Company Registration No. 04913696 (England and Wales)
REDSCAPE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
28 February 2023
PAGES FOR FILING WITH REGISTRAR
PM+M Solutions for Business LLP
Chartered Accountants
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
REDSCAPE LTD
COMPANY INFORMATION
Directors
Mr A Redshaw
Ms L V S C A Redshaw
Mr H Redshaw
Mr C Redshaw
Secretary
Ms L V S C A Redshaw
Company number
04913696
Registered office
C/o PM+M, New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
Accountants
PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
Lancashire
BB1 5QB
REDSCAPE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
REDSCAPE LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,790
6,192
Investment properties
4
2,561,786
2,561,786
2,566,576
2,567,978
Current assets
Debtors
5
4,621
1,906
Cash at bank and in hand
630,082
579,068
634,703
580,974
Creditors: amounts falling due within one year
6
(132,771)
(127,209)
Net current assets
501,932
453,765
Total assets less current liabilities
3,068,508
3,021,743
Creditors: amounts falling due after more than one year
7
(1,069,355)
(1,131,891)
Provisions for liabilities
(191,561)
(191,740)
Net assets
1,807,592
1,698,112
Capital and reserves
Called up share capital
5
5
Fair value reserve
614,923
614,923
Profit and loss reserves
1,192,664
1,083,184
Total equity
1,807,592
1,698,112
The notes on pages 3 to 6 form part of these financial statements.
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 28 February 2023 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.
REDSCAPE LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
Mr A Redshaw
Director
Company Registration No. 04913696
REDSCAPE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
Redscape Ltd is a private company limited by shares incorporated in England and Wales. The registered office is C/o PM+M, New Century House, Greenbank Technology Park, Challenge Way, Blackburn, Lancashire, BB1 5QB.
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, apart from the revaluation of investment property. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents invoiced rental income from land and property.
Rental income from investment property leased out under operating leases is recognised on a straight-line basis over the term of the lease.
Incentives to enter into rental agreements are spread evenly over the rental term, even if the payments are not made on such a basis. The rental term is the non-cancellable period of the rental agreement, together with any further term for which the tenant has the option to continue the rental agreement, when, at the inception of the rental agreement it is reasonably certain that the tenant will exercise this option.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Plant and equipment
20% straight line
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
REDSCAPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Loans which are not at a market rate of interest from a director or person who is within a director’s group of close family members, where that group includes at least one shareholder, are measured at the transaction price.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 March 2022 and 28 February 2023
7,010
Depreciation and impairment
At 1 March 2022
818
Depreciation charged in the year
1,402
At 28 February 2023
2,220
Carrying amount
At 28 February 2023
4,790
At 28 February 2022
6,192
REDSCAPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
2,561,786
The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 28 February 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,212
1,210
Other debtors
3,409
696
4,621
1,906
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
62,803
62,803
Trade creditors
258
520
Taxation and social security
26,426
31,385
Other creditors
43,284
32,501
132,771
127,209
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
375,819
439,315
Other creditors
693,536
692,576
1,069,355
1,131,891
REDSCAPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
8
Loans and overdrafts
2023
2022
£
£
Bank loans
438,622
502,118
Other loans
693,536
692,576
1,132,158
1,194,694
Payable within one year
62,803
62,803
Payable after one year
1,069,355
1,131,891
Bank loans are secured by fixed charges over the company's land and buildings and floating charges over the company's assets.
9
Related party disclosures
At the balance sheet date £693,536 was owed to a director (2022 - £692,575).