Redman Donald Estate Agents Limited 07780642 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is Estate Agents Digita Accounts Production Advanced 6.30.9574.0 true true 07780642 2023-10-01 2024-09-30 07780642 2024-09-30 07780642 bus:Director1 1 2024-09-30 07780642 bus:OrdinaryShareClass1 2024-09-30 07780642 core:CurrentFinancialInstruments 2024-09-30 07780642 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 07780642 core:Non-currentFinancialInstruments 2024-09-30 07780642 core:Non-currentFinancialInstruments core:AfterOneYear 2024-09-30 07780642 core:Goodwill 2024-09-30 07780642 core:FurnitureFittingsToolsEquipment 2024-09-30 07780642 core:OtherPropertyPlantEquipment 2024-09-30 07780642 bus:SmallEntities 2023-10-01 2024-09-30 07780642 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 07780642 bus:FullAccounts 2023-10-01 2024-09-30 07780642 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 07780642 bus:RegisteredOffice 2023-10-01 2024-09-30 07780642 bus:Director1 2023-10-01 2024-09-30 07780642 bus:Director1 1 2023-10-01 2024-09-30 07780642 bus:Director2 2023-10-01 2024-09-30 07780642 bus:OrdinaryShareClass1 2023-10-01 2024-09-30 07780642 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 07780642 core:Goodwill 2023-10-01 2024-09-30 07780642 core:FurnitureFittings 2023-10-01 2024-09-30 07780642 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 07780642 core:OfficeEquipment 2023-10-01 2024-09-30 07780642 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 07780642 core:PlantMachinery 2023-10-01 2024-09-30 07780642 core:OtherRelatedParties 2023-10-01 2024-09-30 07780642 countries:England 2023-10-01 2024-09-30 07780642 2023-09-30 07780642 bus:Director1 1 2023-09-30 07780642 core:Goodwill 2023-09-30 07780642 core:FurnitureFittingsToolsEquipment 2023-09-30 07780642 core:OtherPropertyPlantEquipment 2023-09-30 07780642 2022-10-01 2023-09-30 07780642 2023-09-30 07780642 bus:Director1 1 2023-09-30 07780642 bus:OrdinaryShareClass1 2023-09-30 07780642 core:CurrentFinancialInstruments 2023-09-30 07780642 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 07780642 core:Non-currentFinancialInstruments 2023-09-30 07780642 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 07780642 core:FurnitureFittingsToolsEquipment 2023-09-30 07780642 core:OtherPropertyPlantEquipment 2023-09-30 07780642 bus:Director1 1 2022-10-01 2023-09-30 07780642 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 07780642 bus:Director1 1 2022-09-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07780642

Redman Donald Estate Agents Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Redman Donald Estate Agents Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 12

 

Redman Donald Estate Agents Limited

Company Information

Director

Mr C J Baker

Registered office

The Lodge
10a Southernhay East
Exeter
Devon
EX1 1JG

Accountants

Jon Ransom FCA
Chartered Accountants
Office 7, Unit 16
Dinan Way Trading Estate
Concorde Road
Exmouth
Devon
EX8 4RS

 

Redman Donald Estate Agents Limited

(Registration number: 07780642)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

-

5,458

Current assets

 

Debtors

6

-

68,175

Cash at bank and in hand

 

-

5,160

 

-

73,335

Creditors: Amounts falling due within one year

7

-

(102,179)

Net current liabilities

 

-

(28,844)

Total assets less current liabilities

 

-

(23,386)

Creditors: Amounts falling due after more than one year

7

-

(17,735)

Net liabilities

 

-

(41,121)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(100)

(41,221)

Shareholders' deficit

 

-

(41,121)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 14 January 2025
 

.........................................
Mr C J Baker
Director

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

The address of its registered office is:
The Lodge
10a Southernhay East
Exeter
Devon
EX1 1JG

The principal place of business is:
65 Magdalen Road
Exeter
Devon
EX2 4TA

These financial statements were authorised for issue by the director on 14 January 2025.

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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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/value added tax, 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 deferred 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.

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Plant and machinery

15% on a reducing balance basis

Fixtures and fittings

15% on a reducing balance basis

Office equipment

33% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20% on cost

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.

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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.

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.

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 4).

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

29,000

29,000

Disposals

(29,000)

(29,000)

At 30 September 2024

-

-

Amortisation

At 1 October 2023

29,000

29,000

Amortisation eliminated on disposals

(29,000)

(29,000)

At 30 September 2024

-

-

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2023

12,146

12,505

24,651

Disposals

(12,146)

(12,505)

(24,651)

At 30 September 2024

-

-

-

Depreciation

At 1 October 2023

10,703

8,489

19,192

Eliminated on disposal

(10,703)

(8,489)

(19,192)

At 30 September 2024

-

-

-

Carrying amount

At 30 September 2024

-

-

-

At 30 September 2023

1,443

4,015

5,458

6

Debtors

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Current

2024
£

2023
£

Trade debtors

-

7,255

Prepayments

-

1,806

Other debtors

-

59,114

 

-

68,175

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Other borrowings

9

-

85,545

trade creditors

 

-

4,393

Taxation and social security

 

-

4,202

Accruals and deferred income

 

-

1,100

Other creditors

 

-

6,939

 

-

102,179

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

-

17,735

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

-

17,735

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

-

9,691

Bank overdrafts

-

18,511

Other borrowings

-

57,343

-

85,545

10

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £Nil per each Ordinary

 

-

 

-

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2023 - £4,805).
The company has a lease for its premises. The annual rent is £13,000.

The company has other operating leases but these are all cancellable on short notice.

12

Related party transactions


 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Transactions with the director

2024

At 1 October 2023
£

Repayments by director
£

At 30 September 2024
£

Mr A Donald

Advances to director for personal expenditure

(6,576)

(7,759)

(14,335)

       
     

 

2023

At 1 October 2022
£

Advances to director
£

Repayments by director
£

At 30 September 2023
£

Mr A Donald

Advances to director for personal expenditure

(7,212)

948

(312)

(6,576)

         
       

 

 

Redman Donald Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,600

4,400

Summary of transactions with other related parties


A shareholder has lent the company money.

 
At the 10 January 2024, the amount lent of £75,343 was transferred to Ex3ter Ltd (2023 -owing £57,343).

No interest is chargeable on this loan and it is repayable on demand.

The loan has subsequently been repaid

 

Cessation of trade

On the 10 January 2024 the trade of the company together with the assets and liabilities was acquired by Ex3ter Ltd.

The book value of the assets and liabilities was deemed to be fair value.

No consideration was received by the company. The de-recognition of the assets and liabilities has been shown in the profit and loss account as a surplus on disposal.