Company registration number 08974559 (England and Wales)
REDWOOD MG LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
REDWOOD MG LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
REDWOOD MG LIMITED
BALANCE SHEET
AS AT 5 APRIL 2024
05 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
8,717,659
6,912,120
Cash at bank and in hand
637
1,361
8,718,296
6,913,481
Creditors: amounts falling due within one year
4
(4,876,317)
(3,089,723)
Net current assets
3,841,979
3,823,758
Capital and reserves
Called up share capital
5
200
200
Profit and loss reserves
3,841,779
3,823,558
Total equity
3,841,979
3,823,758

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 5 April 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 members have 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.

The financial statements were approved by the board of directors and authorised for issue on 21 October 2024 and are signed on its behalf by:
G Broomhead
Director
Company registration number 08974559 (England and Wales)
REDWOOD MG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -
1
Accounting policies
Company information

Redwood MG Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Wycombe End, Beaconsfield, Buckinghamshire, HP9 1NB.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable in respect of broker fees, arrangement fees, interest receivable and exit fees.

1.3
Financial instruments

The company has elected to apply the provisions of Section 11 ”Basic Financial Instruments” to all of its financial instruments.

 

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Short term debtors are measured at transaction price less any provision for impairment. Loans receivable are measured initially at fair value, net of transactions costs and are subsequently carried at amortised costs using the effective interest method, less any provision for impairment.

Basic financial liabilities

Short term creditors are measured at transaction price. Other financial liabilities, including bank loans and other loans, are measured initially at fair value, net of transaction costs and are subsequently carried at amortised costs using the effective interest method.

 

1.4
Taxation

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

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.

REDWOOD MG LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 3 -
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
Debtors
2024
2023
Amounts falling due within one year:
£
£
Loans due from customers secured on property
8,717,659
6,912,120
4
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
5,097
224,132
Other creditors
4,871,220
2,865,591
4,876,317
3,089,723
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
200
200
200
200
6
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
8,178
12,267
Between two and five years
-
0
8,178
8,178
20,445
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