Company Registration No. 05158255 (England and Wales)
Redington Estates Limited
Annual report and unaudited financial statements
For the year ended 30 September 2017
Pages for filing with registrar
REDINGTON ESTATES LIMITED
Redington Estates Limited
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
REDINGTON ESTATES LIMITED
Redington Estates Limited
BALANCE SHEET
AS AT 30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Investment properties
4
21,800,000
21,800,000
Investments
5
78,380
-
21,878,380
21,800,000
Current assets
Debtors
6
2,114,042
2,905,471
Cash at bank and in hand
1,551,499
959,428
3,665,541
3,864,899
Creditors: amounts falling due within one year
7
(729,558)
(1,429,445)
Net current assets
2,935,983
2,435,454
Total assets less current liabilities
24,814,363
24,235,454
Creditors: amounts falling due after more than one year
8
(13,063,870)
(12,700,000)
Provisions for liabilities
(1,344,068)
(1,604,885)
Net assets
10,406,425
9,930,569
Capital and reserves
Called up share capital
9
300
300
Profit and loss reserves
12
10,406,125
9,930,269
Total equity
10,406,425
9,930,569
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 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
REDINGTON ESTATES LIMITED
Redington Estates Limited
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2017
30 September 2017
- 2 -
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 20 June 2018 and are signed on its behalf by:
H M Soning
Director
Company Registration No. 05158255
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 3 -
1
Accounting policies
Company information
Redington Estates Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
55 Loudoun Road, St John's Wood, London, NW8 0DL.
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 a
mounts
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.
These financial statements for the year ended 30 September 2017
are the
first
financial statements of Redington Estates Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 October 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 12.
1.2
Turnover
Turnover represents amounts receivable for rent net of VAT.
1.3
Investment properties
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
1.5
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.
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 4 -
1.6
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 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
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.
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 5 -
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 been discounted.
1.9
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small sized group. The company has therefore taken advantage of the exemption provided by Section 399 of the Companies Act 2006 not to prepare group accounts.
2
Taxation
2017
2016
£
£
Current tax
UK corporation tax on profits for the current period
88,497
114,928
Deferred tax
Deferred tax charge/credit current year
(24,930)
2,469
Other adjustments
(235,887)
(57,729)
Total deferred tax
(260,817)
(55,260)
Total tax (credit)/charge
(172,320)
59,668
3
Dividends
2017
2016
£
£
Ordinary interim paid
150,000
362,500
4
Investment property
2017
£
Fair value
At 1 October 2016 and 30 September 2017
21,800,000
The valuation of the investment property was made as at 30 September 2017 by the directors of the company on an open market basis. No depreciation is provided in respect of the property. On an historical basis the property would have been included at an original cost of £10,477,137 (2016: £10,477,137).
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 6 -
5
Fixed asset investments
2017
2016
£
£
Investments
78,380
-
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 October 2016
-
Valuation changes
78,380
At 30 September 2017
78,380
Carrying amount
At 30 September 2017
78,380
At 30 September 2016
-
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
6,513
6,371
Amounts owed by group undertakings
395,064
-
Amounts owed by related parties
1,000,000
2,394,662
Other debtors
712,465
504,438
2,114,042
2,905,471
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 7 -
7
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
120,000
820,000
Trade creditors
39,300
2,508
Corporation tax
88,472
51,244
Other taxation and social security
51,706
92,857
Other creditors
430,080
462,836
729,558
1,429,445
8
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
13,063,870
12,700,000
The long-term loans are secured by fixed charges
amounting to £13,183,870 (2016: £13,520,000).
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
300 Ordinary shares of £1 each
300
300
10
Transactions with directors
During the year, dividends of £100,000 (2016: £241,667) were paid to H M Soning. As at 30 September 2017, an amount of £54,950 (2016: £59,950) was owed by director H M Soning. The maximum amount by which the loan account was overdrawn during the year was £154,950 (2016: £91,617).
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 8 -
11
Related party transactions
Included in debtors:
Amounts due from related undertakings:
Balance as at
Balance as at
01.10.2016
Movements
30.09.2017
£
£
£
Haysbell Properties Limited
225,000
(225,000)
-
Hortpride Limited
77,500
(77,500)
-
Newfresh Limited
660,844
-
660,844
Less: provision
(660,844)
-
(660,844)
Templewood Cleaning Services Limited
200,000
(200,000)
-
James Andrew International Limited
999,950
50
1,000,000
Haysbell Properties (No 2) Limited
892,212
(892,212)
-
SmartEd-iTORS Limited
496,000
-
496,000
Less: provision
(496,000)
-
(496,000)
2,394,662
(1,394,662)
1,000,000
The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 'Related party disclosures' not to disclose transactions between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.
During the year, management charges of £30,000 (2016: £30,000) were payable to James Andrew International Limited.
During the year, dividends of £100,000 (2016: £241,667), £25,000 (2016: £60,417) and £25,000 (2016: £Nil) were paid to director H M Soning, The James Andrew Badger Pension Scheme and HM & ASF Soning Grandchildren's Accumulation and Maintenance Trust.
As at 30 September 2017, an amount of £54,950 (2016: £59,950) was owed by director H M Soning.
Director H M Soning has a material interest in all the above entities.
Director A S F Soning has a material interest in The James Andrew Badger Pension Scheme and is a director of James Andrew International Limited.
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
- 9 -
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
At 1 October 2015
At 30 September 2016
Previous UK GAAP
Effect of
transition
FRS 102
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
£
£
£
Fixed assets
Other intangibles
72,800
-
72,800
-
-
-
Investment properties
21,800,000
-
21,800,000
21,800,000
-
21,800,000
21,872,800
-
21,872,800
21,800,000
-
21,800,000
Current assets
Debtors
2,282,891
-
2,282,891
2,905,471
-
2,905,471
Bank and cash
747,995
-
747,995
959,428
-
959,428
3,030,886
-
3,030,886
3,864,899
-
3,864,899
Creditors due within one year
Loans and overdrafts
(45,050)
-
(45,050)
(820,000)
-
(820,000)
Taxation
(185,254)
-
(185,254)
(144,101)
-
(144,101)
Other creditors
(427,486)
-
(427,486)
(465,344)
-
(465,344)
(657,790)
-
(657,790)
(1,429,445)
-
(1,429,445)
Net current assets
2,373,096
-
2,373,096
2,435,454
-
2,435,454
Total assets less current liabilities
24,245,896
-
24,245,896
24,235,454
-
24,235,454
Creditors due after one year
Loans and overdrafts
(12,820,000)
-
(12,820,000)
(12,700,000)
-
(12,700,000)
Provisions for liabilities
Deferred tax
2
(275,204)
(1,489,724)
(1,764,928)
(277,673)
(1,327,212)
(1,604,885)
Net assets
11,150,692
(1,489,724)
9,660,968
11,257,781
(1,327,212)
9,930,569
Capital and reserves
Share capital
300
-
300
300
-
300
Revaluation reserve
1
11,322,863
(11,322,863)
-
11,322,863
(11,322,863)
-
Profit and loss
(172,471)
9,937,922
9,765,451
(65,382)
9,995,651
9,930,269
Total equity
11,150,692
(1,384,941)
9,765,751
11,257,781
(1,327,212)
9,930,569
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2017
12
Reconciliations on adoption of FRS 102
(Continued)
- 10 -
Reconciliation of profit for the financial period
Year ended 30 September 2016
Previous UK GAAP
Effect of
transition
FRS 102
Notes
£
£
£
Turnover
944,040
-
944,040
Administrative expenses
(97,767)
-
(97,767)
Other operating income
332
-
332
Operating profit
846,605
-
846,605
Income from participating interests
119,309
-
119,309
Interest receivable and similar income
1,314
-
1,314
Interest payable and similar expenses
(380,242)
-
(380,242)
Profit before taxation
586,986
-
586,986
Taxation
(117,397)
57,729
(59,668)
Profit for the financial period
469,589
57,729
527,318
Notes to reconciliations on adoption of FRS 102
1
Revaluation reserve
Under FRS102, revaluation of investment properties has been recognised in the profit and loss account.
2
Deferred tax
Deferred tax on revalued investment properties has been recognised under FRS102 in the profit and loss account.
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A S F Soning
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