Reddington Jordan Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 01763120

	Reddington Jordan Limited

	Filleted Unaudited Financial Statements

	31 December 2024

Reddington Jordan Limited

Financial Statements

Year ended 31 December 2024

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Reddington Jordan Limited

Officers and Professional Advisers

Director	Mr R Scullion

Company secretary	Mr R Scullion

Registered office	Unit 3c Deacon Est
	Forstal Rd
	Aylesford Maidstone
	Kent
	ME20 7SP

Accountants	BDO Northern Ireland
	Chartered accountants
	Metro Building, 1st Floor
	6-9 Donegall Square South
	Belfast
	BT1 5JA

Bankers	Natwest
	3 High Street
	Maidstone
	Kent
	ME14 1HJ

Reddington Jordan Limited

Statement of Financial Position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Tangible assets	6		45,294	58,852

Current assets

Stocks		55,830	122,395
Debtors	7	347,799	389,288
Cash at bank and in hand		–	8,111
		---------	---------
		403,629	519,794

Creditors: amounts falling due within one year	8	2,917,783		2,561,505
		------------		------------
Net current liabilities			2,514,154	2,041,711
			------------	------------
Total assets less current liabilities			( 2,468,860)	( 1,982,859)

Provisions

Taxation including deferred tax	–	3,299
	------------	------------
Net liabilities	( 2,468,860)	( 1,986,158)
	------------	------------

Capital and reserves

Called up share capital	292,500	292,500
Profit and loss account	( 2,761,360)	( 2,278,658)
	------------	------------
Shareholders deficit	( 2,468,860)	( 1,986,158)
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Reddington Jordan Limited

Statement of Financial Position (continued)

31 December 2024

These financial statements were approved by the board of directors and authorised for issue on 6 November 2025 , and are signed on behalf of the board by:

Mr R Scullion
Director

Company registration number: 01763120

Reddington Jordan Limited

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Unit 3c Deacon Est, Forstal Road, Aylesford, Maidstone, Kent, ME20 7SP. The principal activity of the company during the year was manufacture of furniture.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial reporting framework that has been applied in their preparation is the Companies Act 2006 (the Act) and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland issued by the Financial Reporting Council. The company qualifies as a small company for the period, as defined by section 382 of the Act, in respect of the financial year, and has applied the rules of the 'Small Companies Regime' in accordance with section 381 of the Act and Section 1A of FRS 102.

Going concern

On 20 December 2023, the company entered into a five-year Company Voluntary Agreement ("CVA"). If the CVA successfully completes in December 2028, approximately £1.7 million of the company's liabilities will be written off. However, if the CVA fails at any point in time, the CVA liabilities will be due immediately in full. Therefore, these liabilities are included in full within the amounts due within one year in the financial statements. The director is of the opinion that the company can return to profit following a significant cost cutting exercise. On this basis, the director considers that the company will be able to pay its obligations as they fall due and therefore, it is appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments that would result if the facilities were removed or the CVA failed and the director could not obtain adequate replacement finance.

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. The key judgements made are as follows: - Going concern is discussed in detail above. In assessing the reasonableness of the going concern basis, the director has used judgement in preparing budgets and cashflow forecasts for the upcoming 12 months. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the assets and projected disposal values. - Trade and other debtors are reocgnised to the extent that they are judged recoverable. Management reviews are performed to estimate the level of reserves for irrecoverable debt. Provisions are made against invoices where recoverability is uncertain.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied. Turnover from the sale of goods is recognised when the significant risks and rewards, of ownership of the goods have transferred to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probably that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

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

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Licence	-	10% straight line

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

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:

Short leasehold property	-	11% straight line
Plant and machinery	-	33% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	33% straight line

	Equipment	-	33% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Cash and cash equivalents

Cash consists of cash on hand and demand deposits.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

Other financial assets

Other financial assets, including trade debtors, amounts owed by group undertakings and other debtors, are initially measured at the undiscounted amount of cash receivable from that customer, which is normally the invoice price, and are subsequently measured at amortised cost less impairment, where there is objective evidence of an impairment.

Other financial liabilities

Other financial liabilities include trade creditors, amounts owed to group undertakings and other creditors. Creditors are measured at invoice price, unless payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. In this case the arrangement constitutes a financing transaction, and the financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 22 (2023: 29 ).

5. Intangible assets

	Licence
	£
Cost
At 1 January 2024 and 31 December 2024	77,810
	--------
Amortisation
At 1 January 2024 and 31 December 2024	77,810
	--------
Carrying amount
At 31 December 2024	–
	--------
At 31 December 2023	–
	--------

6. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Jan 2024 and 31 Dec 2024	45,780	105,889	61,671	66,749	27,119	307,208
	--------	---------	--------	--------	--------	---------
Depreciation
At 1 Jan 2024	9,615	105,438	40,328	65,856	27,119	248,356
Charge for the year	4,862	444	7,359	893	–	13,558
	--------	---------	--------	--------	--------	---------
At 31 Dec 2024	14,477	105,882	47,687	66,749	27,119	261,914
	--------	---------	--------	--------	--------	---------
Carrying amount
At 31 Dec 2024	31,303	7	13,984	–	–	45,294
	--------	---------	--------	--------	--------	---------
At 31 Dec 2023	36,165	451	21,343	893	–	58,852
	--------	---------	--------	--------	--------	---------

7. Debtors

	2024	2023
	£	£
Trade debtors	135,633	294,662
Amounts owed by group undertakings	–	3,171
Other debtors	212,166	91,455
	---------	---------
	347,799	389,288
	---------	---------

All debts are due within one year.

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank overdrafts	6,776	–
Trade creditors	396,563	333,475
Amounts owed to group undertakings	1,614,619	1,236,282
Social security and other taxes	712,704	649,999
Other creditors	187,121	341,749
	------------	------------
	2,917,783	2,561,505
	------------	------------

Amounts owed to group undertakings, not covered by the CVA, are unsecured, interest free and repayable on demand. On 2 August 2023 a floating charge was registered over the present and future inventory of Reddington Jordan Limited. Included within creditors above is £2.1 million in relation to amounts which form part of the Company Voluntary Agreement (CVA). If the CVA completes successfully in December 2028, approximately £1.7 million of the company's liabilities will be written off.

9. Related party transactions

There are no transactions with related parties that are required to be disclosed under FRS 102 Section 1A.