Company registration number 12582671 (England and Wales)
WARRIOR REDCHURCH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WARRIOR REDCHURCH LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
WARRIOR REDCHURCH LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment properties
3
6,450,000
6,450,000
Current assets
Debtors
4
613,375
755,417
Cash at bank and in hand
153,418
144,030
766,793
899,447
Creditors: amounts falling due within one year
5
(2,419,592)
(2,436,756)
Net current liabilities
(1,652,799)
(1,537,309)
Total assets less current liabilities
4,797,201
4,912,691
Creditors: amounts falling due after more than one year
6
(3,500,000)
(3,500,000)
Provisions for liabilities
7
(479,939)
(479,939)
Net assets
817,262
932,752
Capital and reserves
Called up share capital
8
100
100
Investment property revaluation reserve
9
1,439,815
1,439,815
Profit and loss reserves
9
(622,653)
(507,163)
Total equity
817,262
932,752

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

WARRIOR REDCHURCH LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
W Todd
Director
Company Registration No. 12582671
WARRIOR REDCHURCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Warrior Redchurch Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis even though at the balance sheet date the company's current liabilities exceeded its current assets by £1,652,799.true

 

The directors considers the going concern basis to be appropriate because, in their opinion, the company will continue to obtain sufficient funding from fellow group companies and if required from other companies under common control, to enable it to pay its debts as they fall due for at least 12 months from the date of approval of these financial statements.

1.3
Turnover

Turnover represents revenue recognised by the company in respect of rents receivable.

 

Turnover is recognised at the fair value of the rents received or receivable based on the rent agreements and to the extent that it is probable that the economic benefits will flow to the company and it can be reliably measured.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

The fair value is determined by the directors with the benefit of professional external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any differences in the nature or location of the specified asset.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

WARRIOR REDCHURCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WARRIOR REDCHURCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 July 2023 and 30 June 2024
6,450,000

The fair value of investment properties at the reporting date was based on a valuation carried out by the directors. The valuation was arrived at by reference to market evidence of transaction prices for similar properties in its location, together with a review of property rental yields.

WARRIOR REDCHURCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
3
Investment property
(Continued)
- 6 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2024
2023
£
£
Cost
4,530,246
4,530,246
Accumulated depreciation
-
-
Carrying amount
4,530,246
4,530,246

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
147,286
59,026
Amounts owed by group undertakings
100
100
Other debtors
465,989
696,291
613,375
755,417
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
2,114,243
2,114,243
Taxation and social security
8,262
10,693
Other creditors
297,087
311,820
2,419,592
2,436,756

 

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,500,000
3,500,000
WARRIOR REDCHURCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
6
Creditors: amounts falling due after more than one year
(Continued)
- 7 -

Bank loans are secured by fixed and floating charges over the assets owned by the company. There is an additional charge on a bank deposit account with a balance of £130,000.

 

The aggregate secured liabilities is £3,500,000 (2023: £3,500,000).

 

At the balance sheet date, the company had breach of their obligation under the interest cover covenant. The bank agrees to waive this breach of the interest cover covenant.

One of the directors of the company, has provided personal guarantee of £3.5m (2023: £3.5m) plus interest and costs to the company's banker in respect of the secured bank loan.

7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
479,939
479,939
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and repayment of capital.

9
Reserves
Investment property revaluation reserve

Investment property revaluation reserve relates to non-distributable reserves arising from revaluation of investment property less deferred tax.

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the year and prior periods less dividends paid.

10
Related party transactions
Transactions with related parties

The company has taken advantage of the exemption available under section 1A C.35 of FRS 102 “Related party disclosures” whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary of the group.

 

During the year the company entered into the following transactions with related parties:

2024
2023
Amounts due to related parties
£
£
Other related parties
195,833
197,049
WARRIOR REDCHURCH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
10
Related party transactions
(Continued)
- 8 -

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
440,368
659,272
11
Parent company

The ultimate parent company is Warrior Group Limited and its registered office is 2 Leman Street, London, United Kingdom, E1W 9US.

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