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Red Herring Estates Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 May 2023

Registration number: 10189140

 

Red Herring Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 6

 

Red Herring Estates Limited

Company Information

Directors

Mr A C Herring

Mrs K Herring

Registered office

Balcombe
Bowcombe Road
Kingsbridge
TQ7 2DJ

Accountants

Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

 

Red Herring Estates Limited

Balance Sheet

31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

5,000,000

4,413,852

Current assets

 

Debtors

5

12,710

11,735

Cash at bank and in hand

 

110,565

88,816

 

123,275

100,551

Creditors: Amounts falling due within one year

6

(3,987,300)

(4,095,190)

Net current liabilities

 

(3,864,025)

(3,994,639)

Total assets less current liabilities

 

1,135,975

419,213

Provisions for liabilities

(117,957)

-

Net assets

 

1,018,018

419,213

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,017,918

419,113

Shareholders' funds

 

1,018,018

419,213

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 11 January 2024 and signed on its behalf by:
 

.........................................
Mr A C Herring
Director

Company Registration Number: 10189140

 

Red Herring Estates Limited

Notes to the Unaudited Financial Statements

Year Ended 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Balcombe
Bowcombe Road
Kingsbridge
TQ7 2DJ
United Kingdom

These financial statements were authorised for issue by the Board on 11 January 2024.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The director uses observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Classification
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 June 2022

4,413,852

Fair value adjustments

586,148

At 31 May 2023

5,000,000

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

5

Debtors

2023
 £

2022
 £

Other debtors

12,710

11,735

12,710

11,735

6

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Other creditors

 

3,952,609

4,071,634

Accrued expenses

 

2,250

6,556

Corporation tax

32,441

17,000

 

3,987,300

4,095,190

7

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.

8

Related party transactions

Summary of transactions with related parties

Mr A C Herring and Mrs K Herring
 Directors
 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.
 

9

Control

The company is controlled by Adrian and Kate Herring.