Company Registration No. 05158255 (England and Wales)
Redington Estates Limited
Unaudited financial statements
For the year ended 30 September 2022
Pages for filing with registrar
REDINGTON ESTATES LIMITED
Redington Estates Limited
COMPANY INFORMATION
Directors
H M Soning
A S F Soning
J H L Weston
Company number
05158255
Registered office
55 Loudoun Road
St John's Wood
London
NW8 0DL
Accountants
MGR Weston Kay LLP
55 Loudoun Road
St John's Wood
London
NW8 0DL
Bankers
Coutts & Co
St. Martin's Office
440 Strand
London
WC2R 0QS
Solicitors
Kingsley Napley LLP
Knights Quarter
14 St. John's Lane
London
EC1M 4AJ
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 2022
30 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
14,909
20,873
Investment properties
5
28,525,000
27,500,000
Investments
6
269,821
161,828
28,809,730
27,682,701
Current assets
Debtors
7
3,651,602
2,554,190
Cash at bank and in hand
1,518,830
1,849,088
5,170,432
4,403,278
Creditors: amounts falling due within one year
8
(1,179,923)
(1,005,572)
Net current assets
3,990,509
3,397,706
Total assets less current liabilities
32,800,239
31,080,407
Creditors: amounts falling due after more than one year
9
(12,817,190)
(13,136,710)
Provisions for liabilities
(3,606,358)
(3,355,134)
Net assets
16,376,691
14,588,563
Capital and reserves
Called up share capital
330
330
Profit and loss reserves
12
16,376,361
14,588,233
Total equity
16,376,691
14,588,563
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 2022 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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
REDINGTON ESTATES LIMITED
Redington Estates Limited
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2022
30 September 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 June 2023 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 2022
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 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
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
1,788,128
1,788,128
Balance at 30 September 2022
330
16,376,361
16,376,691
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention modified 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 at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
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 subsequently 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 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 payments 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.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 6 -
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 not been discounted.
1.11
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.
1.12
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 (2021: 2).
2022
2021
Number
Number
Total
2
2
3
Taxation
2022
2021
£
£
Current tax
UK corporation tax on profits for the current period
266,709
77,104
Adjustments in respect of prior periods
2,047
Total current tax
268,756
77,104
Deferred tax
Deferred tax charge current year
251,225
810,634
Total tax charge
519,981
887,738
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 7 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2021 and 30 September 2022
23,855
Depreciation and impairment
At 1 October 2021
2,982
Depreciation charged in the year
5,964
At 30 September 2022
8,946
Carrying amount
At 30 September 2022
14,909
At 30 September 2021
20,873
5
Investment property
2022
£
Fair value
At 1 October 2021
27,500,000
Revaluations
1,025,000
At 30 September 2022
28,525,000
On an historical basis the property would have been included at an original cost of £10,477,137 (2021: £10,477,137).
6
Fixed asset investments
2022
2021
£
£
Investments
269,821
161,828
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
6
Fixed asset investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in Group Undertaking
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2021
78,381
83,447
161,828
Additions
-
213,358
213,358
Valuation changes
-
(43,947)
(43,947)
Disposals
-
(61,418)
(61,418)
At 30 September 2022
78,381
191,440
269,821
Carrying amount
At 30 September 2022
78,381
191,440
269,821
At 30 September 2021
78,381
83,447
161,828
7
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
330,901
7,121
Amounts owed by group undertakings
779,894
709,488
Amounts owed by related parties
1,164,675
1,259,130
Other debtors
1,376,132
578,451
3,651,602
2,554,190
8
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
319,520
319,520
Trade creditors
1,566
1,446
Corporation tax
266,709
77,105
Other taxation and social security
102,368
127,408
Other creditors
489,760
480,093
1,179,923
1,005,572
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 9 -
9
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
12,817,190
13,136,710
The aggregate amount of creditors for which security has been given amounted to £13,136,710 (2021: £13,456,230).
10
Transactions with directors
As at 30 September 2022, an amount of £5,566 (2021: £8,128 was owed by a director) was owed to a director.
During the year, dividends of £Nil (2021: £100,000) were paid to a director.
REDINGTON ESTATES LIMITED
Redington Estates Limited
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2022
- 10 -
11
Related party transactions
Included in debtors:
Amounts due from related undertakings:
Balance as at
Balance as at
01.10.2021
Movements
Write-off
30.09.2022
£
£
£
Newfresh Limited
595,744
-
-
595,744
Less: provision
(595,744)
-
-
(595,744)
James Andrew International Limited
2,073,130
105,545
-
2,178,675
Less: provision
(1,014,000)
-
-
(1,014,000)
James Andrew Robinson Somerston Warner Limited
200,000
(200,000)
-
-
1,259,130
(94,455)
-
1,164,675
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 (2021: £30,000) were payable to James Andrew International Limited.
Included in other debtors are accrued interest balances due from related parties totalling £388,984 (2021: £388,984).
One of the directors is also a director and has a significant interest in the above entities.
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