Company registration number 12919561 (England and Wales)
REDWORTH ESTATE PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
REDWORTH ESTATE PROPERTIES LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
REDWORTH ESTATE PROPERTIES LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
1,810,670
1,810,670
Current assets
Cash at bank and in hand
7,178
6,583
Creditors: amounts falling due within one year
4
(626,978)
(619,076)
Net current liabilities
(619,800)
(612,493)
Total assets less current liabilities
1,190,870
1,198,177
Creditors: amounts falling due after more than one year
5
(1,037,533)
(1,093,088)
Net assets
153,337
105,089
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
153,237
104,989
Total equity
153,337
105,089

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 October 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.

The financial statements were approved by the board of directors and authorised for issue on 25 July 2025 and are signed on its behalf by:
Mr SJ Clark
Director
Company registration number 12919561 (England and Wales)
REDWORTH ESTATE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 2 -
1
Accounting policies
Company information

Redworth Estate Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Lambton, Redworth Hall Estate, Redworth, Newton Aycliffe, Co Durham, DL5 6PA.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. 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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
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. Changes in fair value are recognised in profit or loss.

1.4
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.

1.5
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.

 

Financial instruments are recognised in the company's statement of financial position 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
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 income statement 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.

REDWORTH ESTATE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
3
Investment property
2024
£
Fair value
At 1 November 2023 and 31 October 2024
1,810,670

Investment property comprises £1,810,670. The fair value of the investment property has been arrived at on the basis of a valuation carried out by Browns Chartered Surveyors in the previous year, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Directors believe the valuation of the property held has not changed significantly during the year other than the amount showing in addition above.

4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
49,594
49,594
Corporation tax
12,293
13,016
Other creditors
565,091
556,466
626,978
619,076

The bank loan is secured against the properties.

5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,037,533
1,093,088

The bank loan is secured against the properties.

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