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REGISTERED NUMBER: 05323237 (England and Wales)


















REDWOOD DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024






REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 7


REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

STATEMENT OF FINANCIAL POSITION
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 13,669 17,159
Tangible assets 5 529,347 661,772
543,016 678,931

CURRENT ASSETS
Stocks 6 4,000 5,000
Debtors 7 110,015 136,300
Cash at bank and in hand 1,154,752 1,063,801
1,268,767 1,205,101
CREDITORS
Amounts falling due within one year 8 (184,278 ) (251,030 )
NET CURRENT ASSETS 1,084,489 954,071
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,627,505

1,633,002

CREDITORS
Amounts falling due after more than one
year

9

(1,680,094

)

(1,799,872

)

PROVISIONS FOR LIABILITIES - (2,988 )
NET LIABILITIES (52,589 ) (169,858 )

CAPITAL AND RESERVES
Called up share capital 12 20 20
Retained earnings (52,609 ) (169,878 )
SHAREHOLDERS' FUNDS (52,589 ) (169,858 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

STATEMENT OF FINANCIAL POSITION - continued
29 FEBRUARY 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2024 and were signed on its behalf by:





Ms K Jayarajan - Director


REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Redwood Developments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05323237

Registered office: 11 Ridley Road
Warlingham
Surrey
CR6 9LR

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The company is reliant on its principal shareholders, who are also directors of the company to provide support to it, to enable it to meet its liabilities as they fall due. The financial statements have been prepared on the going concern basis the validity of which depends upon this support continuing to be made available. The financial statements do not include any adjustments, which would result from sufficient not made available. The Directors have confirmed that they will not withdraw the funds due to them in the foreseeable future.

Turnover
Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances.
Revenue from the sale of goods and services is recognised when goods are delivered, and legal title has passed.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Short leasehold - Over 20 years
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
As the balance sheet date, stocks are assessed for impairment. If stock is 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.

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a financing transaction it is measured at the present value of future payments.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2023 - 42 ) .

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 March 2023
and 29 February 2024 34,900
AMORTISATION
At 1 March 2023 17,741
Charge for year 3,490
At 29 February 2024 21,231
NET BOOK VALUE
At 29 February 2024 13,669
At 28 February 2023 17,159

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 607,102 512,283 1,119,385
Additions - 3,128 3,128
At 29 February 2024 607,102 515,411 1,122,513
DEPRECIATION
At 1 March 2023 60,710 396,903 457,613
Charge for year 60,710 74,843 135,553
At 29 February 2024 121,420 471,746 593,166
NET BOOK VALUE
At 29 February 2024 485,682 43,665 529,347
At 28 February 2023 546,392 115,380 661,772

6. STOCKS
2024 2023
£    £   
Stocks 4,000 5,000

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 37,288 66,580
Other debtors 72,727 69,720
110,015 136,300

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 89,778 89,778
Taxation and social security 78,643 75,714
Other creditors 15,857 85,538
184,278 251,030

The loan is secured by a fixed and floating charge over the assets of the company.

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 10) 124,222 214,000
Other creditors 1,555,872 1,585,872
1,680,094 1,799,872

The loan is secured by a fixed and floating charge over the assets of the company.

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 89,778 89,778

Amounts falling due between two and five years:
Bank loans - 2-5 years 124,222 214,000

REDWOOD DEVELOPMENTS LIMITED (REGISTERED NUMBER: 05323237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 17,557 50,908
Between one and five years 30,512 5,746
48,069 56,654

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
20 Ordinary 1 20 20

13. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 1,622,860 1,736,745

The above amount represents rent payable per annum of £113,885 for 171 months (2023 - per annum £113,885 following 183 months respectively).