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Registered number: 11852837









REDGRAVE HOLDINGS LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
REDGRAVE HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
B A Hamill 
M W Keating 




Company secretary
J A Fitzsimmons



Registered number
11852837



Registered office
4th Floor
2 Savoy Court

London

WC2R 0EZ




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
REDGRAVE HOLDINGS LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1
Directors' Report
 
 
2 - 3
Independent Auditors' Report
 
 
4 - 7
Statement of Comprehensive Income
 
 
8
Statement of Financial Position
 
 
9
Statement of Changes in Equity
 
 
10
Notes to the Financial Statements
 
 
11 - 18


 
REDGRAVE HOLDINGS LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The principal activity of the Company is that of an intermediate holding company which, as part of a new group structure established in 2021, was designed to facilitate external investment and help accelerate the growth of the Group of which the Company is a part.

Business review
 
There was no business activity in the company during the year.

Principal risks and uncertainties
 
As an intermediate holding company the principal risks and uncertainties of the Company are those of the Group of which it is part. 
These would be:
a) The principal risk to the group derives from the macro-economic environment in both the UK and continental Europe, which may impact client hiring budgets and hence demand for the group’s services. This risk is substantially mitigated though the group’s diverse customer base which is spread across a number of different sectors and functions.
b) The future success of the Group is dependent on the continued service of senior management and other key personnel, whilst sustained future revenue growth will be driven by strategic hiring of senior staff with strong franchises in specific practice areas. The loss of the services of such staff could have a material impact on the business. However, the business is not reliant on one key individual. 

Financial key performance indicators
 
Given the principal activity of the Company there are no key performance indicators.

Other key performance indicators
 
There were no Other key performance indicators.


This report was approved by the board and signed on its behalf.



B A Hamill
Director

Date: 26 July 2024

Page 1

 
REDGRAVE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principle activity of Redgrave Holdings Limited ("the Company") is that of a holding company. 

Results and dividends

The loss for the year, after taxation, amounted to £9,440 (2022 - loss £4,669).
No dividends (
2022: £Nil) was declared on the ordinary shares.

Directors

The directors who served during the year were:

B A Hamill 
M W Keating 

Future developments

Since the end of the Covid-Crisis the Company has been actively hiring new consultants with a view to growing existing verticals and developing new practice areas. The specific focus has been on interim management, financial services, technology & digital and transport & infrastructure. The Company will continue to invest in these areas and others and would hope they result in a significant contribution to turnover during 2024 and 2025.

Page 2

 
REDGRAVE HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





B A Hamill
Director

Date: 26 July 2024

Page 3

 
REDGRAVE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDGRAVE HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Redgrave Holdings Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 4

 
REDGRAVE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDGRAVE HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' Report thereon.  The directors are responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
REDGRAVE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDGRAVE HOLDINGS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

enquiring of management and those charged with governance to identify any instances of noncompliance with laws and regulations;
enquiring of management and those charged with governance around actual and potential litigation and claims;
reviewing financial statement disclosures and testing to supporting documentation with applicable laws and regulations;
reviewing general ledger in detail for all transactions with related parties;
performing walk through testing to ensure systems and controls are operating as recorded where appropriate;
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias. 


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.


 
Page 6

 
REDGRAVE HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF REDGRAVE HOLDINGS LIMITED (CONTINUED)


Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Myfanwy Neville  FCA (Senior Statutory Auditor) 
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

 
Date: 
26 July 2024
Page 7

 
REDGRAVE HOLDINGS LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

  

Administrative expenses
  
(9,440)
(4,669)

Operating loss
  
(9,440)
(4,669)

Loss for the financial year
  
(9,440)
(4,669)

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 18 form part of these financial statements.

Page 8

 
REDGRAVE HOLDINGS LIMITED
REGISTERED NUMBER: 11852837

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 6 
23,003,539
23,003,539

  
23,003,539
23,003,539

Current assets
  

Debtors: amounts falling due within one year
 7 
7,000
8,291

  
7,000
8,291

Creditors: amounts falling due within one year
 8 
(4,912,165)
(4,904,016)

Net current liabilities
  
 
 
(4,905,165)
 
 
(4,895,725)

Total assets less current liabilities
  
18,098,374
18,107,814

  

Net assets
  
18,098,374
18,107,814


Capital and reserves
  

Called up share capital 
 9 
210,427
210,427

Share premium account
 10 
12,628,449
12,628,449

Capital redemption reserve
 10 
27,333
27,333

Other reserves
 10 
368,424
368,424

Profit and loss account
 10 
4,863,741
4,873,181

  
18,098,374
18,107,814


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




B A Hamill
Director

Date: 26 July 2024

The notes on pages 11 to 18 form part of these financial statements.

Page 9

 

 
REDGRAVE HOLDINGS LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Share premium account
Capital redemption reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£
£



At 1 January 2022
210,427
12,628,449
27,333
368,424
7,877,850
21,112,483



Comprehensive income for the year


Loss for the year
-
-
-
-
(4,669)
(4,669)


Dividends: Equity capital
-
-
-
-
(3,000,000)
(3,000,000)





At 1 January 2023
210,427
12,628,449
27,333
368,424
4,873,181
18,107,814



Comprehensive income for the year


Loss for the year
-
-
-
-
(9,440)
(9,440)



At 31 December 2023
210,427
12,628,449
27,333
368,424
4,863,741
18,098,374



The notes on pages 11 to 18 form part of these financial statements.

Page 10

 
REDGRAVE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of Redgrave Holdings Limited ("the Company") is that of an intermediate holding company.
The Company is a private company limited by shares and is incorporated in England and Wales.
The principle place of activity is 4th Floor, 2 Savoy Court, London, WC2R 0EZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 ("FRS 102").

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Redgrave Topco Limited as at 31 December 2023 and these financial statements may be obtained from the Registered Office Address.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Going concern

The Company began and ended the year in net current liability position. The net liability position is a consequence of amounts due to other group companies. There is no intention on the part of the other group companies to request payment of balances due to them that would potentially impact the going concern of the Company. Given the solid financial position of the Group the directors are thus confident of the Company’s ability to continue operating as a going concern for the foreseeable future.


Page 11

 
REDGRAVE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.6

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 12

 
REDGRAVE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Financial instruments

The Company and Group only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks.
(i) Financial assets
Basic financial assets, including trade and other debtors, and, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 13

 
REDGRAVE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the Statement of Financial Position date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:
(i) Share based payments
Certain employees in the subsidiary, Redgrave Search Limited, have been granted share options by the Company, that require a fair value methodology to value the options at the date of grant as detailed in accounting policy note 2.5.
(ii) Valuation of investments
The Company has investments in subsidiary undertakings that require recognition at fair value involving the use of valuation and estimation techniques. Where market value or fair value cannot be reliably determined, such investments are stated at historic cost less impairment. When assessing the potential impairment, management considers the results of the subsidiaries and future expected profits.


4.


Auditors' remuneration

2023
2022
£
£


Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements
4,200
4,200


The Company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent Company.

Page 14

 
REDGRAVE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Employees



The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2


6.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 January 2023
23,003,539



At 31 December 2023
23,003,539





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Redgrave Search Limited
4th Floor 2 Savoy Court,London, WC2R 0EZ
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2023 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)
£
£

Redgrave Search Limited
9,588,640
3,354,236



Page 15

 
REDGRAVE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
7,000
7,000

Other debtors
-
1,291

7,000
8,291


Amounts owed by group undertakings are unsecured, interest-free, have no fixed date of repayment and
are repayable on demand.


8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
4,879,827
4,870,987

Corporation tax
-
1,294

Other taxation and social security
763
660

Other creditors
27,375
27,375

Accruals and deferred income
4,200
3,700

4,912,165
4,904,016


Amounts owed to group undertakings are unsecured, interest-free, have no fixed date of repayment and
are repayable on demand.


9.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



11,522,670 (2022 - 11,522,670) Preference shares of £0.01 each
115,227
115,227
95,200 (2022 - 95,200) Ordinary shares of £1.00 each
95,200
95,200

210,427

210,427


Page 16

 
REDGRAVE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Reserves

Share premium account

The share premium account represents the amounts paid in excess of the nominal value for the preference shares issued. 

Capital redemption reserve

The capital redemption reserve represents the nominal value of the ordinary and preferences shares which were bought back by the Group during the period. 

Other reserves

Other reserves represents the fair value of Enterprise Management Incentive ("EMI") share options granted to employees of the immediate subsidiary undertaking, Redgrave Search Limited.

Profit and loss account

The profit and loss account represents the accumulated profits and losses. 


11.


Share-based payments

In 2021, the Company granted EMI share options to which FRS 102 Section 26 (Share-based Payments) is applicable. The Company granted options over 10,200 Ordinary shares of £1 each to six employees. The options had an exercise price of £1 and vested over one year. 
The charge was treated as an expense in the subsidiary, Redgrave Search Limited, Statement of Comprehensive Income as the relevant option holders are employees of the subsidiary. 
In the year to 31 December 2023 the charge of £NIL (
2022: £NIL) increased the value of the investment in the subsidiary company and was credited to other reserves.
The shares were valued at the grant date by applying Black Scholes.
The shares were exercised in full in the same year and there have been no further issuances of share options.


12.


Contingent liabilities

The whole of the property, assets and rights of the Company are subject to a debenture and cross guarantee as a result of a bank loan held within the intermediate parent company.
The Company forms part of a VAT group with other 100% controlled subsidiaries of Redgrave Topco Limited. The Company carries joint and several liability for all group VAT balances.


13.


Related party transactions

Where possible, the Company has taken advantage of the exemption conferred by FRS 102 section
33.1A from the requirement to disclose transactions with other wholly owned group undertakings.

Page 17

 
REDGRAVE HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Controlling party

The immediate parent company is Redgrave Bidco Limited and ultimate parent undertaking is Redgrave Topco Limited. The registered office is 4th Floor, 2 Savoy Court, London, WC2R 0EZ. Copies of the consolidated financial statements of Redgrave Topco Limited may be obtained from the registered office.

 
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