Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mr S Friend 22/09/2017 Mrs J Friend 22/09/2017 04 April 2025 The principal activity of the Company during the year was surveying and property development. 10977026 2024-09-30 10977026 bus:Director1 2024-09-30 10977026 bus:Director2 2024-09-30 10977026 2023-09-30 10977026 core:CurrentFinancialInstruments 2024-09-30 10977026 core:CurrentFinancialInstruments 2023-09-30 10977026 core:Non-currentFinancialInstruments 2024-09-30 10977026 core:Non-currentFinancialInstruments 2023-09-30 10977026 core:ShareCapital 2024-09-30 10977026 core:ShareCapital 2023-09-30 10977026 core:RetainedEarningsAccumulatedLosses 2024-09-30 10977026 core:RetainedEarningsAccumulatedLosses 2023-09-30 10977026 2023-10-01 2024-09-30 10977026 bus:FilletedAccounts 2023-10-01 2024-09-30 10977026 bus:SmallEntities 2023-10-01 2024-09-30 10977026 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 10977026 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 10977026 bus:Director1 2023-10-01 2024-09-30 10977026 bus:Director2 2023-10-01 2024-09-30 10977026 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Company No: 10977026 (England and Wales)

RED EARTH BIDEFORD LIMITED

Unaudited Financial Statements
For the financial year ended 30 September 2024
Pages for filing with the registrar

RED EARTH BIDEFORD LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

RED EARTH BIDEFORD LIMITED

BALANCE SHEET

As at 30 September 2024
RED EARTH BIDEFORD LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Current assets
Stocks 3 2,695,373 2,514,870
Debtors 4 82,762 91,592
Cash at bank and in hand 1,500,834 1,584,306
4,278,969 4,190,768
Creditors: amounts falling due within one year 5 ( 73,139) ( 55,251)
Net current assets 4,205,830 4,135,517
Total assets less current liabilities 4,205,830 4,135,517
Creditors: amounts falling due after more than one year 6 ( 4,100,000) ( 4,100,000)
Accruals and deferred income ( 6,200) ( 850)
Net assets 99,630 34,667
Capital and reserves
Called-up share capital 100 100
Profit and loss account 99,530 34,567
Total shareholders' funds 99,630 34,667

For the financial year ending 30 September 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Red Earth Bideford Limited (registered number: 10977026) were approved and authorised for issue by the Board of Directors on 04 April 2025. They were signed on its behalf by:

Mr S Friend
Director
Mr S Friend
Director
RED EARTH BIDEFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
RED EARTH BIDEFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Red Earth Bideford Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Higher Mill, Thorverton, Exeter, United Kingdom, EX5 5LL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

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

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that is is probable will be recovered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Work in progress is stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of work in progress over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Stocks

2024 2023
£ £
Work in progress 2,695,373 2,514,870

4. Debtors

2024 2023
£ £
Prepayments 29,620 28,934
VAT recoverable 27,267 62,558
Other debtors 25,875 100
82,762 91,592

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 49,380 42,812
Taxation and social security 22,064 8,108
Other creditors 1,695 4,331
73,139 55,251

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other loans 4,100,000 4,100,000