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Company registration number: 08274506
Redgate Lodge Ltd
Unaudited filleted financial statements
31 October 2023
Redgate Lodge Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Redgate Lodge Ltd
Directors and other information
Directors S. W. Sibley
J. Sibley
Company number 08274506
Registered office 246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Business address New York Road
Shiremoor
Tyne and Wear
NE27 0ER
Accountants Harrison Hutchinson Ltd
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Redgate Lodge Ltd
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Redgate Lodge Ltd
Year ended 31st October 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Redgate Lodge Ltd for the year ended 31st October 2023 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Redgate Lodge Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Redgate Lodge Ltd and state those matters that we have agreed to state to the board of directors of Redgate Lodge Ltd as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Redgate Lodge Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Redgate Lodge Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Redgate Lodge Ltd. You consider that Redgate Lodge Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Redgate Lodge Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Harrison Hutchinson Ltd
Chartered Accountants
246 Park View
Whitley Bay
Tyne and Wear
NE26 3QX
Redgate Lodge Ltd
Statement of financial position
31st October 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 1,687,833 1,538,803
_________ _________
1,687,833 1,538,803
Current assets
Stocks 3,525,847 2,262,825
Debtors 6 457,964 233,254
Cash at bank and in hand 265,547 234,532
_________ _________
4,249,358 2,730,611
Creditors: amounts falling due
within one year 7 ( 2,349,008) ( 874,885)
_______ _________
Net current assets 1,900,350 1,855,726
_________ _________
Total assets less current liabilities 3,588,183 3,394,529
Creditors: amounts falling due
after more than one year 8 ( 532,989) ( 620,651)
_________ _________
Net assets 3,055,194 2,773,878
_________ _________
Capital and reserves
Called up share capital 12 12
Revaluation reserve 134,242 134,242
Profit and loss account 2,920,940 2,639,624
_________ _________
Shareholders funds 3,055,194 2,773,878
_________ _________
For the year ending 31 October 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
S. W. Sibley
Director
Company registration number: 08274506
Redgate Lodge Ltd
Statement of changes in equity
Year ended 31st October 2023
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1st November 2021 12 134,242 2,143,097 2,277,351
Profit for the year 582,527 582,527
_______ _______ _______ _______
Total comprehensive income for the year - - 582,527 582,527
Dividends paid and payable ( 86,000) ( 86,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 86,000) ( 86,000)
At 31st October 2022 (as previously reported) 12 134,242 2,679,557 2,813,811
Prior period adjustments (-) (-) (39,933) (39,933)
_______ _______ _________ _________
At 31st October 2022 (restated) and 1st November 2022 12 134,242 2,639,624 2,773,878
Profit for the year 364,316 364,316
_______ _______ _______ _______
Total comprehensive income for the year - - 364,316 364,316
Dividends paid and payable ( 83,000) ( 83,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 83,000) ( 83,000)
_______ _______ _________ _________
At 31st October 2023 12 134,242 2,920,940 3,055,194
_______ _______ _________ _________
Redgate Lodge Ltd
Notes to the financial statements
Year ended 31st October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 246 Park View, Whitley Bay, Tyne and Wear, NE26 3QX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - Not depreciated
Plant and machinery - 15 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 14 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1st November 2022 1,367,328 107,307 46,214 154,360 1,675,209
Additions 156,940 9,500 26,173 5,238 197,851
_________ _______ _______ _______ _________
At 31st October 2023 1,524,268 116,807 72,387 159,598 1,873,060
_________ _______ _______ _______ _________
Depreciation
At 1st November 2022 - 40,350 28,800 67,255 136,405
Charge for the year - 12,361 9,757 26,704 48,822
_______ _______ _______ _______ _______
At 31st October 2023 - 52,711 38,557 93,959 185,227
_______ _______ _______ _______ _______
Carrying amount
At 31st October 2023 1,524,268 64,096 33,830 65,639 1,687,833
_________ _______ _______ _______ _________
At 31st October 2022 1,367,328 66,957 17,414 87,105 1,538,804
_________ _______ _______ _______ _________
6. Debtors
2023 2022
£ £
Trade debtors 337,568 189,110
Other debtors 120,396 44,144
_______ _______
457,964 233,254
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 70,784 50,000
Trade creditors 633,474 286,125
Corporation tax 94,111 132,631
Social security and other taxes 76,391 69,802
Other creditors 1,474,248 336,327
_________ _______
2,349,008 874,885
_________ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 478,535 552,273
Other creditors 54,454 68,378
_______ _______
532,989 620,651
_______ _______
9. Prior period errors
A prior period adjustment has been made due to a change in accounting policy regarding the valuation of stock and WIP.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
S. W. Sibley ( 41,741) ( 83,000) 179,928 55,187
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
S. W. Sibley ( 63,708) ( 86,000) 107,967 ( 41,741)
_______ _______ _______ _______
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Goods and Services to Redgate Lodge Service Centre Ltd 94,386 59,303 172,880 124,105
Goods and Services to Redgate Lodge Body Shop Ltd 43,704 33,160 104,522 56,413
Loan to/(from) Redgate Lodge Service Centre Ltd ( 50,000) - ( 37,291) 21,409
Goods and services from Redgate Lodge Service Centre Ltd 179,194 316,416 ( 104,584) ( 82,958)
Services from Redgate Lodge Body Shop Ltd 237,502 99,030 ( 164,421) ( 57,441)
Dividends paid to directors 80,000 80,000 - -
_______ _______ _______ _______
Redgate Lodge Ltd sold goods and services to Redgate Lodge Service Centre Ltd, and bought goods and services from Redgate Lodge Service Centre Ltd on a normal trading basis. S.W. and J. Sibley are directors and controlling shareholders in Redgate Lodge Service Centre Ltd. Redgate Lodge Ltd sold goods and services to Redgate Lodge Body Shop Ltd, and bought services from Redgate Lodge Body Shop Ltd on a normal trading basis. S.W. and J. Sibley are directors and controlling shareholders in Redgate Lodge Body Shop Ltd.