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COMPANY REGISTRATION NUMBER: 07498889
Redfern (Holdings) Ltd
Filleted Unaudited Financial Statements
31 January 2023
Redfern (Holdings) Ltd
Financial Statements
Year ended 31 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Redfern (Holdings) Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
244,991
225,612
Investments
6
46,660
46,660
---------
---------
291,651
272,272
Current assets
Debtors
7
23,340
37,425
Cash at bank and in hand
207,979
108,960
---------
---------
231,319
146,385
Creditors: amounts falling due within one year
8
34,071
5,631
---------
---------
Net current assets
197,248
140,754
---------
---------
Total assets less current liabilities
488,899
413,026
---------
---------
Net assets
488,899
413,026
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
488,799
412,926
---------
---------
Shareholders funds
488,899
413,026
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Redfern (Holdings) Ltd
Statement of Financial Position (continued)
31 January 2023
These financial statements were approved by the board of directors and authorised for issue on 2 October 2023 , and are signed on behalf of the board by:
Mr A Redfern
Director
Company registration number: 07498889
Redfern (Holdings) Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Beech Cottage, Fentham Road, Hampton-In-Arden, Solihull, West Midlands, B92 0BB.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Freehold property is held at cost and no depreciation is charged. As the directors believe that the freehold property will appreciate in value, and therefore to charge depreciation would not be appropriate.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% straight line
Motor Vehicles
-
20% straight line
Equipment
-
25% straight line
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 February 2022
205,463
20,577
10,282
236,322
Additions
2,600
23,635
5,095
31,330
---------
--------
--------
--------
---------
At 31 January 2023
205,463
23,177
23,635
15,377
267,652
---------
--------
--------
--------
---------
Depreciation
At 1 February 2022
5,197
5,513
10,710
Charge for the year
4,419
4,727
2,805
11,951
---------
--------
--------
--------
---------
At 31 January 2023
9,616
4,727
8,318
22,661
---------
--------
--------
--------
---------
Carrying amount
At 31 January 2023
205,463
13,561
18,908
7,059
244,991
---------
--------
--------
--------
---------
At 31 January 2022
205,463
15,380
4,769
225,612
---------
--------
--------
--------
---------
6. Investments
Other investments other than loans
£
Cost
At 1 February 2022 and 31 January 2023
46,660
--------
Impairment
At 1 February 2022 and 31 January 2023
--------
Carrying amount
At 31 January 2023
46,660
--------
At 31 January 2022
46,660
--------
7. Debtors
2023
2022
£
£
Other debtors
23,340
37,425
--------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,036
Corporation tax
4,591
Other creditors
33,035
1,040
--------
-------
34,071
5,631
--------
-------
9. Related party transactions
At the end of the year the company owed £32,135 (2022: The director owed £37,425 to the company) to a director.