Country Lion (Northampton) Limited - Limited company accounts 23.2
Country Lion (Northampton) Limited - Limited company accounts 23.2
| 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 2023 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Page |
| Company Information | 1 |
| Group Strategic Report | 2 | to | 3 |
| Report of the Directors | 4 | to | 5 |
| Report of the Independent Auditors | 6 | to | 8 |
| Consolidated Statement of Comprehensive Income | 9 |
| Consolidated Balance Sheet | 10 |
| Company Balance Sheet | 11 | to | 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 | 38 |
| COUNTRY LION (NORTHAMPTON) LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Chartered Accountants |
| and Statutory Auditors |
| 22-24 Harborough Road |
| Kingsthorpe |
| Northampton |
| NN2 7AZ |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| The directors present their strategic report of the Company and the Group for the year ended 31 March 2023. |
| 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 as the business continues to recover from the impact of COVID-19 related decreases in turnover in previous years. The Group has continued to trade profitably throughout the year, |
| The group's balance sheet has increased by £13,145 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. |
| IMPACT FROM BREXIT |
| It is felt that the UK's exit from the European Union has not had an impact on the current year's performance and development. As a majority of Country Lion (Northampton) Ltd customers are businesses BREXIT may have an indirect affect on future financial years, the directors will closely monitor cash flows and contracts to ensure the impact is as minimal as possible. |
| IMPACT FROM COVID-19 |
| The impact of Covid-19 on our business was significant. For the financial year ending 31 March 2024 we are projecting a continued improvement in turnover. The directors are confident that a combination of cost management, and a review of our vehicle replacement programme means we are confident of maintaining profitability and the long term future of the business. |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| GROUP STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 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 26.0% compared to the previous year. |
| Operating profit is £114,200 (2022 - £386,168). Profit after taxation is £113,145 (2022 - £110,165). |
| Return on capital employed is 2.81% (2022 - 6.3%). 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: |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| The directors present their report with the financial statements of the Company and the Group for the year ended 31 March 2023. |
| 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 2023 will be £100,000. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
| 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. |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| AUDITORS |
| The auditors, Phipps Henson McAllister, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COUNTRY LION (NORTHAMPTON) LIMITED |
| 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 2023 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 2023 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COUNTRY LION (NORTHAMPTON) LIMITED |
| 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 four, 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| COUNTRY LION (NORTHAMPTON) LIMITED |
| 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. |
| 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. |
| for and on behalf of |
| Chartered Accountants |
| and Statutory Auditors |
| 22-24 Harborough Road |
| Kingsthorpe |
| Northampton |
| NN2 7AZ |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| CONSOLIDATED |
| STATEMENT OF COMPREHENSIVE |
| INCOME |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| TURNOVER | 3 | 5,244,089 | 4,161,331 |
| Cost of sales | 3,969,120 | 3,243,387 |
| GROSS PROFIT | 1,274,969 | 917,944 |
| Distribution costs | 47,103 | 7,352 |
| Administrative expenses | 1,132,789 | 813,615 |
| 1,179,892 | 820,967 |
| 95,077 | 96,977 |
| Other operating income | 19,123 | 289,191 |
| OPERATING PROFIT | 5 | 114,200 | 386,168 |
| Profit/loss on sale of capital equipment | 6 | 79,193 | 66,435 |
| 193,393 | 452,603 |
| Interest receivable and similar income | 5,029 | 122 |
| 198,422 | 452,725 |
| Interest payable and similar expenses | 7 | 88,252 | 82,128 |
| PROFIT BEFORE TAXATION | 110,170 | 370,597 |
| Tax on profit | 8 | (2,975 | ) | 260,432 |
| PROFIT FOR THE FINANCIAL YEAR |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| CONSOLIDATED BALANCE SHEET |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 | 1,274 | 1,771 |
| Tangible assets | 12 | 6,386,958 | 7,064,057 |
| Investments | 13 | - | - |
| 6,388,232 | 7,065,828 |
| CURRENT ASSETS |
| Stocks | 14 | 29,426 | 35,985 |
| Debtors | 15 | 1,357,381 | 742,367 |
| Investments | 16 | 3,422 | 3,422 |
| Cash at bank and in hand | 1,115,210 | 1,448,290 |
| 2,505,439 | 2,230,064 |
| CREDITORS |
| Amounts falling due within one year | 17 | 1,448,899 | 1,266,686 |
| NET CURRENT ASSETS | 1,056,540 | 963,378 |
| TOTAL ASSETS LESS CURRENT LIABILITIES | 7,444,772 | 8,029,206 |
| CREDITORS |
| Amounts falling due after more than one year | 18 | (1,900,928 | ) | (2,405,932 | ) |
| PROVISIONS FOR LIABILITIES | 22 | (839,935 | ) | (932,510 | ) |
| NET ASSETS | 4,703,909 | 4,690,764 |
| CAPITAL AND RESERVES |
| Called up share capital | 23 | 581 | 581 |
| Revaluation reserve | 24 | 582,425 | 582,425 |
| Capital redemption reserve | 24 | 2,371 | 2,371 |
| Retained earnings | 24 | 4,118,532 | 4,105,387 |
| SHAREHOLDERS' FUNDS | 4,703,909 | 4,690,764 |
| The financial statements were approved by the Board of Directors and authorised for issue on 17 October 2023 and were signed on its behalf by: |
| Mrs J M Bull - Director |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| COMPANY BALANCE SHEET |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 11 |
| Tangible assets | 12 |
| Investments | 13 |
| CURRENT ASSETS |
| Stocks | 14 |
| Debtors | 15 |
| Investments | 16 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 17 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year | 18 | ( |
) | ( |
) |
| PROVISIONS FOR LIABILITIES | 22 | ( |
) | ( |
) |
| NET ASSETS |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| COMPANY BALANCE SHEET - continued |
| 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 23 |
| Revaluation reserve | 24 |
| Capital redemption reserve | 24 |
| Retained earnings | 24 |
| SHAREHOLDERS' FUNDS |
| Company's profit for the financial year | 112,263 | 95,522 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 April 2021 | 581 | 4,095,222 | 582,425 | 2,371 | 4,680,599 |
| Changes in equity |
| Dividends | - | (100,000 | ) | - | - | (100,000 | ) |
| Total comprehensive income | - | 110,165 | - | - | 110,165 |
| Balance at 31 March 2022 | 581 | 4,105,387 | 582,425 | 2,371 | 4,690,764 |
| Changes in equity |
| Dividends | - | (100,000 | ) | - | - | (100,000 | ) |
| Total comprehensive income | - | 113,145 | - | - | 113,145 |
| Balance at 31 March 2023 | 581 | 4,118,532 | 582,425 | 2,371 | 4,703,909 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| COMPANY STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| Called up | Capital |
| share | Retained | Revaluation | redemption | Total |
| capital | earnings | reserve | reserve | equity |
| £ | £ | £ | £ | £ |
| Balance at 1 April 2021 |
| Changes in equity |
| Total comprehensive income | - |
| Dividends | - | ( |
) | - | - | ( |
) |
| Balance at 31 March 2022 |
| Changes in equity |
| Total comprehensive income | - |
| Dividends | - | ( |
) | - | - | ( |
) |
| Balance at 31 March 2023 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2023 | 2022 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 | 431,397 | 1,247,151 |
| Interest paid | (35,178 | ) | (19,813 | ) |
| Interest element of hire purchase payments paid |
(53,074 |
) |
(62,315 |
) |
| Tax paid | - | (27,179 | ) |
| Net cash from operating activities | 343,145 | 1,137,844 |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | (95,959 | ) | (960,855 | ) |
| Sale of tangible fixed assets | 55,323 | 210,898 |
| Interest received | 5,029 | 122 |
| Net cash from investing activities | (35,607 | ) | (749,835 | ) |
| Cash flows from financing activities |
| Loan repayments in year | (52,429 | ) | (98,888 | ) |
| Capital element of hire purchase | (488,189 | ) | (358,326 | ) |
| Equity dividends paid | (100,000 | ) | (100,000 | ) |
| Net cash from financing activities | (640,618 | ) | (557,214 | ) |
| Decrease in cash and cash equivalents | (333,080 | ) | (169,205 | ) |
| Cash and cash equivalents at beginning of year |
2 |
1,448,290 |
1,617,495 |
| Cash and cash equivalents at end of year | 2 | 1,115,210 | 1,448,290 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2023 | 2022 |
| £ | £ |
| Profit before taxation | 110,170 | 370,597 |
| Depreciation charges | 718,230 | 649,012 |
| Finance costs | 88,252 | 82,128 |
| Finance income | (5,029 | ) | (122 | ) |
| 911,623 | 1,101,615 |
| Decrease/(increase) in stocks | 6,559 | (15,121 | ) |
| Increase in trade and other debtors | (615,014 | ) | (225,641 | ) |
| Increase in trade and other creditors | 128,229 | 386,298 |
| Cash generated from operations | 431,397 | 1,247,151 |
| 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 2023 |
| 31/3/23 | 1/4/22 |
| £ | £ |
| Cash and cash equivalents | 1,115,210 | 1,448,290 |
| Year ended 31 March 2022 |
| 31/3/22 | 1/4/21 |
| £ | £ |
| Cash and cash equivalents | 1,448,290 | 1,617,495 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 3. | ANALYSIS OF CHANGES IN NET DEBT |
| At 1/4/22 | Cash flow | At 31/3/23 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 1,448,290 | (333,080 | ) | 1,115,210 |
| 1,448,290 | (333,080 | ) | 1,115,210 |
| Liquid resources |
| Current asset investments | 3,422 | - | 3,422 |
| 3,422 | - | 3,422 |
| Debt |
| Finance leases | (2,102,599 | ) | 488,189 | (1,614,410 | ) |
| Debts falling due within 1 year | (56,811 | ) | 14,184 | (42,627 | ) |
| Debts falling due after 1 year | (852,072 | ) | 38,247 | (813,825 | ) |
| (3,011,482 | ) | 540,620 | (2,470,862 | ) |
| Total | (1,559,770 | ) | 207,540 | (1,352,230 | ) |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 1. | STATUTORY INFORMATION |
| Country Lion (Northampton) Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Basis of consolidation |
| The consolidated financial statements incorporate the financial statements of the company and all group undertakings, together with the group's share of the net assets and results of associated undertakings. These are adjusted, where appropriate, to conform to group accounting policies. Acquisitions are accounted for under the acquisition method. The results of companies acquired or disposed of are included in the profit and loss account after or up to the date that control passes respectively. As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. |
| Critical accounting judgements and key sources of estimation uncertainty |
| To be able to prepare financial statements in accordance with FRS102, Country Lion (Northampton) Limited |
| must make certain estimates and judgements that have an impact on the policies and the amounts reported |
| in the annual accounts. The estimates and judgement are based on historical experiences and other factors |
| including expectations of future events that are believed to be reasonable at the time such estimates and |
| judgements are made. Actual experience may vary from these estimates. |
| The estimates and assumptions which have the most significant risk of causing a material adjustment to the |
| carrying amounts of assets and liabilities are discussed below: |
| Inventory Provisions |
| Country Lion (Northampton) Limited writes down inventories to net realisable value based on an estimate of |
| the realisability of inventories. Write downs on inventories are recorded where events or changes in |
| circumstances indicate that the current carrying values may not realised. The write down will be recognised |
| in the income statements in the year the change in estimate occurs. |
| Tangible Assets |
| Country Lion (Northampton) Limited determines the estimated useful lives, residual values and related |
| depreciation charges for its property, plant and equipment with reference to the estimated periods that the |
| company intends to derive future economic benefits from the use of these assets. Management will revise |
| the depreciation charge where useful lives or residual values are materially different from those previously |
| estimated. Actual economic lives may differ from estimated useful lives and actual residual values may differ |
| from estimated residual values. Periodic review could result in a change in depreciable lives and residual |
| values and therefore depreciation expenses in the future periods. |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Turnover |
| Turnover represents gross revenue earned from public transport services and excludes payments received on account. Amounts receivable for tendered services, vehicle hire concessionary fare schemes are included as part of revenue. Turnover for coach, hotel and tour operations are recognised when the service is provided. Where appropriate, amounts are shown net of VAT. |
| Goodwill |
| Goodwill has arisen on the consolidation of the subsidiary and represents the excess of the cost of investment over the fair value of the assets acquired. The goodwill is being amortised over a period of 20 years. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
| Fixtures, fittings and equipment | - | rates of between 10% straight line and 33.3% straight line or 25% reducing balance. |
| Motor cars | - | 25% straight line |
| Coaches | - | rates of between 7.5% straight line and 25% straight line |
| Self drive hire vehicles | - | rates of between 10% straight line and 25% straight line |
| No depreciation is provided on the freehold land under FRS102. The directors feel that the residual value will not be materially different to the original cost of the land. |
| In accordance with FRS102 an annual impairment review is conducted on the freehold building to ensure the carrying value is less than or equal to the recoverable amount. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation 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 balance sheet date. |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
| Hire purchase and leasing commitments |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. |
| The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. |
| Pension costs and other post-retirement benefits |
| The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Current asset investments |
| Current asset investments are stated at cost. |
| 3. | TURNOVER |
| The turnover and profit before taxation are attributable to the principal activities of the Group. |
| An analysis of turnover by class of business is given below: |
| 2023 | 2022 |
| £ | £ |
| Coach and self drive hire | 4,143,823 | 3,427,948 |
| Coach tour holidays | 1,100,266 | 733,383 |
| 5,244,089 | 4,161,331 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 4. | EMPLOYEES AND DIRECTORS |
| 2023 | 2022 |
| £ | £ |
| Wages and salaries | 1,815,727 | 1,474,067 |
| Social security costs | 176,876 | 130,091 |
| Other pension costs | 37,466 | 31,306 |
| 2,030,069 | 1,635,464 |
| The average number of employees during the year was as follows: |
| 2023 | 2022 |
| Administrative & office staff | 15 | 14 |
| Productive personnel | 44 | 46 |
| 2023 | 2022 |
| £ | £ |
| Directors' remuneration | 245,750 | 239,100 |
| Directors' pension contributions to money purchase schemes | 3,963 | 3,963 |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes | 3 | 3 |
| Information regarding the highest paid director is as follows: |
| 2023 | 2022 |
| £ | £ |
| Emoluments etc | 85,250 | 85,000 |
| Pension contributions to money purchase schemes | 1,321 | 1,321 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2023 | 2022 |
| £ | £ |
| Other operating leases | 113,569 | 79,526 |
| Depreciation - owned assets | 415,039 | 333,999 |
| Depreciation - assets on hire purchase contracts | 302,696 | 314,516 |
| Goodwill amortisation | 497 | 497 |
| Auditors' remuneration | 13,812 | 13,596 |
| Auditors' remuneration for non audit work | 12,108 | 10,404 |
| 6. | EXCEPTIONAL ITEMS |
| 2023 | 2022 |
| £ | £ |
| Profit/loss on sale of capital equipment | 79,193 | 66,435 |
| 7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2023 | 2022 |
| £ | £ |
| Bank loan interest | 35,178 | 19,813 |
| Hire purchase | 53,074 | 62,315 |
| 88,252 | 82,128 |
| 8. | TAXATION |
| Analysis of the tax (credit)/charge |
| The tax (credit)/charge on the profit for the year was as follows: |
| 2023 | 2022 |
| £ | £ |
| Current tax: |
| UK corporation tax | 89,600 | (75,153 | ) |
| Deferred tax | (92,575 | ) | 335,585 |
| Tax on profit | (2,975 | ) | 260,432 |
| UK corporation tax has been charged at 19 % (2022 - 19 %). |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 8. | TAXATION - continued |
| Reconciliation of total tax (credit)/charge included in profit and loss |
| The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2023 | 2022 |
| £ | £ |
| Profit before tax | 110,170 | 370,597 |
| Profit multiplied by the standard rate of corporation tax in the UK of 19 % (2022 - 19 %) |
20,932 |
70,413 |
| Effects of: |
| Expenses not deductible for tax purposes | 837 | 431 |
| Capital allowances in excess of depreciation | - | (147,135 | ) |
| Depreciation in excess of capital allowances | 70,806 | - |
| Utilisation of tax losses | (61 | ) | 76,291 |
| Adjustments to tax charge in respect of previous periods | (2,914 | ) | (75,153 | ) |
| Deferred Taxation | (92,575 | ) | 335,585 |
| Total tax (credit)/charge | (2,975 | ) | 260,432 |
| 9. | INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME |
| As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
| 10. | DIVIDENDS |
| Dividends of £100,000 (2022 - £100,000) have been paid in the year. |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 11. | INTANGIBLE FIXED ASSETS |
| Group |
| Goodwill |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 | 9,932 |
| AMORTISATION |
| At 1 April 2022 | 8,161 |
| Amortisation for year | 497 |
| At 31 March 2023 | 8,658 |
| NET BOOK VALUE |
| At 31 March 2023 | 1,274 |
| At 31 March 2022 | 1,771 |
| 12. | TANGIBLE FIXED ASSETS |
| Group |
| Fixtures, |
| Land and | Freehold | fittings |
| buildings | property | and |
| freehold | improvements | equipment |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2022 | 1,994,894 | 155,106 | 298,176 |
| Additions | - | - | 23,969 |
| Disposals | - | - | - |
| At 31 March 2023 | 1,994,894 | 155,106 | 322,145 |
| DEPRECIATION |
| At 1 April 2022 | - | - | 248,558 |
| Charge for year | - | - | 1,450 |
| Eliminated on disposal | - | - | - |
| At 31 March 2023 | - | - | 250,008 |
| NET BOOK VALUE |
| At 31 March 2023 | 1,994,894 | 155,106 | 72,137 |
| At 31 March 2022 | 1,994,894 | 155,106 | 49,618 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Coaches |
| Motor | and hire |
| cars | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2022 | 75,984 | 8,593,762 | 11,117,922 |
| Additions | 71,990 | - | 95,959 |
| Disposals | - | (469,050 | ) | (469,050 | ) |
| At 31 March 2023 | 147,974 | 8,124,712 | 10,744,831 |
| DEPRECIATION |
| At 1 April 2022 | 1,583 | 3,803,724 | 4,053,865 |
| Charge for year | 33,994 | 682,291 | 717,735 |
| Eliminated on disposal | - | (413,727 | ) | (413,727 | ) |
| At 31 March 2023 | 35,577 | 4,072,288 | 4,357,873 |
| NET BOOK VALUE |
| At 31 March 2023 | 112,397 | 4,052,424 | 6,386,958 |
| At 31 March 2022 | 74,401 | 4,790,038 | 7,064,057 |
| Cost or valuation at 31 March 2023 is represented by: |
| Fixtures, |
| Land and | Freehold | fittings |
| buildings | property | and |
| freehold | improvements | equipment |
| £ | £ | £ |
| Valuation in 2018 | 582,425 | - | - |
| Cost | 1,412,469 | 155,106 | 322,145 |
| 1,994,894 | 155,106 | 322,145 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Coaches |
| Motor | and hire |
| cars | vehicles | Totals |
| £ | £ | £ |
| Valuation in 2018 | - | - | 582,425 |
| Cost | 147,974 | 8,124,712 | 10,162,406 |
| 147,974 | 8,124,712 | 10,744,831 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2023 | 2022 |
| £ | £ |
| Cost | 1,412,469 | 1,412,469 |
| Value of land in freehold land and buildings | 1,000,000 | 1,000,000 |
| Freehold land and buildings were valued on an open market basis on 31 March 2018 by Drake Commercial . |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Group |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Coaches |
| Motor | and hire |
| cars | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2022 | 75,984 | 3,995,190 | 4,071,174 |
| Additions | 71,990 | - | 71,990 |
| Transfer to ownership | - | (541,000 | ) | (541,000 | ) |
| At 31 March 2023 | 147,974 | 3,454,190 | 3,602,164 |
| DEPRECIATION |
| At 1 April 2022 | 1,583 | 1,243,074 | 1,244,657 |
| Charge for year | 33,994 | 268,702 | 302,696 |
| Transfer to ownership | - | (448,692 | ) | (448,692 | ) |
| At 31 March 2023 | 35,577 | 1,063,084 | 1,098,661 |
| NET BOOK VALUE |
| At 31 March 2023 | 112,397 | 2,391,106 | 2,503,503 |
| At 31 March 2022 | 74,401 | 2,752,116 | 2,826,517 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixtures, |
| Land and | Freehold | fittings |
| buildings | property | and |
| freehold | improvements | equipment |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2022 |
| Additions |
| Disposals |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Eliminated on disposal |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Coaches |
| Motor | and hire |
| cars | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2022 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| Cost or valuation at 31 March 2023 is represented by: |
| Fixtures, |
| Land and | Freehold | fittings |
| buildings | property | and |
| freehold | improvements | equipment |
| £ | £ | £ |
| Valuation in 2018 | 582,425 | - | - |
| Cost | 1,412,469 | 155,106 | 322,145 |
| 1,994,894 | 155,106 | 322,145 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Coaches |
| Motor | and hire |
| cars | vehicles | Totals |
| £ | £ | £ |
| Valuation in 2018 | - | - | 582,425 |
| Cost | 147,974 | 8,124,712 | 10,162,406 |
| 147,974 | 8,124,712 | 10,744,831 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2023 | 2022 |
| £ | £ |
| Cost | 1,412,469 | 1,412,469 |
| Value of land in freehold land and buildings | 1,000,000 | 1,000,000 |
| Freehold land and buildings were valued on an open market basis on 31 March 2018 by Drake Commercial . |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 12. | TANGIBLE FIXED ASSETS - continued |
| Company |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Coaches |
| Motor | and hire |
| cars | vehicles | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2022 |
| Additions |
| Transfer to ownership | - | (541,000 | ) | (541,000 | ) |
| At 31 March 2023 |
| DEPRECIATION |
| At 1 April 2022 |
| Charge for year |
| Transfer to ownership | - | (448,692 | ) | (448,692 | ) |
| At 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| 13. | FIXED ASSET INVESTMENTS |
| Company |
| Shares in |
| group |
| undertakings |
| £ |
| COST |
| At 1 April 2022 |
| and 31 March 2023 |
| NET BOOK VALUE |
| At 31 March 2023 |
| At 31 March 2022 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 13. | FIXED ASSET INVESTMENTS - continued |
| The Group or the Company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Subsidiary |
| Registered office: Oxwich Close, Brackmills Industrial Estate, Northampton NN4 7BH |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2023 | 2022 |
| £ | £ |
| Aggregate capital and reserves |
| Profit for the year |
| 14. | STOCKS |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Stocks | 29,426 | 35,985 |
| 15. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Trade debtors | 573,767 | 456,210 |
| Other debtors | 7,133 | - |
| Tax | 75,153 | 75,153 |
| VAT | 108,298 | 23,411 |
| Prepayments | 593,030 | 187,593 |
| 1,357,381 | 742,367 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 16. | CURRENT ASSET INVESTMENTS |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Listed investments - cost | 3,422 | 3,422 | 3,422 | 3,422 |
| Market value of listed investments at 31 March 2023 held by the Group and the Company - £ (3,422) (2022 - £ (3,422) ). |
| 17. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Bank loans and overdrafts (see note 19) | 42,627 | 56,811 |
| Hire purchase contracts (see note 20) | 527,307 | 548,739 |
| Trade creditors | 175,311 | 218,978 |
| Amounts owed to group undertakings | - | - | 109,869 | 105,298 |
| Corporation tax | 89,600 | - |
| Social security and other taxes | 56,460 | 42,328 |
| Other creditors | 95,464 | 96,265 |
| Accruals and deferred income | 462,130 | 303,565 |
| 1,448,899 | 1,266,686 |
| Obligations under Hire Purchase agreements are secured on the assets to which they relate. |
| 18. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Bank loans (see note 19) | 813,825 | 852,072 |
| Hire purchase contracts (see note 20) | 1,087,103 | 1,553,860 |
| 1,900,928 | 2,405,932 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 19. | LOANS |
| An analysis of the maturity of loans is given below: |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Amounts falling due within one year or on | demand: |
| Bank loans | 42,627 | 56,811 |
| Amounts falling due between one and two | years: |
| Bank loans - 1-2 years | 46,506 | 58,299 |
| Amounts falling due between two and five | years: |
| Bank loans - 2-5 years | 156,654 | 184,821 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more than 5 years by instalments | 610,665 | 608,952 | 610,665 | 608,952 |
| 20. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Group |
| Hire purchase contracts |
| 2023 | 2022 |
| £ | £ |
| Net obligations repayable: |
| Within one year | 527,307 | 548,739 |
| Between one and five years | 1,068,872 | 1,463,781 |
| In more than five years | 18,231 | 90,079 |
| 1,614,410 | 2,102,599 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 20. | LEASING AGREEMENTS - continued |
| Company |
| Hire purchase contracts |
| 2023 | 2022 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| In more than five years |
| Group |
| Non-cancellable operating | leases |
| 2023 | 2022 |
| £ | £ |
| Within one year | 136,446 | 90,812 |
| Between one and five years | 222,554 | 108,922 |
| 359,000 | 199,734 |
| Company |
| Non-cancellable operating | leases |
| 2023 | 2022 |
| £ | £ |
| Within one year |
| Between one and five years |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 21. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Bank loans | 856,452 | 908,883 |
| Hire purchase contracts | 1,614,410 | 2,102,599 | 1,614,410 | 2,102,599 |
| 2,470,862 | 3,011,482 |
| The bank loans and overdraft are secured by a fixed charge over the freehold properties. Chattel mortgages are secured over the company's vehicles and a fixed and floating charge over the remaining assets of the group companies. |
| In addition there is also a cross-guarantee provided to the Group's bankers to cover bank borrowings of Cloud Nine Holidays Limited and Country Lion (Northampton) Limited. |
| Obligations under hire purchase agreements are secured against the assets to which they relate. |
| 22. | PROVISIONS FOR LIABILITIES |
| Group | Company |
| 2023 | 2022 | 2023 | 2022 |
| £ | £ | £ | £ |
| Deferred tax | 839,935 | 932,510 | 839,935 | 932,510 |
| Group |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 | 932,510 |
| Credit to Statement of Comprehensive Income during year | (92,575 | ) |
| Future tax rate change |
| Balance at 31 March 2023 | 839,935 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 22. | PROVISIONS FOR LIABILITIES - continued |
| Company |
| Deferred |
| tax |
| £ |
| Balance at 1 April 2022 |
| Credit to Statement of Comprehensive Income during year | ( |
) |
| Future tax rate change |
| Balance at 31 March 2023 |
| 23. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2023 | 2022 |
| value: | £ | £ |
| Ordinary | £1 | 581 | 581 |
| 24. | RESERVES |
| Group |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 April 2022 | 4,105,387 | 582,425 | 2,371 | 4,690,183 |
| Profit for the year | 113,145 | 113,145 |
| Dividends | (100,000 | ) | (100,000 | ) |
| At 31 March 2023 | 4,118,532 | 582,425 | 2,371 | 4,703,328 |
| Company |
| Capital |
| Retained | Revaluation | redemption |
| earnings | reserve | reserve | Totals |
| £ | £ | £ | £ |
| At 1 April 2022 | 4,645,293 |
| Profit for the year |
| Dividends | ( |
) | ( |
) |
| At 31 March 2023 | 4,657,556 |
| COUNTRY LION (NORTHAMPTON) LIMITED (REGISTERED NUMBER: 00505432) |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 MARCH 2023 |
| 24. | RESERVES - continued |
| Retained Earnings comprise accumulated profits and losses. |
| Revaluation Reserve is a non-distributable reserve arising on the revaluation of certain tangible fixed assets. |
| Capital Redemption Reserve arises on the purchase and subsequent cancellation of the company's own |
| shares. |
| 25. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. No contributions were payable to the fund at the balance sheet date. |
| 26. | CONTINGENT LIABILITIES |
| The company has a contingent liability in respect of a cross-guarantee held by the company's bankers to |
| cover the bank borrowings of its subsidiary company, Cloud Nine Holidays Limited. |
| 27. | CAPITAL COMMITMENTS |
| 2023 | 2022 |
| £ | £ |
| Contracted but not provided for in the |
| financial statements | 188,650 | - |
| 28. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
| Certain directors received dividends on their shareholdings totalling £100,000 (2022 - £100,000). |
| 29. | ULTIMATE CONTROLLING PARTY |
| The controlling party is Mrs J M Bull by virtue of a majority shareholding. |