Year Ended
Registration number:
Red Herring Estates Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Red Herring Estates Limited
Company Information
Directors |
Mr A C Herring Mrs K Herring |
Registered office |
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Accountants |
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Red Herring Estates Limited
Balance Sheet
31 May 2023
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2022 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Red Herring Estates Limited
Balance Sheet
31 May 2023
For the financial year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 10189140
Red Herring Estates Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There have been no material departures from FRS102.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
The turnover shown in the profit and loss account represents amounts of rental income receivable during the year.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Red Herring Estates Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2023
Investment property
Financial instruments
Classification
• Short term trade and other creditors,
• Long term other borrowings, and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Long term other borrowings are initially measured at transaction price and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Investment properties |
2023 |
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At 1 June 2022 |
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Fair value adjustments |
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At 31 May 2023 |
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The investment property has been revalued by the director in the year ended 31 May 2023. In the opinion of the directors investment property is included at fair value.
Red Herring Estates Limited
Notes to the Unaudited Financial Statements
Year Ended 31 May 2023
Debtors |
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2022 |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Other creditors |
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Accrued expenses |
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Corporation tax |
32,441 |
17,000 |
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Reserves |
The profit and loss accounts represents cumulative profit or losses, net of dividends paid and other adjustments. Included in the carried forward is £586,148 in relation to unrealised gains on investment properties and a £117,957 unrealised loss in relation to the deferred tax on these gains.
Related party transactions |
Summary of transactions with related parties
Mr and Mrs Herring have made advances to the company in previous years. During this year, the company made total repayments to Mr and Mrs Herring of £120,000 (2022: £50,000). At 31 May 2023 Mr and Mrs Herring were due £3,933,866 (2022: £4,053,866) by the company.
Control |
The company is controlled by