Registered number:
10276030
REWD LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 JULY 2020
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REWD LIMITED
REGISTERED NUMBER:
10276030
BALANCE SHEET
AS AT
31 JULY 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Page 1
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REWD LIMITED
REGISTERED NUMBER:
10276030
BALANCE SHEET
(CONTINUED)
AS AT
31 JULY 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
9 July 2021
.
The notes on pages 3 to 8 form part of these financial statements.
Page 2
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REWD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
Rewd Limited is a private company incorporated in England and Wales.
The company is limited by shares and the address of the registered office is Henwood House, Henwood, Ashford, Kent, TN24 8DH.
The principal place of business is Charles Anthony House, Manston Road, Margate, Kent, CT9 4JW.
The registered number of the company is 10276030.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Page 3
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REWD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
2.
Accounting policies (continued)
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Page 4
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REWD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
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The average monthly number of employees, including directors, during the year was
3
(2019 -
3
)
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Investments in subsidiary companies
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Freehold investment property
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The 2020 valuations were made by the directors, on an open market value for existing use basis.
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Prepayments and accrued income
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Page 5
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REWD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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The following liabilities were secured:
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Details of security provided:
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Creditors falling due within one year include bank loans which are secured by a fixed charge over specific property owned by the company and a fixed and floating charge over all property and undertakings of the company.
Other creditors include £1,200,000 (2019: £1,200,000) which is secured by a fixed charge over specific property owned by the company.
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Creditors: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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Creditors falling due after more than one year comprise bank loans which are secured by a fixed charge over specific property owned by the company and a fixed and floating charge over all property and undertakings of the company.
Page 6
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REWD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Page 7
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REWD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2020
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Allotted, called up and fully paid
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50
(2019 -
50
)
ordinary A
shares of £
1.00
each
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50
(2019 -
50
)
ordinary B
shares of £
1.00
each
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All classes of shares rank pari passu.
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Related party transactions
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Mr W Ray is a director of D.D.S (Demolition) Limited.
During the year, the company received goods and services totalling £73,978 (2019: £152,006) from D.D.S (Demolition) Limited. The amount due to D.D.S (Demolition) Limited at the Balance Sheet date was £Nil (2019: £113,388).
Mr W Ray is a director of DDS Environmental Limited.
During the year, the company received goods and services totalling £Nil (2019: £17,928) from DDS Environmental Limited. The amount due to DDS Environmental Limited at the Balance Sheet date was £Nil (2019: £Nil).
Mr W Ray is a director of Shemara (Kent) Limited.
During the year, the company received funds totalling £80,000 (2019: £242,066) from Shemara (Kent) Limited. The amount due to Shemara (Kent) Limited at the Balance Sheet date was £322,066 (2019: £242,066).
Mr W Ray is a director of European Gateway Limited.
During the year, the company paid for costs on behalf of European Gateway Limited totalling £1,379 (2019: £4,344). The amount due from European Gateway Limited at the Balance Sheet date was £5,723 (2019: £4,344).
Mr W Ray is a director of 1948 Group Limited.
During the year, the company received funds totalling £200,000 (2019: £Nil) from 1948 Group Limited. The amount due to 1948 Group Limited at the Balance Sheet date was £660,000 (2019: £460,000).
All transactions were at arms length and in the normal course of business.
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Page 8
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