7 6 Refedd Limited 04488226 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is retail of holiday homes Digita Accounts Production Advanced 6.30.9574.0 true true 04488226 2023-09-01 2024-08-31 04488226 2024-08-31 04488226 2 2024-08-31 04488226 core:CurrentFinancialInstruments 2024-08-31 04488226 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 04488226 core:Non-currentFinancialInstruments core:AfterOneYear 2024-08-31 04488226 core:Goodwill 2024-08-31 04488226 core:MoreThanFiveYears 2024-08-31 04488226 core:FurnitureFittings 2024-08-31 04488226 core:LandBuildings core:ShortLeaseholdAssets 2024-08-31 04488226 core:MotorVehicles 2024-08-31 04488226 core:PlantMachinery 2024-08-31 04488226 1 2024-08-31 04488226 bus:SmallEntities 2023-09-01 2024-08-31 04488226 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 04488226 bus:FilletedAccounts 2023-09-01 2024-08-31 04488226 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 04488226 bus:RegisteredOffice 2023-09-01 2024-08-31 04488226 bus:Director1 2023-09-01 2024-08-31 04488226 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 04488226 core:Goodwill 2023-09-01 2024-08-31 04488226 core:FurnitureFittings 2023-09-01 2024-08-31 04488226 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 04488226 core:LandBuildings core:ShortLeaseholdAssets 2023-09-01 2024-08-31 04488226 core:MotorVehicles 2023-09-01 2024-08-31 04488226 core:PlantMachinery 2023-09-01 2024-08-31 04488226 core:Vehicles 2023-09-01 2024-08-31 04488226 countries:England 2023-09-01 2024-08-31 04488226 1 2023-09-01 2024-08-31 04488226 2023-08-31 04488226 core:Goodwill 2023-08-31 04488226 core:FurnitureFittings 2023-08-31 04488226 core:LandBuildings core:ShortLeaseholdAssets 2023-08-31 04488226 core:MotorVehicles 2023-08-31 04488226 core:PlantMachinery 2023-08-31 04488226 1 2023-08-31 04488226 2022-09-01 2023-08-31 04488226 2023-08-31 04488226 2 2023-08-31 04488226 core:CurrentFinancialInstruments 2023-08-31 04488226 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 04488226 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 04488226 core:Goodwill 2023-08-31 04488226 core:MoreThanFiveYears 2023-08-31 04488226 core:FurnitureFittings 2023-08-31 04488226 core:LandBuildings core:ShortLeaseholdAssets 2023-08-31 04488226 core:MotorVehicles 2023-08-31 04488226 core:PlantMachinery 2023-08-31 04488226 1 2023-08-31 04488226 1 2022-09-01 2023-08-31 04488226 1 2022-08-31 xbrli:pure iso4217:GBP

Registration number: 04488226

Refedd Limited

trading as EBCS Leisure

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Refedd Limited

trading as EBCS Leisure

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Refedd Limited

trading as EBCS Leisure

(Registration number: 04488226)
Statement of Financial Position as at 31 August 2024

Note

31 August
2024
£

31 August
2023
£

Fixed assets

 

Intangible assets

4

350,382

350,382

Tangible assets

5

99,653

68,403

 

450,035

418,785

Current assets

 

Stocks

306,969

411,924

Debtors

6

1,211,200

1,171,419

Cash at bank and in hand

 

200,277

591,319

 

1,718,446

2,174,662

Creditors: Amounts falling due within one year

7

(1,021,143)

(1,476,548)

Net current assets

 

697,303

698,114

Total assets less current liabilities

 

1,147,338

1,116,899

Creditors: Amounts falling due after more than one year

7

(91,667)

(141,667)

Provisions for liabilities

(70,864)

(72,831)

Net assets

 

984,807

902,401

Capital and reserves

 

Called up share capital

25

25

Profit and loss account

984,782

902,376

Shareholders' funds

 

984,807

902,401

For the financial 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.

 

Refedd Limited

trading as EBCS Leisure

(Registration number: 04488226)
Statement of Financial Position as at 31 August 2024 (continued)

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 17 April 2025 and signed on its behalf by:
 


Mr A Cross
Director

 

Refedd Limited

trading as EBCS Leisure

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is retail of holiday homes

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Refedd Limited

trading as EBCS Leisure

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Going concern

The financial statements have been prepared on a going concern basis.

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.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

 

Refedd Limited

trading as EBCS Leisure

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Goodwill

The company purchased goodwill on the 1 November 2002. No amortisation has been charged on goodwill as the directors are of the opinion that the value of goodwill will not reduce in the foreseeable future. This is a departure from Financial Reporting 102 section A which requires all intangible assets to be amortised over their economic useful life, which should not exceed 10 years.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, less its residual value, over the useful economic life of that asset as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Fittings fixtures and equipment

25% reducing balance and straight line

Motor vehicles

25% reducing balance

Impairment

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Refedd Limited

trading as EBCS Leisure

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

 

Refedd Limited

trading as EBCS Leisure

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 6).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 September 2023

350,382

350,382

At 31 August 2024

350,382

350,382

Amortisation

Carrying amount

At 31 August 2024

350,382

350,382

At 31 August 2023

350,382

350,382

 

Refedd Limited

trading as EBCS Leisure

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

3,500

29,716

64,730

123,943

221,889

Additions

-

712

1,618

64,453

66,783

Disposals

-

-

-

(10,149)

(10,149)

At 31 August 2024

3,500

30,428

66,348

178,247

278,523

Depreciation

At 1 September 2023

3,500

25,419

59,921

64,646

153,486

Charge for the year

-

1,253

964

30,739

32,956

Eliminated on disposal

-

-

-

(7,572)

(7,572)

At 31 August 2024

3,500

26,672

60,885

87,813

178,870

Carrying amount

At 31 August 2024

-

3,756

5,463

90,434

99,653

At 31 August 2023

-

4,297

4,809

59,297

68,403

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Debtors

Note

31 August
2024
£

31 August
2023
£

Trade debtors

 

383,115

640,219

Other debtors

 

641,746

517,800

Prepayments

 

19,574

13,400

Income tax asset

166,765

-

 

1,211,200

1,171,419

 

Refedd Limited

trading as EBCS Leisure

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

31 August
2024
£

31 August
2023
£

Due within one year

 

Loans and borrowings

50,000

50,000

Trade creditors

 

529,652

910,946

Taxation and social security

 

29,993

30,033

Accruals and deferred income

 

398,629

471,822

Other creditors

 

12,869

13,747

 

1,021,143

1,476,548


Included above is a bank loan of £50,000 (2023 - £50,000) that is secured by a debenture.

Creditors: amounts falling due after more than one year

Note

31 August
2024
£

31 August
2023
£

Due after one year

 

Loans and borrowings

91,667

141,667

Included above is a bank loan of £91,667 (2023 - £141,667) that is secured by a debenture.

In addition, included within creditors is a bank loan balance of £141,667 (2023 - £191,667) that has been guaranteed up to 80% of its outstanding capital value by the UK government.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Refedd Limited

trading as EBCS Leisure

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024 (continued)

9

Operating leases

Operating leases

The total of future minimum lease payments is as follows:

31 August
2024
£

31 August
2023
£

Later than five years

402,128

461,794

10

Related party transactions

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

494,143

510,083

(367,131)

637,095

         
       

 

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

(10,972)

623,282

(118,167)

494,143