Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Mr S Friend 25/01/2016 Mrs J Friend 25/01/2016 04 April 2025 The principal activities of the business continues to be rental of property. 09968048 2024-09-30 09968048 bus:Director1 2024-09-30 09968048 bus:Director2 2024-09-30 09968048 2023-09-30 09968048 core:CurrentFinancialInstruments 2024-09-30 09968048 core:CurrentFinancialInstruments 2023-09-30 09968048 core:Non-currentFinancialInstruments 2024-09-30 09968048 core:Non-currentFinancialInstruments 2023-09-30 09968048 core:ShareCapital 2024-09-30 09968048 core:ShareCapital 2023-09-30 09968048 core:RetainedEarningsAccumulatedLosses 2024-09-30 09968048 core:RetainedEarningsAccumulatedLosses 2023-09-30 09968048 2023-10-01 2024-09-30 09968048 bus:FilletedAccounts 2023-10-01 2024-09-30 09968048 bus:SmallEntities 2023-10-01 2024-09-30 09968048 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 09968048 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 09968048 bus:Director1 2023-10-01 2024-09-30 09968048 bus:Director2 2023-10-01 2024-09-30 09968048 2022-10-01 2023-09-30 iso4217:GBP xbrli:pure

Company No: 09968048 (England and Wales)

RED EARTH FUTURES LIMITED

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

RED EARTH FUTURES LIMITED

Unaudited Financial Statements

For the financial year ended 30 September 2024

Contents

RED EARTH FUTURES LIMITED

BALANCE SHEET

As at 30 September 2024
RED EARTH FUTURES LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 2024 2023
£ £
Fixed assets
Investment property 3 202,699 202,699
202,699 202,699
Current assets
Debtors 4 645 444
Cash at bank and in hand 2,783 10,824
3,428 11,268
Creditors: amounts falling due within one year 5 ( 4,018) ( 18,918)
Net current liabilities (590) (7,650)
Total assets less current liabilities 202,109 195,049
Creditors: amounts falling due after more than one year 6 ( 172,550) ( 172,900)
Net assets 29,559 22,149
Capital and reserves
Called-up share capital 100 100
Profit and loss account 29,459 22,049
Total shareholders' funds 29,559 22,149

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 Futures Limited (registered number: 09968048) 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
Mrs J Friend
Director
RED EARTH FUTURES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 September 2024
RED EARTH FUTURES 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 Futures 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, EX5 5LL, United Kingdom.

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 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents the invoiced value of sales of goods and rents receivable which are recognised in the period of occupation of the property by the tenant.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

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.

Investment property

The directors believe that cost is a reasonable estimation to market value.

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.

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. Investment property

Investment property
£
Valuation
As at 01 October 2023 202,699
As at 30 September 2024 202,699

The Directors believe that cost is a reasonable estimation of market value.

4. Debtors

2024 2023
£ £
Other debtors 645 444

5. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 1,738 17,773
Other creditors 2,280 1,145
4,018 18,918

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

2024 2023
£ £
Bank loans 172,550 172,900