REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 November 2023 |
for |
W.Redmile & Sons Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 30 November 2023 |
for |
W.Redmile & Sons Limited |
W.Redmile & Sons Limited (Registered number: 00423263) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
W.Redmile & Sons Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Statutory Auditor |
68 Queen Street |
Sheffield |
South Yorkshire |
S1 1WR |
BANKERS: |
7th Floor |
3 St Pauls Place |
129 Norfolk Street |
Sheffield |
South Yorkshire |
S1 2JE |
SOLICITORS: |
20 Arundel Gate |
Sheffield |
S1 2PP |
W.Redmile & Sons Limited (Registered number: 00423263) |
Balance Sheet |
30 November 2023 |
30/11/23 | 30/11/22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
W.Redmile & Sons Limited (Registered number: 00423263) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
W.Redmile & Sons Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue for house sales is recognised on the date of exchange of contracts. |
Rental income is recognised straight line over the letting period. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible fixed assets are initially measured at cost. Subsequently, they are measured at cost less accumulated depreciation and impairment losses. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
W.Redmile & Sons Limited (Registered number: 00423263) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks and developments in progress |
Stocks comprise the company's land bank and developments in progress. |
The land bank is valued at historical cost. This is reviewed annually for impairment by the directors. Any impairments identified are expensed to profit and loss in the same period. The land bank is not revalued. |
When development starts on a site, the value of land is transferred in full from the land bank to developments in progress. This land value is divided and allocated to individual plots based upon the plots size. |
Developments in progress is the total valuation at cost, of all ongoing housing projects, broken down into individual plots. This comprises land (as mentioned above), materials, direct labour, subcontracting and selling costs. General overhead and administrative expenses are not absorbed into development costs. |
When a property is sold, the costs recorded against the plot are released to profit and loss in the same period as the corresponding revenue entry. |
Financial instruments |
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
W.Redmile & Sons Limited (Registered number: 00423263) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
W.Redmile & Sons Limited (Registered number: 00423263) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 December 2022 | 150,434 |
Disposals | ( |
) | (500 | ) |
At 30 November 2023 | 149,934 |
NET BOOK VALUE |
At 30 November 2023 | 149,934 |
At 30 November 2022 | 150,434 |
Other investments comprise the freehold titles retained on the sale of properties. Upon the sale of a property under leasehold, the freehold titles are capitalised using the HMRC approved formula for reversionary interests. When the freehold title is sold, a profit or loss on disposal is calculated by comparison of the proceeds to the historic cost that was capitalised. As with other fixed asset investments, the freehold titles are held at cost less any provision for diminution in value. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/11/23 | 30/11/22 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
W.Redmile & Sons Limited (Registered number: 00423263) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
9. | RELATED PARTY TRANSACTIONS |
The following advances and credits to a director subsisted during the years ended 30 November 2023 and 30 November 2022: |
30/11/23 | 30/11/22 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |