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Registration number: 04817078

Redferns Ottery St Mary Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Redferns Ottery St Mary Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 7

 

Redferns Ottery St Mary Ltd

(Registration number: 04817078)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

28,503

32,592

Current assets

 

Debtors

6

339,808

284,736

Cash at bank and in hand

 

158,162

117,503

 

497,970

402,239

Creditors: Amounts falling due within one year

7

(114,979)

(113,974)

Net current assets

 

382,991

288,265

Total assets less current liabilities

 

411,494

320,857

Provisions for liabilities

(6,951)

(7,935)

Net assets

 

404,543

312,922

Capital and reserves

 

Profit and loss account

404,543

312,922

Shareholders' funds

 

404,543

312,922

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 24 September 2024 and signed on its behalf by:
 


Mr L Maddicks
Director

 

Redferns Ottery St Mary Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
8 Mill Street
Ottery St Mary
Devon
EX11 1AD

Principal activity

The principal activity of the company is that of estate agents.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

Judgements 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

 

Redferns Ottery St Mary Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.

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:

Asset class

Depreciation method and rate

Long leasehold property

20% reducing balance

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

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.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

 

Redferns Ottery St Mary Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Recognition and measurement
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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 13).

 

Redferns Ottery St Mary Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

60,000

60,000

At 31 December 2023

60,000

60,000

Amortisation

At 1 January 2023

60,000

60,000

At 31 December 2023

60,000

60,000

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Long leasehold property
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

2,605

27,505

45,500

75,610

Additions

-

310

-

310

At 31 December 2023

2,605

27,815

45,500

75,920

Depreciation

At 1 January 2023

2,547

21,221

19,249

43,017

Charge for the year

12

1,654

2,734

4,400

At 31 December 2023

2,559

22,875

21,983

47,417

Carrying amount

At 31 December 2023

46

4,940

23,517

28,503

At 31 December 2022

58

6,283

26,251

32,592

 

Redferns Ottery St Mary Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

7,650

12,292

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

329,859

270,277

Prepayments

 

1,711

2,167

Other debtors

 

588

-

 

339,808

284,736

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

99

201

Taxation and social security

81,901

80,562

Accruals and deferred income

5,299

4,420

Other creditors

27,680

28,791

114,979

113,974

8

Reserves

Profit and loss account: This reserve records retained earnings and accumulated losses.

9

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Directors

(22,597)

6,372

(5,000)

(21,225)

         
       

 

 

Redferns Ottery St Mary Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

9

Related party transactions (continued)

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Directors

(29,168)

78,571

(72,000)

(22,597)

 

Interest is charged on the loan to the director at HMRC official rate of interest.