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COMPANY REGISTRATION NUMBER: SC339861
Redwood Woodlands Limited
Filleted Unaudited Financial Statements
31 August 2024
Redwood Woodlands Limited
Statement of Financial Position
31 August 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
7
2,722,515
2,790,766
Current assets
Stocks
29,758
27,814
Debtors
8
104,345
173,398
Cash at bank and in hand
296,668
214,523
---------
---------
430,771
415,735
Creditors: amounts falling due within one year
9
746,519
718,560
---------
---------
Net current liabilities
315,748
302,825
------------
------------
Total assets less current liabilities
2,406,767
2,487,941
Creditors: amounts falling due after more than one year
10
287,457
492,110
Provisions for liabilities
Deferred tax
166,681
171,270
------------
------------
Net assets
1,952,629
1,824,561
------------
------------
Redwood Woodlands Limited
Statement of Financial Position (continued)
31 August 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
12
2,400
2,400
Profit and loss account
1,950,229
1,822,161
------------
------------
Shareholders funds
1,952,629
1,824,561
------------
------------
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 income and retained earnings has not been delivered.
For the year ending 31 August 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 .
These financial statements were approved by the board of directors and authorised for issue on 17 February 2025 , and are signed on behalf of the board by:
N S Robertson
Director
Company registration number: SC339861
Redwood Woodlands Limited
Notes to the Financial Statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB, Scotland and the trading address is 13 Panmure Terrace, Broughty Ferry, Dundee, DD5 2QL.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company's trading levels have returned to pre Covid levels and the directors are confident that this level of trading will continue into the foreseeable future. The directors have assessed that the company has adequate resources to meet the ongoing costs of the business for the foreseeable future. For these reasons the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
Consolidation
The company is a wholly owned subsidiary undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements present information about the company as an individual undertaking.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% reducing balance
Fixture and fittings
-
20% and 33% Straight line
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.
Stocks
Stocks are valued at the lower of cost and net realisable value.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 69 (2023: 71 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
87,562
74,507
Deferred tax:
Origination and reversal of timing differences
( 4,589)
38,273
--------
---------
Tax on profit
82,973
112,780
--------
---------
6. Intangible assets
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
104,000
---------
Amortisation
At 1 September 2023 and 31 August 2024
104,000
---------
Carrying amount
At 31 August 2024
---------
At 31 August 2023
---------
7. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2023
3,557,745
481,467
4,039,212
Additions
70,753
70,753
------------
---------
------------
At 31 August 2024
3,557,745
552,220
4,109,965
------------
---------
------------
Depreciation
At 1 September 2023
849,491
398,955
1,248,446
Charge for the year
53,022
85,982
139,004
------------
---------
------------
At 31 August 2024
902,513
484,937
1,387,450
------------
---------
------------
Carrying amount
At 31 August 2024
2,655,232
67,283
2,722,515
------------
---------
------------
At 31 August 2023
2,708,254
82,512
2,790,766
------------
---------
------------
8. Debtors
2024
2023
£
£
Trade debtors
88,808
135,220
Other debtors
15,537
38,178
---------
---------
104,345
173,398
---------
---------
9. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
200,000
200,000
Trade creditors
74,706
74,148
Amounts owed to group companies
116,949
126,614
Corporation tax
87,562
74,507
Social security and other taxes
131,364
110,785
Other creditors
135,938
132,506
---------
---------
746,519
718,560
---------
---------
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
287,457
492,110
---------
---------
Security over bank loans, totalling £487,457, is provided by the company over Woodlands Hotel. An inter creditor agreement is in place which states that the Bank of Scotland debt shall rank ahead of the subordinated debt.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions for liabilities
166,681
171,270
---------
---------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Accelerated capital allowances
166,681
171,270
---------
---------
12. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 0.01 each
240,000
2,400
240,000
2,400
---------
-------
---------
-------
13. Related party transactions
Throughout the year, the company transferred and received funds from related parties and, at the year end, the amount due to be paid to these related parties amounted to £116,949 (2023 - £126,614).
14. Controlling party
The company was under the control of Ewan J MacRae and Nicola S Robertson who are the owners of the ultimate parent company, NREM Holdings Limited. NREM Holdings Limited is a company registered in Scotland at Stannergate House, 41 Dundee Road West, Broughty Ferry, Dundee, DD5 1NB.