Company registration number 07362989 (England and Wales)
REDMINE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
REDMINE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
REDMINE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
31 December 2023
30 September 2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
17
Investment property
4
31,185
Investments
5
100
100
100
31,302
Current assets
Debtors
6
179,797
212,943
Cash at bank and in hand
918,426
747,892
1,098,223
960,835
Creditors: amounts falling due within one year
7
(66,024)
(70,805)
Net current assets
1,032,199
890,030
Total assets less current liabilities
1,032,299
921,332
Provisions for liabilities
(7,066)
Net assets
1,032,299
914,266
Capital and reserves
Called up share capital
8
100
100
Profit and loss reserves
9
1,032,199
914,166
Total equity
1,032,299
914,266
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
REDMINE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 February 2024 and are signed on its behalf by:
Mr M A W Nielsen
Director
Company registration number 07362989 (England and Wales)
REDMINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Redmine Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Streets Whittle & Partners LLP, The Old Exchange, 64 West Stockwell Street, Colchester, Essex, CO1 1HE.
1.1
Reporting period
These financial statements cover the 15 months ending 31 December 2023. The directors intend to liquidate the company and the extended reporting period was to allow the company to undertake various transactions relating to this intention. As a result, the comparatives presented in these financial statements are not entirely comparable.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
These financial statements have been prepared on the breakup basis as it is the intention of the directors to liquidate the company within the next twelve months and it is no longer trading.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance office equipment & 30% reducing balance computer equipment
REDMINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Fixed asset investments
Interests in associates are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
1.8
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Investments, including those in subsidiary undertakings are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes, deferred income and provisions.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable.
REDMINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
2022
Number
Number
Total
2
2
REDMINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 6 -
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 October 2022
201
Disposals
(201)
At 31 December 2023
Depreciation and impairment
At 1 October 2022
184
Depreciation charged in the period
3
Eliminated in respect of disposals
(187)
At 31 December 2023
Carrying amount
At 31 December 2023
At 30 September 2022
17
4
Investment property
2023
£
Fair value
At 1 October 2022
31,185
Disposals
(45,000)
Revaluations
13,815
At 31 December 2023
Investment property comprises one small property in Frinton-on-Sea. The fair value of the investment property was assessed by two independent estate agents during the period and a valuation of £45,000 provided. At the period end, the property was sold to the directors at its market rate.
5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
100
100
REDMINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
- 7 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
79,608
42,939
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,222
1,222
Other debtors
98,967
168,782
179,797
212,943
7
Creditors: amounts falling due within one year
2023
2022
£
£
Corporation tax
32,064
26,667
Other taxation and social security
30,074
23,935
Other creditors
3,886
20,203
66,024
70,805
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the period
914,166
810,063
Profit for the period
122,033
108,103
Dividends declared and paid in the period
(4,000)
(4,000)
At the end of the period
1,032,199
914,166
REDMINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2023
9
Profit and loss reserves
(Continued)
- 8 -
Included within profit and loss reserves are non-distributable profits, as set out below:
2023
2022
£
£
Non-distributable profits included above
At the beginning of the period
4,185
-
Non distributable profits in the period
(4,185)
4,185
At the end of the period
-
4,185
Distributable profits
1,032,199
909,981