Company Registration No. 05158255 (England and Wales)
Redington Estates Limited
Unaudited financial statements
For the year ended 30 September 2021
Pages for filing with registrar
REDINGTON ESTATES LIMITED
Redington Estates Limited
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
REDINGTON ESTATES LIMITED
Redington Estates Limited
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
20,873
Investment properties
5
27,500,000
27,500,000
Investments
6
161,828
78,381
27,682,701
27,578,381
Current assets
Debtors
7
2,554,190
2,264,680
Cash at bank and in hand
1,849,088
1,023,317
4,403,278
3,287,997
Creditors: amounts falling due within one year
8
(1,005,572)
(750,726)
Net current assets
3,397,706
2,537,271
Total assets less current liabilities
31,080,407
30,115,652
Creditors: amounts falling due after more than one year
9
(13,136,710)
(12,445,790)
Provisions for liabilities
(3,355,134)
(2,544,500)
Net assets
14,588,563
15,125,362
Capital and reserves
Called up share capital
330
300
Profit and loss reserves
12
14,588,233
15,125,062
Total equity
14,588,563
15,125,362
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 2021 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.
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 2021
30 September 2021
- 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 7 June 2022 and are signed on its behalf by:
H M Soning
Director
Company Registration No. 05158255
REDINGTON ESTATES LIMITED
Redington Estates Limited
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2019
300
10,518,940
10,519,240
Year ended 30 September 2020:
Profit and total comprehensive income for the year
-
4,606,122
4,606,122
Balance at 30 September 2020
300
15,125,062
15,125,362
Year ended 30 September 2021:
Loss and total comprehensive income for the year
-
(386,829)
(386,829)
Issue of share capital
30
-
30
Dividends
-
(150,000)
(150,000)
Balance at 30 September 2021
330
14,588,233
14,588,563
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 4 -
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.
1.2
Turnover
Turnover represents amounts receivable for rent net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
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 profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 5 -
1.5
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
.
Investments in quoted shares are initially recognised at their transaction value and subsequently measured at their market value as at the balance sheet date using the closing quoted market price. The profit and loss account includes the net gains and losses arising on revaluation and disposals throughout the year.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of
its investment property
to determine whether there is any indication that
it has
suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
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.
1.8
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.
Fair value measurement of financial instruments
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are
s
ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in
profit
or
loss
in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
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.
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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.10
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.
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.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation
in the period
are included in profit or loss.
1.13
The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertakings 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
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2020: 3).
2021
2020
Number
Number
Total
2
3
3
Taxation
2021
2020
£
£
Current tax
UK corporation tax on profits for the current period
77,104
Adjustments in respect of prior periods
(3,105)
Total current tax
77,104
(3,105)
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
3
Taxation
(Continued)
- 7 -
Deferred tax
Deferred tax charge current year
810,634
1,321,301
Total tax charge
887,738
1,318,196
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2020
Additions
23,855
At 30 September 2021
23,855
Depreciation and impairment
At 1 October 2020
Depreciation charged in the year
2,982
At 30 September 2021
2,982
Carrying amount
At 30 September 2021
20,873
At 30 September 2020
5
Investment property
2021
£
Fair value
At 1 October 2020 and 30 September 2021
27,500,000
The valuation of the investment property was made as at 30 September 20
21
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 (20
20
: £
10,477,137
).
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 8 -
6
Fixed asset investments
2021
2020
£
£
Investments
161,828
78,381
Movements in fixed asset investments
Shares in Group Undertaking
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2020
78,381
-
78,381
Additions
-
85,325
85,325
Valuation changes
-
(1,878)
(1,878)
At 30 September 2021
78,381
83,447
161,828
Carrying amount
At 30 September 2021
78,381
83,447
161,828
At 30 September 2020
78,381
-
78,381
7
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
7,121
Amounts owed by group undertakings
709,488
700,824
Amounts owed by related parties
1,259,130
1,139,337
Other debtors
578,451
424,519
2,554,190
2,264,680
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 9 -
8
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
319,520
184,520
Trade creditors
1,446
Corporation tax
77,105
(21,822)
Other taxation and social security
127,408
144,361
Other creditors
480,093
443,667
1,005,572
750,726
9
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
13,136,710
12,445,790
The aggregate amount of creditors for which security has been given amounted
to £
13,520,750
(20
20
: £
12,630,310
).
10
Transactions with directors
As at 30 September
2021
, an amount of £
8,128
(20
20
: £
550 was
owed
to
a director) was owed
by a director.
During the year, dividends of £100,000 (2020: £Nil) were paid to the directors.
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2021
- 10 -
11
Related party transactions
Included in debtors:
Amounts due from related undertakings:
Balance as at
Balance as at
01.10.2020
Movements
Write-off
30.09.2021
£
£
£
Newfresh Limited
595,744
-
-
595,744
Less: provision
(595,744)
-
-
(595,744)
James Andrew International Limited
2,028,337
44,793
-
2,073,130
Less: provision
(1,014,000)
-
-
(1,014,000)
James Andrew Robinson Somerston Warner Limited
-
200,000
-
200,000
1,014,337
244,793
-
1,259,130
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 parent of the group to which it is party to the transactions.
During the year, management charges of £30,000 (20
20
: £30,000) were payable to James Andrew International Limited.
Included in other debtors are accrued interest balances due from related parties totalling £391,701 (2020: £390,358).
One of the directors is also a director and has a significant interest in the above entities.
2021-09-30
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false
07 June 2022
CCH Software
CCH Accounts Production 2022.100
No description of principal activity
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A S F Soning
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