| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| REDINGTON ESTATES LIMITED |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| REDINGTON ESTATES LIMITED |
| REDINGTON ESTATES LIMITED (REGISTERED NUMBER: 05158255) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| REDINGTON ESTATES LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 55 Loudoun Road |
| St John's Wood |
| London |
| NW8 0DL |
| SOLICITORS: |
| 20 Bonhill Street |
| London |
| EC2A 4DN |
| REDINGTON ESTATES LIMITED (REGISTERED NUMBER: 05158255) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 30.9.24 | 30.9.23 |
| Notes | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investments | 5 |
| Investment property | 6 |
| CURRENT ASSETS |
| Debtors | 7 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | 11 |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| REDINGTON ESTATES LIMITED (REGISTERED NUMBER: 05158255) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| REDINGTON ESTATES LIMITED (REGISTERED NUMBER: 05158255) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Redington Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 55 Loudoun Road, St John's Wood, London, NW8 0DL. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| 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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. |
| Turnover |
| Turnover represents amounts receivable for rent net of VAT. |
| Tangible fixed assets |
| Motor vehicles | - |
| 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. The surplus or deficit on revaluation is recognised in profit or loss. |
| REDINGTON ESTATES LIMITED (REGISTERED NUMBER: 05158255) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
| Fair value measurement of financial instruments |
| Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. |
| Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge. |
| 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. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors, bank loans, loans from fellow group 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. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss. |
| REDINGTON ESTATES LIMITED (REGISTERED NUMBER: 05158255) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its investment property to determine whether there is any indication that it has suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| 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 current liabilities. |
| 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. |
| Group accounts |
| The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings comprise a small sized group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Motor |
| vehicles |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| REDINGTON ESTATES LIMITED (REGISTERED NUMBER: 05158255) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| Listed | group |
| investments | undertakings | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 October 2023 | 290,618 |
| Additions | 66,059 |
| Disposals | ( |
) | (61,997 | ) |
| Revaluations | 28,381 |
| At 30 September 2024 | 323,061 |
| NET BOOK VALUE |
| At 30 September 2024 | 323,061 |
| At 30 September 2023 | 290,618 |
| 6. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans and overdrafts (see note 10) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| REDINGTON ESTATES LIMITED (REGISTERED NUMBER: 05158255) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Bank loans (see note 10) |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,773,205 | 2,108,397 |
| The aggregate amount of creditors for which security has been given amounted to £14,475,750 (2023:£14,825,250). |
| 10. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 30.9.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst | 10,806,000 | 10,806,000 |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 1,773,205 | 2,108,397 |
| REDINGTON ESTATES LIMITED (REGISTERED NUMBER: 05158255) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 11. | RESERVES |
| Distributable | Non distributable |
| reserves / (deficit) | reserves | Total |
| £ | £ | £ |
| At 1 October 2023 | 903,349 | 14,807,167 | 15,710,516 |
| Deficit for the year | (1,860,290 | ) | - | (1,860,290 | ) |
| At 30 September 2024 | (956,941 | ) | 14,807,167 | 13,850,226 |
| 12. | RELATED PARTY DISCLOSURES |
| Amounts due from related parties: |
| Balance as at | Balance as at |
| 01.10.2023 | Movements | Provision | 30.09.2024 |
| £ | £ | £ | £ |
| Newfresh Limited | 595,744 | - | - | 595,744 |
| Less: provision | (595,744 | ) | - | - | (595,744 | ) |
| James Andrew International Limited | 2,654,457 | (47,634 | ) | - | 2,606,823 |
| Less: provision | (1,529,000 | ) | - | (1,077,822 | ) | (2,606,822 | ) |
| RHHS Properties Limited | 1,349,999 | (130,000 | ) | - | 1,219,999 |
| Marhar Investments Limited | - | 169,000 | - | 169,000 |
| 2,475,456 | (8,634 | ) | (1,077,822 | ) | 1,389,000 |
| During the year, management charges of £30,000 (2023: £30,000) were payable to James Andrew International Limited. |
| Included in other debtors are accrued interest balances due from related parties totalling £1 (2023: £388,984). During the year, a provision of £388,983 (2023: £nil) was made against interest receivable from a related party. |
| One of the directors is also a director and has significant interest in the above entities. |