IRIS Accounts Production v23.4.0.336 00423263 Board of Directors 1.12.22 30.11.23 30.11.23 16.4.24 false true false false true false Auditors Opinion iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure004232632022-11-30004232632023-11-30004232632022-12-012023-11-30004232632021-11-30004232632021-12-012022-11-30004232632022-11-3000423263ns16:EnglandWales2022-12-012023-11-3000423263ns15:PoundSterling2022-12-012023-11-3000423263ns11:Director12022-12-012023-11-3000423263ns11:PrivateLimitedCompanyLtd2022-12-012023-11-3000423263ns11:SmallEntities2022-12-012023-11-3000423263ns11:Audited2022-12-012023-11-3000423263ns11:SmallCompaniesRegimeForDirectorsReport2022-12-012023-11-3000423263ns11:SmallCompaniesRegimeForAccounts2022-12-012023-11-3000423263ns11:FullAccounts2022-12-012023-11-3000423263ns11:Director22022-12-012023-11-3000423263ns11:Director32022-12-012023-11-3000423263ns11:RegisteredOffice2022-12-012023-11-3000423263ns6:CurrentFinancialInstruments2023-11-3000423263ns6:CurrentFinancialInstruments2022-11-3000423263ns6:ShareCapital2023-11-3000423263ns6:ShareCapital2022-11-3000423263ns6:RetainedEarningsAccumulatedLosses2023-11-3000423263ns6:RetainedEarningsAccumulatedLosses2022-11-3000423263ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-12-012023-11-3000423263ns6:PlantMachinery2022-12-012023-11-3000423263ns6:FurnitureFittings2022-12-012023-11-3000423263ns6:MotorVehicles2022-12-012023-11-3000423263ns6:ComputerEquipment2022-12-012023-11-3000423263ns6:LandBuildings2022-11-3000423263ns6:PlantMachinery2022-11-3000423263ns6:FurnitureFittings2022-11-3000423263ns6:LandBuildings2022-12-012023-11-3000423263ns6:LandBuildings2023-11-3000423263ns6:PlantMachinery2023-11-3000423263ns6:FurnitureFittings2023-11-3000423263ns6:LandBuildings2022-11-3000423263ns6:PlantMachinery2022-11-3000423263ns6:FurnitureFittings2022-11-3000423263ns6:MotorVehicles2022-11-3000423263ns6:ComputerEquipment2022-11-3000423263ns6:MotorVehicles2023-11-3000423263ns6:ComputerEquipment2023-11-3000423263ns6:MotorVehicles2022-11-3000423263ns6:ComputerEquipment2022-11-3000423263ns6:CostValuation2022-11-3000423263ns6:DisposalsRepaymentsInvestments2023-11-3000423263ns6:CostValuation2023-11-3000423263ns6:WithinOneYearns6:CurrentFinancialInstruments2023-11-3000423263ns6:WithinOneYearns6:CurrentFinancialInstruments2022-11-30004232632ns11:Director22022-11-30004232632ns11:Director22021-11-30004232632ns11:Director22022-12-012023-11-30004232632ns11:Director22021-12-012022-11-30004232632ns11:Director22023-11-30004232632ns11:Director22022-11-30
REGISTERED NUMBER: 00423263 (England and Wales)















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: Mr Richard Curtis Redmile
Mr William Smith
Mr Walter Selby



REGISTERED OFFICE: Unit 15 Renishaw Business Park
Ravenshorn Way
Renishaw
South Yorkshire
S21 3WY



REGISTERED NUMBER: 00423263 (England and Wales)



INDEPENDENT AUDITORS: Landin Wilcock & Co
Statutory Auditor
68 Queen Street
Sheffield
South Yorkshire
S1 1WR



BANKERS: Handelsbanken
7th Floor
3 St Pauls Place
129 Norfolk Street
Sheffield
South Yorkshire
S1 2JE



SOLICITORS: Taylor Emmet LLP
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 4 260,599 269,262
Investments 5 149,934 150,434
410,533 419,696

CURRENT ASSETS
Stocks 9,258,628 6,938,112
Debtors 6 91,493 817,596
Cash at bank and in hand 5,221,366 7,322,864
14,571,487 15,078,572
CREDITORS
Amounts falling due within one year 7 (430,737 ) (883,702 )
NET CURRENT ASSETS 14,140,750 14,194,870
TOTAL ASSETS LESS CURRENT LIABILITIES 14,551,283 14,614,566

CAPITAL AND RESERVES
Called up share capital 100,192 100,192
Retained earnings 14,451,091 14,514,374
SHAREHOLDERS' FUNDS 14,551,283 14,614,566

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 16 April 2024 and were signed on its behalf by:





Mr William Smith - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

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
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.
Freehold property - 2.5% on cost
Plant and machinery - 10% on reducing balance
Fixtures and fittings - 10% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 18 (2022 - 19 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022 269,662 33,277 16,040
Additions - - -
At 30 November 2023 269,662 33,277 16,040
DEPRECIATION
At 1 December 2022 24,153 32,011 11,839
Charge for year 6,741 130 425
At 30 November 2023 30,894 32,141 12,264
NET BOOK VALUE
At 30 November 2023 238,768 1,136 3,776
At 30 November 2022 245,509 1,266 4,201

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 18,058 57,809 394,846
Additions - 3,328 3,328
At 30 November 2023 18,058 61,137 398,174
DEPRECIATION
At 1 December 2022 16,049 41,532 125,584
Charge for year 504 4,191 11,991
At 30 November 2023 16,553 45,723 137,575
NET BOOK VALUE
At 30 November 2023 1,505 15,414 260,599
At 30 November 2022 2,009 16,277 269,262

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 1 150,433 150,434
Disposals - (500 ) (500 )
At 30 November 2023 1 149,933 149,934
NET BOOK VALUE
At 30 November 2023 1 149,933 149,934
At 30 November 2022 1 150,433 150,434

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 6,404 369,292
Amounts owed by group undertakings 2 -
Other debtors 85,087 448,304
91,493 817,596

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30/11/23 30/11/22
£    £   
Trade creditors 203,971 426,073
Taxation and social security 144,239 265,198
Other creditors 82,527 192,431
430,737 883,702

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robert Hampstead FCA (Senior Statutory Auditor)
for and on behalf of Landin Wilcock & Co

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
£    £   
Mr Richard Curtis Redmile
Balance outstanding at start of year 336,400 -
Amounts advanced - 336,400
Amounts repaid (336,400 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 336,400