REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
TT REDWOOD LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 |
FOR |
TT REDWOOD LIMITED |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
TT REDWOOD LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
266-268 High Street |
Waltham Cross |
Hertfordshire |
EN8 7EA |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
BALANCE SHEET |
29 FEBRUARY 2024 |
29.2.24 | 28.2.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
BALANCE SHEET - continued |
29 FEBRUARY 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
1. | STATUTORY INFORMATION |
TT Redwood Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The financial statements are presented in pounds sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about TT Redwood Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgement and estimates have been made include: |
a - Critical judgements in applying accounting policies |
There are no critical judgements (apart from those involving estimates) that have had a significant effect on amounts recognised in the financial statements. |
b - Key accounting estimates and assumptions |
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have the most significant potential impact upon the carrying values of assets and liabilities within the next financial year are as follows; |
i - Investment property valuation |
The valuation of Company's property is inherently subjective due to, among other factors, the individual nature of each property, its location and the expected future rental revenues from that particular property. As a result, the valuations the Company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market. |
The investment property valuations contains a number of assumptions upon which the Company's valuers have based their valuation of the Company's properties as at the balance sheet date. The assumptions on which the property valuation reports have been based include, but not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural condition of the properties, prevailing market yields and comparable market transactions. These assumptions are market standard and accord with the Royal Institution of Chartered Surveyors (RICS). |
TURNOVER |
Revenue relates to property management and ground rent income within the UK. |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
TANGIBLE FIXED ASSETS |
Computer equipment | - |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
INVESTMENT PROPERTY |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. Revaluations are carried out by the director, who have experience in the location and class of the investment property being valued. |
FINANCIAL INSTRUMENTS |
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration, expected to be paid or received. |
However if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
Financial assets that are measured at cost and amortised are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
IMPAIRMENT OF FIXED ASSETS |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exits, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). |
GOING CONCERN |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertaking |
£ |
COST |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
The company's investments at the Balance sheet date in the share capital of companies include the following: |
Registered office: 266-268 High Street, Waltham Cross, Hertfordshire, EN8 7EA |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2019 | 389,015 |
Valuation in 2020 | (135,657 | ) |
Cost | 980,272 |
1,233,630 |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
6. | INVESTMENT PROPERTY - continued |
The investment properties are shown at current market value. The valuation has been made by Mr S Tan, the director of the company. The basis of valuation used was to gross up the ground rent and rental income by the rate of return expected from the type of property owned. The director considers that there were no material changes to the fair value in the year to 29 February 2024. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Other creditors |
Loans from connected company | 227,137 | 150,137 |
Directors' current accounts | 42,427 | 48,937 |
Deferred income |
Accrued expenses |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans |
Directors loan account | 417,092 | 596,838 |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
29.2.24 | 28.2.23 |
£ | £ |
Bank loans | 455,000 | 461,000 |
Bank loans are secured by a first legal charge over investment properties. |
11. | PROVISIONS FOR LIABILITIES |
29.2.24 | 28.2.23 |
£ | £ |
Deferred tax | 22,511 | 22,511 |
Deferred |
tax |
£ |
Balance at 1 March 2023 |
Balance at 29 February 2024 |
Deferred tax has been provided for potential tax liabilities arising on the capital gains of revalued investment property. |
12. | RESERVES |
The profit and loss reserve contained the cumulative balance of retained profit and losses as well as investment property revaluations since the company started trading. It is made up of distributable and non-distributable reserves. |
At the balance sheet date, total reserves consisted of £260,973 (2023: £238,945) distributable reserves and £230,847 (2023: £230,847) non-distributable. |
TT REDWOOD LIMITED (REGISTERED NUMBER: 07160038) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 FEBRUARY 2024 |
13. | RELATED PARTY DISCLOSURES |
Other Debtors comprises of an advance of £402,500 (2023: £482,500) to a related company in which Mr Tan is a director and a shareholder.This is an interest free loan made available to the company. |
Directors' current accounts under creditors within one year is an interest free loan made available to the company. Mr Tan will not seek repayment of this loan until the company is in a position to repay this loan without detriment to its financial position. |
Directors loan account under creditors falling due after more one year is an interest free loan made available to the company. Mr Tan will not seek repayment of this loan until the company is in a position to repay this loan without detriment to its financial position. |
Loans from connected company under creditors within one year represent amounts due to related a company, in which Mr Tan is the director and shareholder.These are interest free loans made available to the company. This company will not seek repayment of these loans until TT Redwood Ltd is in a position to repay these loans without detriment to its financial position. |
14. | CONTROLLING PARTY |
The company was under the control of Mr Tan throughout the period, by virtue of his 100% ownership of the issued share capital. |