REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
for |
REDWOOD COLLECTIONS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 October 2024 |
for |
REDWOOD COLLECTIONS LTD |
REDWOOD COLLECTIONS LTD (REGISTERED NUMBER: 07028062) |
Contents of the Financial Statements |
for the year ended 31 October 2024 |
Page |
Company Information | 1 |
Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 4 |
REDWOOD COLLECTIONS LTD |
Company Information |
for the year ended 31 October 2024 |
Directors: |
Registered office: |
Registered number: |
Accountants: |
Northside House |
69 Tweedy Road |
Bromley |
Kent |
BR1 3WA |
Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Redwood Collections Ltd |
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 Redwood Collections Ltd for the year ended 31 October 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. |
This report is made solely to the Board of Directors of Redwood Collections Ltd, 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 Redwood Collections Ltd and state those matters that we have agreed to state to the Board of Directors of Redwood Collections Ltd, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Redwood Collections Ltd 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 Redwood Collections Ltd. You consider that Redwood Collections Ltd 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 Redwood Collections Ltd. 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. |
Northside House |
69 Tweedy Road |
Bromley |
Kent |
BR1 3WA |
REDWOOD COLLECTIONS LTD (REGISTERED NUMBER: 07028062) |
Balance Sheet |
31 October 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 8 |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Retained earnings |
Shareholders' funds |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
REDWOOD COLLECTIONS LTD (REGISTERED NUMBER: 07028062) |
Notes to the Financial Statements |
for the year ended 31 October 2024 |
1. | Statutory information |
Redwood Collections Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
The directors have considered the consequences of Covid-19 and other trading events and conditions it can predict now and, in the future, and it has determined that they do not create a material uncertainty that casts significant doubt upon the Company's ability to continue as a going concern. For that reason, the directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future and so it considers it appropriate for the 2021 financial accounts to be prepared on a going concern basis. |
Key source of estimation, uncertainty and judgement |
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. There is estimation uncertainty in calculating depreciation, deferred tax, bad debt provisions and accruals, however the directors believe that the amounts in the financial statements are materially correct. |
Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
REDWOOD COLLECTIONS LTD (REGISTERED NUMBER: 07028062) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2024 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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 |
REDWOOD COLLECTIONS LTD (REGISTERED NUMBER: 07028062) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2024 |
4. | Tangible fixed assets |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1 November 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 October 2024 |
Depreciation |
At 1 November 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 October 2024 |
Net book value |
At 31 October 2024 |
At 31 October 2023 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Leasing agreements |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
8. | Provisions for liabilities |
2024 | 2023 |
£ | £ |
Deferred tax | 6,147 | 10,229 |
REDWOOD COLLECTIONS LTD (REGISTERED NUMBER: 07028062) |
Notes to the Financial Statements - continued |
for the year ended 31 October 2024 |
8. | Provisions for liabilities - continued |
Deferred |
tax |
£ |
Balance at 1 November 2023 |
Credit to Profit and Loss Account during year | ( |
) |
Balance at 31 October 2024 |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 120 | 120 |
A Redeemable | £1 | 360 | 360 |
B Redeemable | £1 | 120 | 120 |
C Redeemable | £1 | 120 | 120 |
720 | 720 |
10. | Directors' advances, credits and guarantees |
At the year end, the directors owed the company Nil (2023: £98). The loans are interest free and repayable on demand. |
11. | Ultimate controlling party |
There is no one ultimate controlling party. |