Company registration number 11820524 (England and Wales)
A C REDFERN LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
A C REDFERN LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
A C REDFERN LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,771
27,746
Investment properties
4
375,000
375,000
396,771
402,746
Current assets
Debtors
5
8,563
7,679
Cash at bank and in hand
26,791
37,497
35,354
45,176
Creditors: amounts falling due within one year
6
(165,817)
(260,486)
Net current liabilities
(130,463)
(215,310)
Total assets less current liabilities
266,308
187,436
Provisions for liabilities
(15,506)
(16,999)
Net assets
250,802
170,437
Capital and reserves
Called up share capital
100
100
Non-distributable profits reserve
8
30,188
30,188
Distributable profit and loss reserves
220,514
140,149
Total equity
250,802
170,437
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 member has 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.
A C REDFERN LIMITED
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 29 November 2023 and are signed on its behalf by:
Dr A C Redfern
Director
Company Registration No. 11820524
A C REDFERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
A C Redfern Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, EX2 5WS.
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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of discount.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computers
33% per annum on cost
Motor vehicles
20% per annum on net book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
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
Equity instruments
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
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.
A C REDFERN LIMITED
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.
1.7
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 and 28 February 2023
36,733
Depreciation and impairment
At 1 March 2022
8,987
Depreciation charged in the year
5,975
At 28 February 2023
14,962
Carrying amount
At 28 February 2023
21,771
At 28 February 2022
27,746
4
Investment property
2023
£
Fair value
At 1 March 2022 and 28 February 2023
375,000
A C REDFERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
4
Investment property
(Continued)
- 5 -
Investment property comprises of a single property in Warwickshire. The fair value of the investment property as at 28 February 2023 has been arrived at using an open market value basis by the directors. No depreciation has been provided in respect of the property.
On an historical cost basis this would have been included at an original cost of £334,750 and aggregate depreciation of £nil.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
8,563
7,679
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
197
197
Taxation and social security
20,372
18,352
Other creditors
145,248
241,937
165,817
260,486
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
5,444
6,937
Revaluations
10,062
10,062
15,506
16,999
2023
Movements in the year:
£
Liability at 1 March 2022
16,999
Credit to profit or loss
(1,493)
Liability at 28 February 2023
15,506
A C REDFERN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
30,188
-
Non distributable profits in the year
-
30,188
At the end of the year
30,188
30,188
The non-distributable profits relate to the cumulative revaluation surplus of the investment property
contained within the balance sheet.