Company registration number 12473081 (England and Wales)
REDBEAM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
REDBEAM LIMITED
COMPANY INFORMATION
Directors
Mr S M Hill
Mr M S Hill
Mr K Wardrope
Mr R G Mottram
Mr A Bolton
Company number
12473081
Registered office
c/o Hills Panel Products
Scottfield Road
Oldham
Lancashire
OL8 1LA
Auditor
Pierce C A Limited
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
Business address
c/o Hills Panel Products
Scottfield Road
Oldham
Lancashire
OL8 1LA
REDBEAM LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 18
REDBEAM LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 1 -

The directors present the strategic report for the year ended 28 February 2024.

Review of the business

The results for the year and the financial position at the year end were considered to be satisfactory by the directors.

Principal risks and uncertainties

The company acts principally as a holding company and therefore has no significant exposure to financial risks.

On behalf of the board

Mr R G Mottram
Director
5 November 2024
REDBEAM LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 2 -

The directors present their annual report and financial statements for the year ended 28 February 2024.

Principal activities

The company's principal activity since incorporation has been that of a holding company.

Results and dividends

Ordinary dividends were paid amounting to £2,488,767. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr S M Hill
Mr M S Hill
Mr K Wardrope
Mr R G Mottram
Mr A Bolton
Auditor

In accordance with the company's articles, a resolution proposing that Pierce C A Limited be reappointed as auditor of the company will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
Mr R G Mottram
Director
5 November 2024
REDBEAM LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 3 -

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:

 

 

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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.

REDBEAM LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REDBEAM LIMITED
- 4 -
Opinion

We have audited the financial statements of Redbeam Limited (the 'company') for the year ended 28 February 2024 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The 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:

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 Auditor's 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 UK, including the FRC’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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

REDBEAM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REDBEAM LIMITED
- 5 -
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 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

Auditor's 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 auditor's 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

In identifying and assessing risks of material misstatements in respect of irregularities (including fraud) we considered the following:

 

We have also performed specific procedures to consider the risk of management override and of fraud arising in significant transactions outside the normal course of business.

We did not identify a material risk of non-compliance with laws and regulations or of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

REDBEAM LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REDBEAM LIMITED
- 6 -

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 2006. Our 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 auditor's 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.

Linda Wilkinson (Senior Statutory Auditor)
For and on behalf of Pierce C A Limited
13 November 2024
Statutory Auditor
Mentor House
Ainsworth Street
Blackburn
Lancashire
BB1 6AY
REDBEAM LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 7 -
2024
2023
Notes
£
£
Administrative expenses
(1,000)
(1,000)
Operating loss
(1,000)
(1,000)
Interest receivable and similar income
4
2,548,767
60,000
Interest payable and similar expenses
(1,618,400)
(1,618,400)
Profit/(loss) before taxation
929,367
(1,559,400)
Tax on profit/(loss)
5
-
0
-
0
Profit/(loss) for the financial year
929,367
(1,559,400)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

REDBEAM LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
7
25,624,618
25,624,618
Current assets
Debtors
9
6,625,047
7,113,814
Cash at bank and in hand
1,755
1,755
6,626,802
7,115,569
Creditors: amounts falling due within one year
10
(8,649,106)
(8,246,070)
Net current liabilities
(2,022,304)
(1,130,501)
Total assets less current liabilities
23,602,314
24,494,117
Creditors: amounts falling due after more than one year
11
(22,932,098)
(22,264,501)
Net assets
670,216
2,229,616
Capital and reserves
Called up share capital
12
75,000
75,000
Profit and loss reserves
595,216
2,154,616
Total equity
670,216
2,229,616

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 5 November 2024 and are signed on its behalf by:
Mr R G Mottram
Director
Company registration number 12473081 (England and Wales)
REDBEAM LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 9 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
75,000
3,714,016
3,789,016
Year ended 28 February 2023:
Loss and total comprehensive income
-
(1,559,400)
(1,559,400)
Balance at 28 February 2023
75,000
2,154,616
2,229,616
Year ended 28 February 2024:
Profit and total comprehensive income
-
929,367
929,367
Dividends
6
-
(2,488,767)
(2,488,767)
Balance at 28 February 2024
75,000
595,216
670,216
REDBEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 10 -
1
Accounting policies
Company information

Redbeam Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Hills Panel Products Limited, Scottfield Road, Oldham, Lancashire, OL8 1LA.

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.

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.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

•    Section 7 'Statement of Cash Flows' - Presentation of a statement of cash flow and related notes and disclosures;

 

•    Section 33 'Related Party Disclosures' - Compensation for key management personnel.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Redbeam Limited is a wholly owned subsidiary of Scotfield Limited and the results of Redbeam Limited are included in the consolidated financial statements of Scotfield Limited which are available from the registered office.

1.2
Going concern

The company is dependant upon the ongoing financial support of trueHill's Panel Products Limited, a subsidiary company.

 

The directors have indicated that Hill's Panel Products Limited will continue to provide financial support to the company for the foreseeable future.

 

The directors therefore consider that in preparing the financial statements they have taken into account all the information that could reasonably be expected to be available.

 

On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis.

 

 

REDBEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 11 -
1.3
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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.

 

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

REDBEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

REDBEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 13 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
5
5
4
Interest receivable and similar income
2024
2023
£
£
Interest receivable and similar income includes the following:
Income from shares in group undertakings
2,548,767
60,000
REDBEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 14 -
5
Taxation

The actual charge for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
929,367
(1,559,400)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 24.49% (2023: 19.00%)
227,602
(296,286)
Tax effect of expenses that are not deductible in determining taxable profit
315,830
307,496
Group relief
80,761
190
Dividend income
(624,193)
(11,400)
Taxation charge for the year
-
-
6
Dividends
2024
2023
£
£
Interim paid
2,488,767
-
0

Preference dividends in arrears total £2,652,098 (2023: £1,984,501).

.

REDBEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 15 -
7
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
25,624,618
25,624,618
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 & 28 February 2024
26,624,618
Impairment
At 1 March 2023 & 28 February 2024
1,000,000
Carrying amount
At 28 February 2024
25,624,618
At 28 February 2023
25,624,618

In accordance with Section 27 - FRS 102 - 'Impairment of assets', the carrying value of the company's investment in Alexlake Limited has been compared to its recoverable amount, represented by its value in use to the company. This has resulted in a total impairment loss of £1,000,000 being recognised in the previous period. This total impairment loss is equivalent to the total cost of the investment acquired by the company less the value of the net assets recoverable from the subsidiary.

8
Subsidiaries

Details of the company's subsidiaries at 28 February 2024 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
Hill's Panel Products Limited
*
Ordinary
100.00
-
Alexlake Limited
*
Ordinary
100.00
-
Poolbase Limited
*
Ordinary
100.00
-
HPP Pinnacle Limited
*
Ordinary
-
100.00

Registered office addresses (all UK unless otherwise indicated):

*
Scottfield Road, Oldham, Lancashire, OL8 1LA
9
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
6,625,047
7,113,814
REDBEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 16 -
10
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
6,106,051
6,106,051
Other creditors
2,543,055
2,140,019
8,649,106
8,246,070
11
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
22,932,098
22,264,501

Included in Other creditors are 8% fixed rate secured loan notes of £11,135,038. These loan notes are secured by debentures and guarantees provided over the assets of this company and its subsidiary companies - Hill's Panel Products Limited, Alexlake Limited, HPP Pinnacle Limited and Poolbase Limited. The loan notes are due for repayment on the tenth anniversary of their issue date.

 

The 8,344,962 8% preference shares of £1 each in issue, reclassified as liabilities, will only be repaid on a liquidation or otherwise of the company.

Dividends of £2,652,098 (2023: £1,984,501) accruing on the 8% preference shares of £1 each will only be paid on a liquidation or otherwise of the company.

 

The holders of the 1,000,000 redeemable preference shares of £1 each in issue have the right to call upon the company to redeem a maximum of 200,000 such shares in any financial year.

 

 

REDBEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 17 -
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
75,000
75,000
75,000
75,000

The holders of the redeemable preference shares and the preference shares have the right to receive notice of all general meetings of the company, but have no right to attend and vote at such meetings. The holders of the ordinary shares have the right to attend and vote at such meetings.

 

The profits in respect of any financial period shall be applied firstly in paying to the holders of the redeemable preference shares a quarterly cumulative preferential dividend of 6% per annum, secondly in paying any arrears of dividend due, but unpaid in respect of the redeemable preference shares, thirdly in accruing an amount equal to the dividend due, but unpaid on the preference shares and finally in distributing the balance of such profits as the company determines to distribute amongst the holders of the ordinary shares.

 

On a return of capital on liquidation, capital reduction or otherwise the assets of the company remaining after the payment of its liabilities shall be applied firstly in the payment of any arrears of the preferential dividends, secondly in repaying an amount equal to the amount paid up on the redeemable preference shares, thirdly in repaying an amount equal to the amount paid up on the preference shares including any accrued, but unpaid dividends, fourthly in repaying an amount equal to the amount paid up on the ordinary shares and finally the balance of such assets shall be distributed pro-rata amongst the holders of the ordinary shares.

 

The holders of the redeemable preference shares have the right to call upon the company to redeem a maximum of 200,000 shares in any financial year.

 

The redeemable preference shares and the preference shares have been classified as financial liabilities in accordance with the provisions of the Financial Reporting Standard (FRS 102).

 

13
Financial commitments, guarantees and contingent liabilities

The company has given a debenture over its assets, together with Hill's Panel Products Limited, Alexlake Limited, HPP Pinnacle Limited and Poolbase Limited, by way of a composite guarantee granted in respect of an asset based facilities agreement provided to Hill's Panel Products Limited. At 28 February 2024 an amount of £4,411,460 (2023: £3,555,276) was outstanding in respect of this agreement.

14
Events after the reporting date

The company has declared and paid dividends of £45,000 in respect of its issued £1 redeemable preference share capital after the balance sheet date.

 

 

REDBEAM LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 18 -
15
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Loan note interest
2024
2023
£
£
Individuals with significant influence over the company
175,342
320,000
2024
2023
Amounts due to related parties
£
£
Individuals with significant influence over the company
1,999,999
3,999,999
16
Parent company

The company is a wholly-owned subsidiary of Scotfield Limited, a company registered in England and Wales.

 

Scotfield Limited is under the control of the directors, M S Hill and S M Hill.

 

 

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