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REGISTERED NUMBER: 12123226 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 July 2023

for

Red Mountain Holdings Ltd

Red Mountain Holdings Ltd (Registered number: 12123226)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Red Mountain Holdings Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTORS: S A Quinn
Mrs D Quinn





REGISTERED OFFICE: 5 Kingston Mews
Philadelphia
Houghton Le Spring
DH4 4UW





REGISTERED NUMBER: 12123226 (England and Wales)





ACCOUNTANTS: Anderson Barrowcliff LLP
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Red Mountain Holdings Ltd (Registered number: 12123226)

Balance Sheet
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,018 1,650
Investment property 5 735,000 470,000
736,018 471,650

CURRENT ASSETS
Debtors 6 4,935 24,045
Cash at bank 1,781 33,101
6,716 57,146
CREDITORS
Amounts falling due within one year 7 76,992 77,191
NET CURRENT LIABILITIES (70,276 ) (20,045 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

665,742

451,605

CREDITORS
Amounts falling due after more than one
year

8

(543,518

)

(350,530

)

PROVISIONS FOR LIABILITIES (25,023 ) (20,735 )
NET ASSETS 97,201 80,340

CAPITAL AND RESERVES
Called up share capital 10 2 2
Non distributable reserve 11 106,676 88,396
Retained earnings (9,477 ) (8,058 )
SHAREHOLDERS' FUNDS 97,201 80,340

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Red Mountain Holdings Ltd (Registered number: 12123226)

Balance Sheet - continued
31 July 2023


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 1 March 2024 and were signed on its behalf by:





S A Quinn - Director


Red Mountain Holdings Ltd (Registered number: 12123226)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Red Mountain Holdings Ltd 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 as modified by the revaluation of certain assets.

The company has adopted FRS102 1A with effect from 1st August 2022. Transitional adjustments arising on first year adoption are as detailed in note 13.

Turnover
Turnover represents the total value of rents receivable from investment properties.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

Debtors and creditors receivable/payable
Debtors and creditors with no stated interest rate and receivable or payable are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other administrative expenses.

Red Mountain Holdings Ltd (Registered number: 12123226)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortized cost using the effective interest rate method, less impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 August 2022
and 31 July 2023 1,915
DEPRECIATION
At 1 August 2022 265
Charge for year 632
At 31 July 2023 897
NET BOOK VALUE
At 31 July 2023 1,018
At 31 July 2022 1,650

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 August 2022 470,000
Additions 242,432
Revaluations 22,568
At 31 July 2023 735,000
NET BOOK VALUE
At 31 July 2023 735,000
At 31 July 2022 470,000

Red Mountain Holdings Ltd (Registered number: 12123226)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. INVESTMENT PROPERTY - continued

Fair value at 31 July 2023 is represented by:
£   
Valuation in 2020 67,687
Valuation in 2021 8,862
Valuation in 2022 32,582
Valuation in 2023 22,568
Cost 603,301
735,000

The investment properties were valued at fair value by S A Quinn, a director. Whilst the director is not a professionally qualified valuer, he has a longstanding involvement in the local property market. The valuations of the properties are assessed using his overall knowledge of each property and their condition combined with the appropriate rental yield and by comparison with similar properties in the local area.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 4,935 24,045

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 76,992 77,191

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 543,518 350,530

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgage 543,518 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Mortgage 545,318 350,530

The above mortgage account is secured by fixed charges over certain assets of the company.

Red Mountain Holdings Ltd (Registered number: 12123226)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary shares £1 2 2

11. RESERVES
Non
distributable
reserve
£   
At 1 August 2022 88,396
Revaluation in the year 22,568
Deferred tax on revaluation (4,288 )

At 31 July 2023 106,676

12. FIRST YEAR ADOPTION

1.8.21 31.7.22
£    £   
Equity as reported under FRS105 (8,797 ) (8,056 )
Revaluation of freehold investment property 76,549 109,131
Deferred tax provision on revaluation of freehold investment property (14,545 ) (20,735 )
Equity as restated under FRS102 53,207 80,340


2022
£   
Profit as reported under FRS105 740
Revaluation of freehold investment property 32,582
Deferred tax provision on revaluation of freehold investment property (6,191 )
27,131