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REGISTERED NUMBER: 05323237 (England and Wales)


















REDWOOD DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023






REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

STATEMENT OF FINANCIAL POSITION
28 FEBRUARY 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 17,159 20,649
Tangible assets 5 661,772 811,376
678,931 832,025

CURRENT ASSETS
Stocks 6 5,000 4,000
Debtors 7 136,300 123,075
Cash at bank and in hand 1,063,801 728,309
1,205,101 855,384
CREDITORS
Amounts falling due within one year 8 (251,030 ) (198,887 )
NET CURRENT ASSETS 954,071 656,497
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,633,002

1,488,522

CREDITORS
Amounts falling due after more than one
year

9

(1,799,872

)

(1,889,649

)

PROVISIONS FOR LIABILITIES (2,988 ) -
NET LIABILITIES (169,858 ) (401,127 )

CAPITAL AND RESERVES
Called up share capital 12 20 20
Retained earnings (169,878 ) (401,147 )
SHAREHOLDERS' FUNDS (169,858 ) (401,127 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

STATEMENT OF FINANCIAL POSITION - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2023 and were signed on its behalf by:





Ms K Jayarajan - Director


REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Redwood Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05323237

Registered office: 11 Ridley Road
Warlingham
Surrey
CR6 9LR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company is reliant on its principal shareholders, who are also directors of the company to provide support to it, to enable it to meet its liabilities as they fall due. The financial statements have been prepared on the going concern basis the validity of which depends upon this support continuing to be made available. The financial statements do not include any adjustments, which would result from sufficient not made available. The Directors have confirmed that they will not withdraw the funds due to them in the foreseeable future.

Turnover
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods and services is recognised when goods are delivered, and legal title has passed.

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.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

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.
Short leasehold - Over 20 years
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
As the balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
Debtors and creditors receivable/payable within one year
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 administrative expenses.

Loans and borrowings
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 financing transaction it is measured at the present value of future payments.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2022 - 28 ) .

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2022
and 28 February 2023 34,900
AMORTISATION
At 1 March 2022 14,251
Charge for year 3,490
At 28 February 2023 17,741
NET BOOK VALUE
At 28 February 2023 17,159
At 28 February 2022 20,649

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2022 607,102 500,260 1,107,362
Additions - 12,023 12,023
At 28 February 2023 607,102 512,283 1,119,385
DEPRECIATION
At 1 March 2022 - 295,986 295,986
Charge for year 60,710 100,917 161,627
At 28 February 2023 60,710 396,903 457,613
NET BOOK VALUE
At 28 February 2023 546,392 115,380 661,772
At 28 February 2022 607,102 204,274 811,376

6. STOCKS
2023 2022
£    £   
Stocks 5,000 4,000

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 66,580 57,466
Other debtors 69,720 65,609
136,300 123,075

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 89,778 86,778
Taxation and social security 75,714 32,448
Other creditors 85,538 79,661
251,030 198,887

The loan is secured by a fixed and floating charge over the assets of the company.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 10) 214,000 303,778
Other creditors 1,585,872 1,585,871
1,799,872 1,889,649

The loan is secured by a fixed and floating charge over the assets of the company.

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 89,778 86,778

Amounts falling due between two and five years:
Bank loans - 2-5 years 214,000 303,778

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 50,908 82,229
Between one and five years 5,746 56,654
56,654 138,883

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
20 Ordinary 1 20 20

13. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 2,084,095 2,187,346

The above amount represents rent payable per annum of £136,662 for 183 months (2022 - £103,251 for 12 months then per annum £136,662 following 183 months respectively).