The Golden Lion (Pembrokeshire) Ltd

THE GOLDEN LION (PEMBROKESHIRE) LTD - Company Information

2020-04-012021-03-312021-03-31false07981415The Golden Lion (Pembrokeshire) 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Registered Number
07981415
(England and Wales)

Unaudited Financial Statements for the Year Ended
31 March 2021

The Golden Lion (Pembrokeshire) Ltd

Company Information
for the year from 1 April 2020 to 31 March 2021


Directors	D R Paish


Registered Address	74 High Street
	Fishguard
	SA65 9AU


Registered Number	07981415 (England and Wales)

The Golden Lion (Pembrokeshire) Ltd

Balance Sheet as at
31 March 2021

	Notes	2021		2020
		£	£	£	£
Fixed assets
Intangible assets	6		68,750		75,000
Tangible assets	7		155,421		155,697
			224,171		230,697
Current assets
Stocks		6,500		19,775
Debtors	12	400,034		324,215
Current asset investments		350,000		350,000
Cash at bank and on hand		2,062		3,325
		758,596		697,315
Creditors amounts falling due within one year	13	(437,642)		(483,824)
Net current assets (liabilities)			320,954		213,491
Total assets less current liabilities			545,125		444,188
Creditors amounts falling due after one year	14		(128,272)		(38,953)
Provisions for liabilities	15		(17,552)		(15,615)
Net assets			399,301		389,620
Capital and reserves
Called up share capital			100		100
Profit and loss account			399,201		389,520
Shareholders' funds			399,301		389,620

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The directors have chosen to not file a copy of the company’s profit and loss account.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).

The financial statements were approved and authorised for issue by the Director on 14 December 2021, and are signed on its behalf by:

D R Paish
Director
Registered Company No. 07981415

The Golden Lion (Pembrokeshire) Ltd

Notes to the Financial Statements
for the year ended 31 March 2021

1.	STATUTORY INFORMATION
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	COMPLIANCE WITH APPLICABLE REPORTING FRAMEWORK
	The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.

3.	PRINCIPAL ACTIVITIES
	The principal activity of the company is the operation of a country inn.

4.	ACCOUNTING POLICIES

	Turnover policy
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

	Property, plant and equipment policy
	Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

	Reducing balance (%)	Straight line (years)
Land and buildings	-	20
Plant and machinery	10	-
Fixtures and fittings	-	10
Vehicles	25	-

	Intangible assets policy
	Goodwill arising in connection with the acquisition of the businesses is capitalised and amortised over its estimated economic life to a maximum of 20 years. Goodwill is reviewed annually for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable.

	Inventories policy
	Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).

	Revenue recognition policy
	Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

Revenue recognition policy

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Deferred tax policy
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax policy

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Government grants and other government assistance policy
	Government grants relating to the Covid pandemic are included in income on receipt.

	Leases policy
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Investments policy
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

Investments policy

Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Employee benefits policy
	Contributions to defined contribution plans are expensed in the period to which they relate.

5.	EMPLOYEE INFORMATION

		2021		2020
	Average number of employees during the year	28		23

6.	INTANGIBLE ASSETS

		Total £
	Cost or valuation
	At 01 April 20	125,000
	At 31 March 21	125,000
	Amortisation and impairment
	At 01 April 20	50,000
	Charge for year	6,250
	At 31 March 21	56,250
	Net book value
	At 31 March 21	68,750
	At 31 March 20	75,000

7.	PROPERTY, PLANT AND EQUIPMENT

		Total £
	Cost or valuation
	At 01 April 20	241,230
	Additions	26,177
	At 31 March 21	267,407
	Depreciation and impairment
	At 01 April 20	85,533
	Charge for year	26,453
	At 31 March 21	111,986
	Net book value
	At 31 March 21	155,421
	At 31 March 20	155,697

8.	DESCRIPTION OF NATURE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES
	On 22 December 2014 The Golden Lion (Pembrokeshire) Ltd purchased an annuity contract from Mr D Paish for £200,000. Under the terms of the contract the company will receive annual payments of £13,550 commencing on 5 April 2024 for the lifetime of Mr D Paish. On 23 December 2016 The Golden Lion (Pembrokeshire) Ltd purchased an annuity contract from Mr D Paish for £150,000. Under the terms of the contract the company will receive annual payments of £5,744 commencing on 23 December 2017 for the lifetime of Mr D Paish.

DESCRIPTION OF NATURE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES

On 22 December 2014 The Golden Lion (Pembrokeshire) Ltd purchased an annuity contract from Mr D Paish for £200,000.  Under the terms of the contract the company will receive annual payments of £13,550 commencing on 5 April 2024 for the lifetime of Mr D Paish.

On 23 December 2016 The Golden Lion (Pembrokeshire) Ltd purchased an annuity contract from Mr D Paish for £150,000.  Under the terms of the contract the company will receive annual payments of £5,744 commencing on 23 December 2017 for the lifetime of Mr D Paish.

9.	ADVANCES AND CREDITS TO DIRECTORS, INCLUDING TERMS AND INTEREST RATES

		Brought forward £		Amount advanced £		Amount repaid £		Carried forward £
	D R Paish	267,646		62,609		0		330,255
		267,646		62,609		0		330,255

10.	DIVIDENDS PROPOSED AND PAYABLE

		2021 £		2020 £
	Dividends Paid	75,000		75,000
	Total	75,000		75,000

11.	FURTHER INFORMATION REGARDING THE COMPANY'S INCOME
	During the year ended 31 March 2021 the company received government support in respect of the Covid pandemic. This support comprised Job Retention Scheme claims of £200,253 (2020 - £5,597) and grants from the Welsh Government amounting to £144,933 (2020 - nil). In addition to the above repayment holidays in respect of equipment leases and bank borrowings were given.

12.	DEBTORS
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

12.

DEBTORS

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	2021 £	2020 £
Trade debtors / trade receivables	-	1,700
Other debtors	391,720	315,104
Prepayments and accrued income	8,314	7,411
Total	400,034	324,215

13.	CREDITORS WITHIN ONE YEAR
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	2021 £	2020 £
Trade creditors / trade payables	81,800	199,756
Bank borrowings and overdrafts	18,000	11,170
Taxation and social security	270,413	192,364
Finance lease and HP contracts	14,398	12,538
Other creditors	35,565	53,403
Accrued liabilities and deferred income	17,466	14,593
Total	437,642	483,824

14.	CREDITORS AFTER ONE YEAR

	2021 £	2020 £
Bank borrowings and overdrafts	102,000	-
Other creditors	26,272	38,953
Total	128,272	38,953

15.	PROVISIONS FOR LIABILITIES

		2021 £		2020 £
	Net deferred tax liability (asset)	17,552		15,615
	Total	17,552		15,615