Company registration number 10271958 (England and Wales)
REDWOOD ASSET MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
REDWOOD ASSET MANAGEMENT LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
REDWOOD ASSET MANAGEMENT LTD
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,078
2,771
Investment property
4
2,698,343
2,626,665
2,700,421
2,629,436
Current assets
Debtors
5
680
1,486
Cash at bank and in hand
5,199
11,514
5,879
13,000
Creditors: amounts falling due within one year
6
(891,200)
(840,100)
Net current liabilities
(885,321)
(827,100)
Total assets less current liabilities
1,815,100
1,802,336
Creditors: amounts falling due after more than one year
7
(1,874,736)
(1,884,424)
Net liabilities
(59,636)
(82,088)
Capital and reserves
Called up share capital
1
1
Revaluation reserve
8
484,094
484,094
Profit and loss reserves
9
(543,731)
(566,183)
Total equity
(59,636)
(82,088)
REDWOOD ASSET MANAGEMENT LTD
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024
31 March 2024
- 2 -

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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:
Mr O N Brand
Director
Company registration number 10271958 (England and Wales)
REDWOOD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Redwood Asset Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Cabourn House, Station Street, Bingham, Nottinghamshire, England, NG13 8AQ.

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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoiced rent receivable from the company's property portfolio, including both owned and leased properties.

 

Where the rental period does not cut-off with the financial year end, the proportion that relates to the following year is deferred. Equally, if the rental invoice is not raised until the following year, any element of the rent that relates to the current year is accrued.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
25% straight line
Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

1.5
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

REDWOOD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
-
0
-
0
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
3,955
Depreciation and impairment
At 1 April 2023
1,184
Depreciation charged in the year
693
At 31 March 2024
1,877
Carrying amount
At 31 March 2024
2,078
At 31 March 2023
2,771
4
Investment property
2024
£
Fair value
At 1 April 2023
2,626,665
Additions
71,678
At 31 March 2024
2,698,343

The fair value of the investment property has been arrived at on the basis of a valuation carried out in 2021 by an independent professional valuer, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

 

The directors do not believe further revaluation is required as the amount included reflects an accurate fair value at the balance sheet date.

REDWOOD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Investment property
(Continued)
- 5 -
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
2,214,249
2,142,571
Accumulated depreciation
-
-
Carrying amount
2,214,249
2,142,571
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
680
1,486
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Other creditors
881,200
830,100
891,200
840,100
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,874,736
1,884,424

Bank loans are secured with full title guarantee on the properties to which they relate.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
(1,862,236)
(1,861,924)
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
484,094
484,094
REDWOOD ASSET MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Revaluation reserve
(Continued)
- 6 -

The revaluation reserve contains cumulative gains and losses on the revaluation of investment property, net of deferred tax.

9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
(566,183)
(548,902)
Profit/(loss) for the year
22,452
(17,281)
At the end of the year
(543,731)
(566,183)
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