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Redhall Network Solutions Holdings Limited
Registered number: 11700468
Financial statements
For the year ended 30 September 2020
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11700468
30 September 2020
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REDHALL NETWORK SOLUTIONS HOLDINGS LIMITED
REGISTERED NUMBER: 11700468
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 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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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 comprehensive income 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 10 March 2021.
The notes on pages 2 to 8 form part of these financial statements.
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11700468
30 September 2020
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REDHALL NETWORK SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Redhall Network Solutions Holdings Limited ("the Company") is a private Company, limited by shares, registered in England and Wales, registration number is 11700468. The address of its registered office is 5 Midland Way, Barlborough, Chesterfield, England, S43 4UL.
The principal activity of the Company is that of a holding Company.
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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated financial statements.
The directors have a reasonable expectation that the Company has adequate resources to continue in operation for the foreseeable future. They have undertaken an assessment of the possible business impacts associated with the COVID-19 Coronavirus pandemic. The Company and its trading subsidiary are in a strong position giving the Directors a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that it is able to face future challenges. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
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 value added tax. Revenue is attributable to a management re-charge made to its 100% owned subsidiary.
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11700468
30 September 2020
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REDHALL NETWORK SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
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11700468
30 September 2020
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REDHALL NETWORK SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Comprehensive Income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.
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.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.
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11700468
30 September 2020
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REDHALL NETWORK SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The critical judgements that the directors have made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below.
(i) Assessing indicators of impairment
In assessing whether there have been any indicators of impairment of assets, the directors have considered both external and internal sources of information such as market conditions, counterparty credit rating and experience of recoverability and where applicable, the ability of the asset to be operated as planned.
Key sources of estimation uncertainty
The directors do not believe there are any key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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The Company has no employees other than the Directors, who did not receive any remuneration (2019 - £NIL).
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the Company:
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Redhall Network Solutions Limited
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5 Midland Way, Barlborough, Chesterfield, England, S43 4UL.
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11700468
30 September 2020
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REDHALL NETWORK SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 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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The amounts owed to group undertakings are repayable on demand.
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Financial liabilities measured at amortised cost
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Financial liabilities measured at amortised cost comprise amounts owed to group undertakings.
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11700468
30 September 2020
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REDHALL NETWORK SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Tax losses carried forward
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Authorised, allotted, called up and fully paid
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30,000 (2019 - 30,000) Ordinary A shares of £0.01 each
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10,000 (2019 - 10,000) Ordinary B shares of £0.01 each
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Share premium account
This reserve represents the difference between the par value of shares and the amount received in respect of the shares.
Profit & loss account
The profit and loss account represents cumulative profits and losses less dividends paid.
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11700468
30 September 2020
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REDHALL NETWORK SOLUTIONS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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Related party transactions
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The Company has taken advantage of the exemption in Section 33 of FRS 102 “The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland” to not disclose transactions with fellow Group companies.
During the year, the company paid fees of £120,707 (2019: £35,962) to an entity with control over the company.
There are no amounts owed to or owed by related parties at the year end.
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The immediate parent undertaking is Enact II GP LLP, a Limited liability partnership incorporated in England and Wales. The ultimate parent undertaking is Endless LLP, a Limited liability partnership incorporated in England and Wales.
The auditor's report on the financial statements for the year ended 30 September 2020 was unqualified.
The audit report was signed on 15 March 2021 by Shaun Mullins (Senior Statutory Auditor) on behalf of Mazars LLP.
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