Company registration number 04358906 (England and Wales)
REDD CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
REDD CONSTRUCTION LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
REDD CONSTRUCTION LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,221
1,715
Current assets
Stocks
4
784,770
784,770
Debtors
5
254,595
200,882
Investments
6
66,048
15,519
Cash at bank and in hand
253,253
450,542
1,358,666
1,451,713
Creditors: amounts falling due within one year
7
(38,612)
(109,911)
Net current assets
1,320,054
1,341,802
Total assets less current liabilities
1,321,275
1,343,517
Creditors: amounts falling due after more than one year
8
(1,007,397)
(1,017,398)
Provisions for liabilities
9
(428)
(428)
Net assets
313,450
325,691
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
313,350
325,591
Total equity
313,450
325,691
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
REDD CONSTRUCTION LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 June 2025 and are signed on its behalf by:
Steve James O'Mahoney
Director
Company registration number 04358906 (England and Wales)
REDD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
REDD CONSTRUCTION LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 1 Queens Parade, Brownlow Road, London, N11 2DN.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for properties sold, work done and other property related income. The fair value of consideration takes into account trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation.
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:
Fixtures, fittings & equipment
10% straight line
Motor vehicles
25% reducing balance method
Freehold land and assets in the course of construction are not depreciated.
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
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks 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.
REDD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
REDD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023 and 30 September 2024
18,994
Depreciation and impairment
At 1 October 2023
17,279
Depreciation charged in the year
494
At 30 September 2024
17,773
Carrying amount
At 30 September 2024
1,221
At 30 September 2023
1,715
4
Stocks
2024
2023
£
£
Completed sites
784,770
784,770
Completed sites represent development properties held by the company.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
35,667
23,030
Directors' current account
185,680
145,408
Other debtors
33,248
32,444
254,595
200,882
REDD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
5
Debtors
(Continued)
- 6 -
Included in other debtors is an amount of £29,542 (2023 : £28,929) due by Redd Holdings Limited, a company controlled by the directors of this company.
6
Current asset investments
2024
2023
£
£
Other investments
66,048
15,519
The above current asset investment represents quoted shares held through a digital investing platform, Interactive Investor Services Limited (previously: EQi).
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
360
360
Corporation tax
19,502
90,051
Other creditors
8,750
9,500
38,612
109,911
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,007,397
1,017,398
The bank loans represent mortgages and a Bounce Back Loan. The borrowing under the Bounce Back Loan Scheme, introduced by the UK government and commercial banks is guaranteed 100% by the government. The mortgages are secured by a fixed charge over the assets of the company and personal guarantees given by the director and members of his family. The mortgage payments are interest only.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
-
(999,897)
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
428
428
REDD CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
10
Called up share capital
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
11
Controlling party
The company was controlled throughout the current and previous year by the directors of the company by virtue of the fact that, between them they own the entire issued share capital of the company.
12
Directors' transactions
The director's loan account was overdrawn during the year and interest amounting to £3,743 (2023 : £3,547) was paid to the company, on the overdrawn balances, at HMRC's official rate of interest. The movement on these loans are as follows:
Dividends totalling £78,000 (2023 - £76,000) were paid in the year in respect of shares held by the company's directors.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors' current account
2.25
145,408
1,109,876
3,547
(1,074,252)
185,680