Redwood Estate Management Ltd Filleted accounts for Companies House (small and micro)

REDWOOD ESTATE MANAGEMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09587653

Redwood Estate Management Ltd

Filleted Unaudited Financial Statements

For the year ended

31 December 2019

Redwood Estate Management Ltd

Financial Statements

Year ended 31 December 2019

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3

Redwood Estate Management Ltd

Officers and Professional Advisers

The board of directors	Mr M G Spann
	Mr M L Leckenby

Registered office	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Redwood Estate Management Ltd

Statement of Financial Position

31 December 2019

	2019	2018
Note	£	£

Fixed assets

Tangible assets	4	3,578	4,890

Current assets

Debtors	5	4,780	13,680
Cash at bank and in hand		62,593	61,896
		--------	--------
		67,373	75,576

Creditors: amounts falling due within one year	6	99,053	67,991
		--------	--------
Net current (liabilities)/assets		( 31,680)	7,585
		--------	--------
Total assets less current liabilities		( 28,102)	12,475
		--------	--------
Net (liabilities)/assets		( 28,102)	12,475
		--------	--------

Capital and reserves

Called up share capital	7	90	90
Profit and loss account		( 28,192)	12,385
		--------	--------
Shareholders (deficit)/funds		( 28,102)	12,475
		--------	--------

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 income statement has not been delivered.

For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 17 December 2020 , and are signed on behalf of the board by:

Mr M G Spann

Director

Company registration number: 09587653

Redwood Estate Management Ltd

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.

2. Accounting policies

Basis of preparation

At 31st December 2019 the company had net liabilities of £28,102. The company is reliant on the continued support of the director. The director has confirmed his intention to support the company for at least 12 months from the date of signing the accounts. On the above basis, the director considers that the accounts should be prepared on a going concern basis.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Fixtures and fittings	-	25% reducing balance
Equipment	-	25% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

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.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 4 (2018: 4 ).

4. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 January 2019	1,528	5,953	7,481
Additions	–	1,950	1,950
Disposals	–	( 2,083)	( 2,083)
	-------	-------	-------
At 31 December 2019	1,528	5,820	7,348
	-------	-------	-------
Depreciation
At 1 January 2019	827	1,764	2,591
Charge for the year	176	1,003	1,179
	-------	-------	-------
At 31 December 2019	1,003	2,767	3,770
	-------	-------	-------
Carrying amount
At 31 December 2019	525	3,053	3,578
	-------	-------	-------
At 31 December 2018	701	4,189	4,890
	-------	-------	-------

5. Debtors

	2019	2018
	£	£
Trade debtors	4,780	13,680
	-------	--------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	3,110	3,009
Amounts owed to group undertakings and undertakings in which the company has a participating interest	21,206	22,469
Corporation tax	–	3,874
Social security and other taxes	12,395	10,670
Other creditors	62,342	27,969
	--------	--------
	99,053	67,991
	--------	--------

7. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary A shares of £ 1 each	40	40	40	40
Ordinary B shares of £ 1 each	40	40	40	40
Ordinary C shares of £ 1 each	10	10	10	10
	----	----	----	----
	90	90	90	90
	----	----	----	----

8. Directors' advances, credits and guarantees

At the statement of financial position date the balance owing to the directors totalled £50,540 (2018: £12,993). The directors loans are unsecured, interest free and repayable on demand.