Company registration number 08534922 (England and Wales)
REDHOUSE BARN BROMSGROVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
REDHOUSE BARN BROMSGROVE LIMITED
COMPANY INFORMATION
Directors
Ms J Finch
Mr J S Bellis
Company number
08534922
Registered office
Redhouse Farm
Shaw Lane
Stoke Prior
Bromsgrove
Worcestershire
B60 4BG
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
6 Broad Street
Worcester
Worcestershire
WR1 3LH
REDHOUSE BARN BROMSGROVE LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
REDHOUSE BARN BROMSGROVE LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REDHOUSE BARN BROMSGROVE LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Redhouse Barn Bromsgrove Limited for the year ended 31 March 2024 which comprise, the balance sheet and the 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Redhouse Barn Bromsgrove Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Redhouse Barn Bromsgrove Limited and state those matters that we have agreed to state to the board of directors of Redhouse Barn Bromsgrove Limited, 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 Redhouse Barn Bromsgrove Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Redhouse Barn Bromsgrove Limited 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 loss of Redhouse Barn Bromsgrove Limited. You consider that Redhouse Barn Bromsgrove Limited 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 Redhouse Barn Bromsgrove Limited. 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.

Ormerod Rutter Limited
24 June 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
REDHOUSE BARN BROMSGROVE LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,806,488
1,814,325
Current assets
Debtors
4
281,888
254,647
Cash at bank and in hand
6,333
10,470
288,221
265,117
Creditors: amounts falling due within one year
5
(2,794,971)
(2,585,948)
Net current liabilities
(2,506,750)
(2,320,831)
Total assets less current liabilities
(700,262)
(506,506)
Creditors: amounts falling due after more than one year
6
(353,401)
(455,548)
Provisions for liabilities
8
(50,093)
(51,363)
Net liabilities
(1,103,756)
(1,013,417)
Capital and reserves
Called up share capital
9
3
3
Profit and loss reserves
(1,103,759)
(1,013,420)
Total equity
(1,103,756)
(1,013,417)

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 year ended 31 March 2024 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 member has not required the company to obtain an audit of its financial statements for the year 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.

REDHOUSE BARN BROMSGROVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 24 June 2024 and are signed on its behalf by:
Ms J Finch
Director
Company registration number 08534922 (England and Wales)
REDHOUSE BARN BROMSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Redhouse Barn Bromsgrove Limited is a private company limited by shares incorporated in England and Wales. The registered office is Redhouse Farm, Shaw Lane, Stoke Prior, Bromsgrove, Worcestershire, United Kingdom, B60 4BG.

1.1
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 have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided and rents received in the normal course of business, and is shown net of VAT.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

 

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.4
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:

Freehold property
Nil
Improvements to property
Nil
Plant and machinery
15% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
25% on cost

No depreciation is provided on freehold property and its improvements. This treatment may be a departure from the requirements of the Companies Act 2006 concerning depreciation of fixed assets, however, the company follows a program of regular refurbishment and maintenance of its properties which includes the reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard. Accordingly in the opinion of the directors any element of depreciation would be immaterial and no provision has been made, as the residual value would be in excess of cost.

REDHOUSE BARN BROMSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.8
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

REDHOUSE BARN BROMSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Freehold property
Improvements to property
Plant and machinery
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2023
1,460,778
286,666
172,198
10,710
8,438
1,938,790
Additions
-
0
-
0
2,784
-
0
-
0
2,784
At 31 March 2024
1,460,778
286,666
174,982
10,710
8,438
1,941,574
Depreciation and impairment
At 1 April 2023
-
0
-
0
109,430
6,597
8,438
124,465
Depreciation charged in the year
-
0
-
0
9,593
1,028
-
0
10,621
At 31 March 2024
-
0
-
0
119,023
7,625
8,438
135,086
Carrying amount
At 31 March 2024
1,460,778
286,666
55,959
3,085
-
0
1,806,488
At 31 March 2023
1,460,778
286,666
62,768
4,113
-
0
1,814,325
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
276,855
248,619
Other debtors
5,033
6,028
281,888
254,647
REDHOUSE BARN BROMSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
144,254
144,254
Trade creditors
8,640
8,395
Amounts owed to group undertakings
2,638,860
2,431,105
Other creditors
3,217
2,194
2,794,971
2,585,948
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
353,401
455,548
7
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
497,655
599,802
Bank loans are secured by way of a fixed and floating charge over all assets of the company and by way of a government-backed guarantee.
8
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
50,093
51,363
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
3
3
3
3
10
Related party transactions

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.

REDHOUSE BARN BROMSGROVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
11
Control

Ultimate parent company

The ultimate parent company is Redhouse Barn Holdings Limited, a company registered in England and Wales.

Ultimate controlling party

There is no ultimate controlling party by virtue of there being no controlling interest in the ultimate parent company.

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