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Registration number: 07780642

Redman Donald Estate Agents Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Redman Donald Estate Agents Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Redman Donald Estate Agents Limited

Company Information

Director

Mr C J Baker

Registered office

The Lodge
10a Southernhay East
Exeter
Devon
EX1 1JG

Accountants

Jon Ransom FCA
Chartered Accountants
Office 7, Unit 16
Dinan Way Trading Estate
Concorde Road
Exmouth
Devon
EX8 4RS

 

Redman Donald Estate Agents Limited

(Registration number: 07780642)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

5,458

6,480

Current assets

 

Debtors

6

68,175

54,811

Cash at bank and in hand

 

5,160

29,365

 

73,335

84,176

Creditors: Amounts falling due within one year

7

(102,179)

(64,679)

Net current (liabilities)/assets

 

(28,844)

19,497

Total assets less current liabilities

 

(23,386)

25,977

Creditors: Amounts falling due after more than one year

7

(17,735)

(33,892)

Net liabilities

 

(41,121)

(7,915)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(41,221)

(8,015)

Shareholders' deficit

 

(41,121)

(7,915)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 August 2024
 

.........................................
Mr C J Baker
Director

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Lodge
10a Southernhay East
Exeter
Devon
EX1 1JG

The principal place of business is:
65 Magdalen Road
Exeter
Devon
EX2 4TA

These financial statements were authorised for issue by the director on 26 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on a reducing balance basis

Fixtures and fittings

15% on a reducing balance basis

Office equipment

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

29,000

29,000

At 30 September 2023

29,000

29,000

Amortisation

At 1 October 2022

29,000

29,000

At 30 September 2023

29,000

29,000

Carrying amount

At 30 September 2023

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

12,146

12,505

24,651

At 30 September 2023

12,146

12,505

24,651

Depreciation

At 1 October 2022

10,391

7,781

18,172

Charge for the year

312

709

1,021

At 30 September 2023

10,703

8,490

19,193

Carrying amount

At 30 September 2023

1,443

4,015

5,458

At 30 September 2022

1,755

4,725

6,480

6

Debtors

Current

2023
£

2022
£

Trade debtors

7,255

2,969

Prepayments

1,806

2,046

Other debtors

59,114

49,796

 

68,175

54,811

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Other borrowings

9

85,545

40,677

trade creditors

 

4,393

4,650

Taxation and social security

 

4,202

5,185

Accruals and deferred income

 

1,100

6,575

Other creditors

 

6,939

7,592

 

102,179

64,679

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

17,735

33,892

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,735

33,892

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

2023
£

2022
£

Current loans and borrowings

Bank borrowings

9,691

3,334

Bank overdrafts

18,511

-

Other borrowings

57,343

37,343

85,545

40,677

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each Ordinary

 

-

 

-

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,805 (2022 - £5,187).
The company has a lease for its premises. The annual rent is £13,000.

The company has other operating leases but these are all cancellable on short notice.

12

Related party transactions


 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Transactions with the director

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr A Donald

Advances to director for personal expenditure

(7,212)

948

(312)

(6,576)

         
       

 

2022

At 1 October 2021
£

Advances to director
£

Repayments by director
£

At 30 September 2022
£

Mr A Donald

Advances to director for personal expenditure

(1,806)

93

(5,500)

(7,212)

         
       

 

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

4,400

24,000

Summary of transactions with other related parties


A shareholder has lent the company money.

 
At the 30 September 2023, the amount lent was £57,343 (2022 - £37,343).

No interest is chargeable on this loan and it is repayable on demand.

 

13

Non adjusting events after the financial period

On the 10th January 2024 the company was acquired by Ex3ter Limited