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Registration number: 10620409

Red Square Development Property Ltd

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Red Square Development Property Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Red Square Development Property Ltd

Company Information

Directors

J. Silverstone

M.R. Silverstone

Registered office

273 Eversholt Street
London
NW1 1BA

Bankers

National Westminster Bank plc
166 Camden High Street
London
NW1 0NS

Accountants

M.H.Smith Ltd trading as AIMS - Accountants for Business
Chartered accountants
3 Ambassador Drive
Halewood Village
Liverpool
Merseyside
L26 6LT

 

Red Square Development Property Ltd

(Registration number: 10620409)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

70,013

72,396

Current assets

 

Stocks

5

5,388,000

5,047,000

Debtors

6

213,922

313,938

Cash at bank and in hand

 

350,192

1,962,018

 

5,952,114

7,322,956

Creditors: Amounts falling due within one year

7

(152,908)

(378,476)

Net current assets

 

5,799,206

6,944,480

Total assets less current liabilities

 

5,869,219

7,016,876

Creditors: Amounts falling due after more than one year

7

(6,663,639)

(7,012,868)

Net (liabilities)/assets

 

(794,420)

4,008

Capital and reserves

 

Called up share capital

8

101

101

Retained earnings

(794,521)

3,907

Shareholders' (deficit)/funds

 

(794,420)

4,008

For the financial year ending 29 February 2024 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 Profit and Loss Account.

 

Red Square Development Property Ltd

(Registration number: 10620409)
Balance Sheet as at 29 February 2024

Approved and authorised by the Board on 27 November 2024 and signed on its behalf by:
 

.........................................
J. Silverstone
Director

 

Red Square Development Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

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

The address of its registered office is:
273 Eversholt Street
London
NW1 1BA

These financial statements were authorised for issue by the Board on 27 November 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

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard FRS 102 Section 1A smaller entities and the Companies Act 2006 (as applicable to companies subject to the small companies' regime) and on a going concern basis on the understanding that the company's directors and lenders will continue to support the company.

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 on the understanding that the company's directors and lenders will continue to support the company.

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 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 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.

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.

 

Red Square Development Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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

Leasehold property

Not depreciated

Office equipment

20% on reducing balance basis

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Red Square Development Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Red Square Development Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Long leasehold land and buildings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2023

66,570

8,924

75,494

Additions

-

2,981

2,981

Disposals

-

(5,989)

(5,989)

At 29 February 2024

66,570

5,916

72,486

Depreciation

At 1 March 2023

-

3,098

3,098

Charge for the year

-

860

860

Eliminated on disposal

-

(1,485)

(1,485)

At 29 February 2024

-

2,473

2,473

Carrying amount

At 29 February 2024

66,570

3,443

70,013

At 28 February 2023

66,570

5,826

72,396

Included within the net book value of land and buildings above is £66,570 (2023 - £66,570) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

5,388,000

5,047,000

6

Debtors

Current

2024
£

2023
£

Prepayments

2,998

2,738

Other debtors

210,924

311,200

 

213,922

313,938

 

Red Square Development Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

96,680

197,685

Trade creditors

 

76

2,111

Taxation and social security

 

-

139,413

Accruals and deferred income

 

53,419

39,267

Other creditors

 

2,733

-

 

152,908

378,476

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

6,663,639

7,012,868

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

B Ordinary share of £1 each

1

1

1

1

101

101

101

101

 

Red Square Development Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,573,790

3,569,465

Other borrowings

3,089,849

3,443,403

6,663,639

7,012,868

Current loans and borrowings

2024
£

2023
£

Bank borrowings

96,680

197,685

Bank borrowings

The Secure Trust Bank plc bank loan no. 1 is denominated in sterling with a nominal interest rate of its commercial lending rate 7.50%, and the final instalment is due on 6 November 2030. The carrying amount at year end is £1,448,490 (2023 - £1,488,490).

The bank loan is secured by fixed and floating charge over the assets of the company including 9 properties

The National Westminster Bank plc business interruption loan is denominated in sterling with a nominal interest rate of the bank base rate plus 4.21%, and the final instalment is due on 7 May 2026. The carrying amount at year end is £45,000 (2023 - £65,000).

The bank loan is secured by the amount held in the company's National Westminster Bank plc current account.

The Secure Trust Bank plc bank loan no. 2 is denominated in sterling with a nominal interest rate of its commercial lending rate 4.95%, and the final instalment is due on 9 August 2032. The carrying amount at year end is £2,176,980 (2023 - £2,213,660).

The bank loan is secured by a fixed and floating charge over the assets of the company including 9 properties

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £Nil (2023 - £1,475,100.00) per each B Ordinary share

-

1,475,100

 

 
 

Red Square Development Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Related party transactions

2024

At 1 March 2023
£

Repayments by director
£

At 29 February 2024
£

J. Silverstone

Loan

41,000

(41,000)

-

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

J. Silverstone

Loan

355,764

41,000

355,764

41,000

Loans to related parties

2024

Key management
£

Total
£

At start of period

41,000

41,000

Repaid

(50,000)

(50,000)

Interest transactions

9,000

9,000

At end of period

-

-

2023

Key management
£

Total
£

At start of period

355,764

355,764

Advanced

41,000

41,000

Repaid

(355,764)

(355,764)

At end of period

41,000

41,000

Terms of loans to related parties

Interest has been charged at the beneficial loan rate of 2.25%. The loan was repaid on 23.11.2023.