Redferns Ottery St Mary Ltd

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 7

(Registration number: 04817078)
Statement of Financial Position as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	49,867	28,503
Current assets
Debtors	6	478,670	339,808
Cash at bank and in hand		140,201	158,162
		618,871	497,970
Creditors: Amounts falling due within one year	7	(113,884)	(114,979)
Net current assets		504,987	382,991
Total assets less current liabilities		554,854	411,494
Provisions for liabilities		(4,017)	(6,951)
Net assets		550,837	404,543
Capital and reserves
Profit and loss account		550,837	404,543
Shareholders' funds		550,837	404,543

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 8 September 2025 and signed on its behalf by:

Mr L Maddicks
Director

Redferns Ottery St Mary Ltd

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

1	General information

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

The address of its registered office is:
8 Mill Street
Ottery St Mary
Devon
EX11 1AD

Principal activity

The principal activity of the company is that of estate agents.

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.

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 is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Redferns Ottery St Mary Ltd

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

2	Accounting policies (continued)

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.

Operating 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.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.

Depreciation

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

Asset class	Depreciation method and rate
Long leasehold property	20% reducing balance
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

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.

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 with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Redferns Ottery St Mary Ltd

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

2	Accounting policies (continued)

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 a 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.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 14).

Redferns Ottery St Mary Ltd

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

4	Intangible assets

Goodwill
£

Total
£

Cost or valuation

At 1 January 2024

60,000

60,000

At 31 December 2024

60,000

60,000

Amortisation

At 1 January 2024

60,000

60,000

At 31 December 2024

60,000

60,000

Carrying amount

At 31 December 2024

-

-

5

Tangible assets

Long leasehold property
£

Plant and machinery
£

Motor vehicles
£

Total
£

Cost or valuation

At 1 January 2024

2,605

27,815

45,500

75,920

Additions

-

483

49,900

50,383

Disposals

-

-

(18,500)

(18,500)

At 31 December 2024

2,605

28,298

76,900

107,803

Depreciation

At 1 January 2024

2,559

22,875

21,983

47,417

Charge for the year

9

1,360

9,921

11,290

Eliminated on disposal

-

-

(771)

(771)

At 31 December 2024

2,568

24,235

31,133

57,936

Carrying amount

At 31 December 2024

37

4,063

45,767

49,867

At 31 December 2023

46

4,940

23,517

28,503

Redferns Ottery St Mary Ltd

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

6

Debtors

	Note	2024 £	2023 £
Trade debtors		18,290	7,650
Amounts owed by related parties	9	457,993	329,859
Prepayments		2,387	1,711
Other debtors		-	588
		478,670	339,808

7

Creditors

Creditors: amounts falling due within one year

	2024 £	2023 £
Due within one year
Trade creditors	990	99
Taxation and social security	83,019	81,901
Accruals and deferred income	4,976	5,299
Other creditors	24,899	27,680
	113,884	114,979

8

Reserves

Profit and loss account: This reserve records retained earnings and accumulated losses.

9	Related party transactions

Transactions with directors

Redferns Ottery St Mary Ltd

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

9	Related party transactions (continued)

2024	At 1 January 2024 £	Advances to director £	Repayments by director £	At 31 December 2024 £
Loan from directors	(21,225)	13,283	(5,365)	(13,307)

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Loan from directors

(22,597)

6,372

(5,000)

(21,225)

	Goodwill £	Total £
Cost or valuation
At 1 January 2024	60,000	60,000
At 31 December 2024	60,000	60,000
Amortisation
At 1 January 2024	60,000	60,000
At 31 December 2024	60,000	60,000
Carrying amount
At 31 December 2024	-	-

	Long leasehold property £	Plant and machinery £	Motor vehicles £	Total £
Cost or valuation
At 1 January 2024	2,605	27,815	45,500	75,920
Additions	-	483	49,900	50,383
Disposals	-	-	(18,500)	(18,500)
At 31 December 2024	2,605	28,298	76,900	107,803
Depreciation
At 1 January 2024	2,559	22,875	21,983	47,417
Charge for the year	9	1,360	9,921	11,290
Eliminated on disposal	-	-	(771)	(771)
At 31 December 2024	2,568	24,235	31,133	57,936
Carrying amount
At 31 December 2024	37	4,063	45,767	49,867
At 31 December 2023	46	4,940	23,517	28,503

2023	At 1 January 2023 £	Advances to director £	Repayments by director £	At 31 December 2023 £
Loan from directors	(22,597)	6,372	(5,000)	(21,225)