Red Homes Estate Agents Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05341732 (England and Wales)

Red Homes Estate Agents Limited

Unaudited Financial Statements for the Year Ended 31 March 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R B Spiller

REGISTERED OFFICE:

1a Parliament Square

Parliament Street

Crediton

Devon

EX17 2AW

REGISTERED NUMBER:

05341732 (England and Wales)

ACCOUNTANTS:

Haines Watts Exeter LLP

3 Southernhay West

Exeter

Devon

EX1 1JG

CURRENT ASSETS

Debtors

5

798

292

Cash at bank

114,444

45,806

115,242

46,098

CREDITORS

Amounts falling due within one year

6

(32,822

)

(12,980

)

NET CURRENT ASSETS

82,420

33,118

TOTAL ASSETS LESS CURRENT LIABILITIES

82,420

33,118

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

82,419

33,117

SHAREHOLDERS' FUNDS

82,420

33,118

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 June 2021 and were signed by:

R B Spiller - Director

1.	STATUTORY INFORMATION

Red Homes Estate Agents Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover represents the total invoice value, excluding value added tax, of commissions earned and franchise fees receivable during the year and derives from the provision of services falling within the company's ordinary activities.

Commission income is recognised at the point of legal completion.

Government grants

Grants received from the government are included in the financial statements using the Accrual model. Grants relating to revenue are recognised in income on a systematic basis over the period in which the entity recognises the related costs for which the grant is intended to compensate.

Non government grants in relation to business rates relief are recognised against the costs to which it relates and is applied systematically over the period to which the cost relates.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Other debtors

634

-

Prepayments

164

292

798

292

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade creditors

1,586

344

Amounts owed to group undertakings

23,918

5,918

VAT

4,837

1,173

Accruals and deferred income

2,481

5,545

32,822

12,980

7.	RELATED PARTY DISCLOSURES

East Devon Estate Agents Ltd (parent company)

The company has an intercompany loan account. At the balance sheet date the amount due to the parent company was £23,918 (2019 - £5,918). No interest is charged on this loan account.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is East Devon Estate Agents Ltd.

The ultimate controlling party is R B Spiller.