Company Registration No. 06718295 (England and Wales)
REDSPACE DEVELOPMENTS LIMITED
ANNUAL REPORT AND UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 OCTOBER 2021
PAGES FOR FILING WITH REGISTRAR
TWP Accounting LLP
Chartered Accountants
The Old Rectory
Church Street
Weybridge
Surrey
KT13 8DE
REDSPACE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
REDSPACE DEVELOPMENTS LIMITED
Company Registration No. 06718295
BALANCE SHEET
AS AT
31 OCTOBER 2021
31 October 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
3
-
0
324,614
Current assets
Debtors
4
30,025
-
0
Cash at bank and in hand
239,284
2,180
269,309
2,180
Creditors: amounts falling due within one year
5
(14,674)
(112,516)
Net current assets/(liabilities)
254,635
(110,336)
Total assets less current liabilities
254,635
214,278
Capital and reserves
Called up share capital
6
10
10
Profit and loss reserves
254,625
214,268
Total equity
254,635
214,278

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2021 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.

The financial statements were approved by the board of directors and authorised for issue on 2 September 2022 and are signed on its behalf by:
R D Elliott
Director
REDSPACE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021
- 2 -
1
Accounting policies
Company information

Redspace Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Old Rectory, Church Street, Weybridge, Surrey, KT13 8DE.

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. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of property development services supplied during the year, exclusive of trade discounts.

 

Income is recognised in the period in which the service was supplied.

1.3
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that 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.

1.5
Taxation

The tax expense represents the sum of the tax currently payable.

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.

REDSPACE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
2
2
3
Fixed asset investments
2021
2020
£
£
Other investments other than loans
-
0
324,614
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 November 2020
324,614
Disposals
(324,614)
At 31 October 2021
-
Carrying amount
At 31 October 2021
-
At 31 October 2020
324,614
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Other debtors
30,025
-
0
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
1,950
-
0
Taxation and social security
10,684
-
0
Other creditors
2,040
112,516
14,674
112,516
REDSPACE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2021
- 4 -
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10
10
10
10
7
Directors' benefits: advances, credits and guarantees

At the beginning of the year, the directors were owed £110,476 by the company. During the year advances totalling £152,960 were made to the directors with one advance in excess of £10,000. There were no physical repayments by the directors during the year but, the directors claimed expenses of £12,956. Interest on the balances due to the company were calculated at the official HMRC rate and totalled £309. At the balance sheet date the amounts owed by the directors was £29,838.

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