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REDGLAZE PROPERTIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST MAY 2024






REDGLAZE PROPERTIES LIMITED (REGISTERED NUMBER: 13384166)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 8

REDGLAZE PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MAY 2024







DIRECTORS: S M Bygrave
Mrs L I Bygrave





REGISTERED OFFICE: First Floor, Woburn Court
2 Railton Road
Woburn Road Industrial Estate
Kempston
Bedfordshire
MK42 7PN





REGISTERED NUMBER: 13384166 (England and Wales)





ACCOUNTANTS: HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN

REDGLAZE PROPERTIES LIMITED (REGISTERED NUMBER: 13384166)

BALANCE SHEET
31ST MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 72,971 95,865
Investment property 5 2,973,017 2,390,004
3,045,988 2,485,869

CURRENT ASSETS
Debtors 6 12,429 1,383
Cash at bank 137,315 101,865
149,744 103,248
CREDITORS
Amounts falling due within one year 7 1,080,108 516,167
NET CURRENT LIABILITIES (930,364 ) (412,919 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,115,624

2,072,950

CREDITORS
Amounts falling due after more than one
year

8

(46,823

)

(50,511

)

PROVISIONS FOR LIABILITIES (125,000 ) (125,000 )
NET ASSETS 1,943,801 1,897,439

CAPITAL AND RESERVES
Called up share capital 1 1
Revaluation reserve 10 435,000 435,000
Retained earnings 1,508,800 1,462,438
1,943,801 1,897,439

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 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.

REDGLAZE PROPERTIES LIMITED (REGISTERED NUMBER: 13384166)

BALANCE SHEET - continued
31ST MAY 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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th February 2025 and were signed on its behalf by:





S M Bygrave - Director


REDGLAZE PROPERTIES LIMITED (REGISTERED NUMBER: 13384166)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2024

1. STATUTORY INFORMATION

Redglaze Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover represents rents and service recharges received from tenants of properties, stated net of value added tax.

Income received that relates to a period after the year end is treated as deferred income.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Motor vehicles - 25% on reducing balance

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.

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is measured using the fair value model and stated at its fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

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 balance sheet date.


REDGLAZE PROPERTIES LIMITED (REGISTERED NUMBER: 13384166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st June 2023 125,000 - 125,000
Additions - 1,608 1,608
At 31st May 2024 125,000 1,608 126,608
DEPRECIATION
At 1st June 2023 29,135 - 29,135
Charge for year 23,966 536 24,502
At 31st May 2024 53,101 536 53,637
NET BOOK VALUE
At 31st May 2024 71,899 1,072 72,971
At 31st May 2023 95,865 - 95,865

The net book value of tangible fixed assets includes £ 62,157 (2023 - £ 82,875 ) in respect of assets held under hire purchase contracts.

REDGLAZE PROPERTIES LIMITED (REGISTERED NUMBER: 13384166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st June 2023 2,390,004
Additions 583,013
At 31st May 2024 2,973,017
NET BOOK VALUE
At 31st May 2024 2,973,017
At 31st May 2023 2,390,004

Fair value at 31st May 2024 is represented by:
£   
Valuation in 2023 560,000
Cost 2,413,017
2,973,017

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,830,004 1,830,004

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by participating interests - 1,382
Other debtors 1 1
Directors' current accounts 12,428 -
12,429 1,383

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts 3,689 3,379
Amounts owed to participating interests 1,069,849 478,622
VAT 5,370 4,925
Other creditors - 3,840
Directors' current accounts - 24,201
Accrued expenses 1,200 1,200
1,080,108 516,167

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts 46,823 50,511

REDGLAZE PROPERTIES LIMITED (REGISTERED NUMBER: 13384166)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 50,512 53,890

10. RESERVES
Revaluation
reserve
£   
At 1st June 2023
and 31st May 2024 435,000

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st May 2024 and 31st May 2023:

2024 2023
£    £   
S M Bygrave
Balance outstanding at start of year - -
Amounts advanced 12,428 -
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,428 -

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
REDGLAZE PROPERTIES LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Redglaze Properties Limited for the year ended 31st May 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Redglaze Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Redglaze Properties Limited and state those matters that we have agreed to state to the Board of Directors of Redglaze Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Redglaze Properties Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Redglaze Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Redglaze Properties Limited. You consider that Redglaze Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Redglaze Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






HW Bedford Limited
Trading as Haines Watts
First Floor, Woburn Court
2 Railton Road
Woburn Rd Ind Est
Kempston
Bedfordshire
MK42 7PN


12th February 2025