an error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Stuart Armstrong FCCA (Senior Statutory Auditor)

for and on behalf of Phipps Henson McAllister

Chartered Accountants

and Statutory Auditors

22-24 Harborough Road

Kingsthorpe

Northampton

NN2 7AZ

30 October 2025

TURNOVER

3

7,147,852

6,449,016

Cost of sales

5,252,718

4,533,782

GROSS PROFIT

1,895,134

1,915,234

Distribution costs

61,804

49,061

Administrative expenses

1,485,853

1,371,296

1,547,657

1,420,357

347,477

494,877

Other operating income

13,345

10,645

OPERATING PROFIT

5

360,822

505,522

Profit/loss on sale of capital equipment

6

62,393

(875

)

423,215

504,647

Interest receivable and similar income

14,002

21,316

437,217

525,963

Interest payable and similar expenses

7

169,276

105,515

PROFIT BEFORE TAXATION

267,941

420,448

Tax on profit

8

189,675

174,252

PROFIT FOR THE FINANCIAL YEAR

78,266

246,196

OTHER COMPREHENSIVE INCOME

-

800,000

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

-

800,000

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

78,266

1,046,196

Profit attributable to:

Owners of the parent

78,266

246,196

Total comprehensive income attributable to:

Owners of the parent

78,266

1,046,196

FIXED ASSETS

Intangible assets

11

280

777

Tangible assets

12

8,518,280

7,896,802

Investments

13

-

-

8,518,560

7,897,579

CURRENT ASSETS

Stocks

14

42,199

36,777

Debtors

15

1,137,878

969,740

Investments

16

3,422

3,422

Cash at bank and in hand

1,176,950

1,420,940

2,360,449

2,430,879

CREDITORS

Amounts falling due within one year

17

1,630,843

1,716,736

NET CURRENT ASSETS

729,606

714,143

TOTAL ASSETS LESS CURRENT LIABILITIES

9,248,166

8,611,722

CREDITORS

Amounts falling due after more than one year

18

(2,415,933

)

(1,947,430

)

PROVISIONS FOR LIABILITIES

22

(1,203,862

)

(1,014,187

)

NET ASSETS

5,628,371

5,650,105

CAPITAL AND RESERVES

Called up share capital

23

581

581

Revaluation reserve

24

1,382,425

1,382,425

Capital redemption reserve

24

2,371

2,371

Retained earnings

24

4,242,994

4,264,728

SHAREHOLDERS' FUNDS

5,628,371

5,650,105

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

Mrs J M Bull - Director

FIXED ASSETS

Intangible assets

11

-

-

Tangible assets

12

8,518,280

7,896,802

Investments

13

17,500

17,500

8,535,780

7,914,302

CURRENT ASSETS

Stocks

14

42,199

36,777

Debtors

15

1,054,823

874,369

Investments

16

3,422

3,422

Cash at bank and in hand

820,454

1,023,549

1,920,898

1,938,117

CREDITORS

Amounts falling due within one year

17

1,274,916

1,295,677

NET CURRENT ASSETS

645,982

642,440

TOTAL ASSETS LESS CURRENT LIABILITIES

9,181,762

8,556,742

CREDITORS

Amounts falling due after more than one year

18

(2,415,933

)

(1,947,430

)

PROVISIONS FOR LIABILITIES

22

(1,203,862

)

(1,014,187

)

NET ASSETS

5,561,967

5,595,125

CAPITAL AND RESERVES

Called up share capital

23

581

581

Revaluation reserve

24

1,382,425

1,382,425

Capital redemption reserve

24

2,371

2,371

Retained earnings

24

4,176,590

4,209,748

SHAREHOLDERS' FUNDS

5,561,967

5,595,125

Company's profit for the financial year

66,842

236,988

The financial statements were approved by the Board of Directors and authorised for issue on 30 October 2025 and were signed on its behalf by:

Mrs J M Bull - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

581

4,118,532

582,425

2,371

4,703,909

Changes in equity

Dividends

-

(100,000

)

-

-

(100,000

)

Total comprehensive income

-

246,196

800,000

-

1,046,196

Balance at 31 March 2024

581

4,264,728

1,382,425

2,371

5,650,105

Changes in equity

Dividends

-

(100,000

)

-

-

(100,000

)

Total comprehensive income

-

78,266

-

-

78,266

Balance at 31 March 2025

581

4,242,994

1,382,425

2,371

5,628,371

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1 April 2023

581

4,072,760

582,425

2,371

4,658,137

Changes in equity

Total comprehensive income

-

236,988

800,000

-

1,036,988

Dividends

-

(100,000

)

-

-

(100,000

)

Balance at 31 March 2024

581

4,209,748

1,382,425

2,371

5,595,125

Changes in equity

Total comprehensive income

-

66,842

-

-

66,842

Dividends

-

(100,000

)

-

-

(100,000

)

Balance at 31 March 2025

581

4,176,590

1,382,425

2,371

5,561,967

Cash flows from operating activities

Cash generated from operations

1

870,423

1,818,607

Interest paid

(53,149

)

(56,188

)

Interest element of hire purchase payments paid

(116,127

)

(49,327

)

Tax paid

-

(14,447

)

Net cash from operating activities

701,147

1,698,645

Cash flows from investing activities

Purchase of tangible fixed assets

(1,515,165

)

(591,282

)

Sale of tangible fixed assets

117,246

2,375

Interest received

14,002

21,316

Net cash from investing activities

(1,383,917

)

(567,591

)

Cash flows from financing activities

Loan repayments in year

(48,491

)

(45,333

)

Capital element of hire purchase

587,271

(679,991

)

Equity dividends paid

(100,000

)

(100,000

)

Net cash from financing activities

438,780

(825,324

)

(Decrease)/increase in cash and cash equivalents

(243,990

)

305,730

Cash and cash equivalents at beginning of year

2

1,420,940

1,115,210

Cash and cash equivalents at end of year

2

1,176,950

1,420,940

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

267,941

420,448

Depreciation charges

776,937

691,561

Finance costs

169,276

105,515

Finance income

(14,002

)

(21,316

)

1,200,152

1,196,208

Increase in stocks

(5,422

)

(7,351

)

(Increase)/decrease in trade and other debtors

(168,138

)

312,488

(Decrease)/increase in trade and other creditors

(156,169

)

317,262

Cash generated from operations

870,423

1,818,607

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

1,176,950

1,420,940

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

1,420,940

1,115,210