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Registered number: 13571439










REDMEN PROPERTY LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
REDMEN PROPERTY LTD
REGISTERED NUMBER: 13571439

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
514
642

Investment property
 5 
635,346
635,346

  
635,860
635,988

Current assets
  

Debtors: amounts falling due within one year
 6 
319
564

Cash at bank and in hand
  
49,669
40,428

  
49,988
40,992

Creditors: amounts falling due within one year
 7 
(291,254)
(284,165)

Net current liabilities
  
 
 
(241,266)
 
 
(243,173)

Total assets less current liabilities
  
394,594
392,815

Creditors: amounts falling due after more than one year
 8 
(448,402)
(448,667)

  

Net liabilities
  
(53,808)
(55,852)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(53,908)
(55,952)

  
(53,808)
(55,852)


Page 1

 
REDMEN PROPERTY LTD
REGISTERED NUMBER: 13571439
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2024.




Diane Jane Hurt
David Hurt
Director
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
REDMEN PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

Redmen Property Ltd is a private Company limited by shares, incorporated in England and Wales (registered number: 13571439). Its registered office is 1 Chequers Close, Ranby, Retford, Nottinghamshire, DN22 8JX . The principal activity of the Company throughout the year continued to be that of property investment. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentation currency is pounds sterling.

The following principal accounting policies have been applied:

 
2.2

Going concern

At year end date the Company’s liabilities exceeded its assets by £53,808. The Company will continue to receive support from the directors and related undertakings and on this basis the accounts have been prepared on a going concern basis.

Page 3

 
REDMEN PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
REDMEN PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.

The depreciation rates used are:

Fixtures and fittings
-
20%
Reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in The Statement of Income and Retained Earnings.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 5

 
REDMEN PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 September 2023
900



At 31 August 2024

900



Depreciation


At 1 September 2023
257


Charge for the year on owned assets
129



At 31 August 2024

386



Net book value



At 31 August 2024
514



At 31 August 2023
642

Page 6

 
REDMEN PROPERTY LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 September 2023
635,346



At 31 August 2024
635,346

The 2024 valuations were made by the Directors, on an open market value for existing use basis.








6.


Debtors

2024
2023
£
£


Trade debtors
-
242

Prepayments and accrued income
319
322

319
564



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Other creditors
289,900
282,917

Accruals and deferred income
1,354
1,248

291,254
284,165



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
448,402
448,667


 
Page 7