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COMPANY REGISTRATION NUMBER: 11925214
Redington Developments (Sandringham) Limited
Filleted Unaudited Financial Statements
31 March 2024
Redington Developments (Sandringham) Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Investment Property
4
1,310,000
2,950,000
Current assets
Debtors
5
20,413
26,584
Cash at bank and in hand
222,098
122,192
---------
---------
242,511
148,776
Creditors: amounts falling due within one year
6
2,197,875
2,005,710
------------
------------
Net current liabilities
1,955,364
1,856,934
------------
------------
Total assets less current liabilities
( 645,364)
1,093,066
Creditors: amounts falling due after more than one year
7
1,657,500
1,695,000
------------
------------
Net liabilities
( 2,302,864)
( 601,934)
------------
------------
Capital and reserves
Share capital
8
200
200
Fair value reserve
( 2,202,169)
( 562,169)
Profit and loss account
( 100,895)
( 39,965)
------------
---------
Shareholders deficit
( 2,302,864)
( 601,934)
------------
---------
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Redington Developments (Sandringham) Limited
Statement of Financial Position (continued)
31 March 2024
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland'. In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered. 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.
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Manish M. Gudka
Director
Company registration number: 11925214
Redington Developments (Sandringham) Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 1st Floor, 88 Baker Street, London, W1U 6TQ, UK.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have assessed the company's ability to continue as a going concern. With the support of the shareholders, the directors have made an assessment using expected cashflows and can confirm that the company will be able to meet its liabilities as they fall due for the next twelve months. Accordingly, the directors continue to prepare the financial statements on the going concern basis.
Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates. The estimates and assumptions that have a a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below:
Revenue recognition
Turnover is the total amount receivable by the company in respect of rental charges raised in respect of the leasing of investment property, rechargeable property insurance and rechargeable service charges. It is measured at the fair value of the consideration received or receivable, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Properties are valued by a qualified chartered surveyor who is a member of the Royal Institution of Chartered Surveyors (RICS). Valuations are made as at the reporting date and conform to International Valuation Standards. Valuations are made using assumptions and estimations, which include, but are not limited to, market yields, transaction prices of similar properties, tenure and tenancy details. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Investment property
Freehold property
£
Cost or valuation
At 1 April 2023
2,950,000
Revaluations
( 1,640,000)
------------
At 31 March 2024
1,310,000
------------
Carrying amount
At 31 March 2024
1,310,000
------------
At 31 March 2023
2,950,000
------------
Investment property comprises Argos, 1A Sandringham Road, Dalston, London, acquired on 6 July 2021. At 31 March 2024, the property was revalued internally by a chartered surveyor who is a member of the Royal Institution of Chartered Surveyors. The valuation was prepared in accordance with the valuation principles of the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors.
5. Debtors
2024
2023
£
£
Trade debtors
11,881
11,881
Other debtors
8,532
14,703
--------
--------
20,413
26,584
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
37,500
37,500
Shareholders' loans
2,134,939
1,938,438
Other creditors
25,436
29,772
------------
------------
2,197,875
2,005,710
------------
------------
The shareholders' loan is unsecured, interest free and repayable upon demand.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,657,500
1,695,000
------------
------------
The bank loan is provided by Habib Bank AG Zurich and is secured on the company's investment property. The loan is at interest rate of margin of 2.75% plus HBZ base rate. The loan is due to mature on 31 May 2025.
8. Share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
Shares issued and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
Shares issued and partly paid
2024
2023
No.
£
No.
£
9. Related party transactions
The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures" from disclosing transactions with entities which are a wholly owned part of the group.