Red House I Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Unaudited Financial Statements	4 to 9

Red House I Ltd

Company Information

Directors

V A Laidler A M T MacLeod

Registered office

27 Old Gloucester Street London WC1N 3AX

Registered Number

11634543

Accountants

Verinder Powell Associates Limited Suite 5 Corum 2 Corum Office Park Crown Way Warmley Bristol BS30 8FJ

Red House I Ltd

(Registration number: 11634543)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	4	142,246	165,174
Tangible assets	5	4,893	3,256
		147,139	168,430
Current assets
Debtors	6	109,989	260,929
Cash at bank and in hand		267,103	101,970
		377,092	362,899
Creditors: Amounts falling due within one year	7	(415,395)	(385,568)
Net current liabilities		(38,303)	(22,669)
Total assets less current liabilities		108,836	145,761
Creditors: Amounts falling due after more than one year	7	(7,903)	(18,206)
Provisions for liabilities		(36,675)	(42,700)
Net assets		64,258	84,855
Capital and reserves
Called up share capital		21	21
Retained earnings		64,237	84,834
Shareholders' funds		64,258	84,855

Red House I Ltd

(Registration number: 11634543)
Balance Sheet as at 31 December 2024

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 Profit and Loss Account.

Approved and authorised by the Board on 11 September 2025 and signed on its behalf by:
 

......................................... V A Laidler Director

......................................... A M T MacLeod Director

Red House I 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 and Wales.

The address of its registered office is:
27 Old Gloucester Street
London
WC1N 3AX

These financial statements were authorised for issue by the Board on 11 September 2025.

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). There have been no material departures from the Financial Reporting Standard 102 1A.

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 Pounds Sterling (£), and are rounded to the nearest pound.

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 sales/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.

Tax

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 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.

Red House I Ltd

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

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible assets

Tangible assets are stated in the balance sheet 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 of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	33% on cost
Computer equipment	33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Red House I Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 5).

Red House I Ltd

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

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 January 2024	229,282	229,282
At 31 December 2024	229,282	229,282
Amortisation
At 1 January 2024	64,108	64,108
Amortisation charge	22,928	22,928
At 31 December 2024	87,036	87,036
Carrying amount
At 31 December 2024	142,246	142,246
At 31 December 2023	165,174	165,174

5	Tangible assets

	Fixtures and fittings £	Computer equipment £	Total £
Cost or valuation
At 1 January 2024	1,387	28,705	30,092
Additions	690	4,436	5,126
Disposals	-	(17,407)	(17,407)
At 31 December 2024	2,077	15,734	17,811
Depreciation
At 1 January 2024	1,340	25,496	26,836
Charge for the year	123	3,366	3,489
Eliminated on disposal	-	(17,407)	(17,407)
At 31 December 2024	1,463	11,455	12,918
Carrying amount
At 31 December 2024	614	4,279	4,893
At 31 December 2023	47	3,209	3,256

Red House I Ltd

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

6

Debtors

	2024 £	2023 £
Trade debtors	105,354	257,239
Prepayments	4,555	3,690
Other debtors	80	-
	109,989	260,929

7

Creditors

Due within one year	2024 £	2023 £
Bank borrowings	10,313	10,064
Trade creditors	103,516	57,230
Taxation and social security	147,259	112,279
Accruals and deferred income	113,655	168,238
Other creditors	40,652	37,757
	415,395	385,568

 

	2024 £	2023 £
Due after one year
Loans and borrowings	7,903	18,206

Included in bank borrowings is a combined balance of £18,216 (2023 - £28,270) which is unsecured and guaranteed by the government.

8	Financial commitments, guarantees and contingencies

Pension commitments

Included in the balance sheet are pensions of £1,027 (2023 - £513). The company participates in a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Red House I Ltd

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

9	Related party transactions

Loans from related parties

2024	Key management £	Total £
At start of period	36,613	36,613
Advanced	290,012	290,012
Repaid	(289,293)	(289,293)
At end of period	37,332	37,332

2023	Key management £	Total £
At start of period	23,306	23,306
Advanced	243,455	243,455
Repaid	(230,148)	(230,148)
At end of period	36,613	36,613

Terms of loans from related parties

Loans from key management are interest free and repayable on demand.