Redloan Holdings Limited - Accounts to registrar (filleted) - small 18.2

Redloan Holdings Limited - Accounts to registrar (filleted) - small 18.2

REDLOAN HOLDINGS LIMITED - Company Information

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REGISTERED NUMBER: SC630551 (Scotland)
















Unaudited Financial Statements

for the Year Ended 31 January 2021

for

Redloan Holdings Limited
Redloan Holdings Limited (Registered number: SC630551)






Contents of the Financial Statements
for the Year Ended 31 January 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Redloan Holdings Limited

Company Information
for the Year Ended 31 January 2021







DIRECTOR: Miss E M Watson





REGISTERED OFFICE: c/o Gillespie & Anderson
147 Bath Street
Glasgow
G2 4SN





REGISTERED NUMBER: SC630551 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
147 Bath Street
Glasgow
G2 4SN
Page 1
Redloan Holdings Limited (Registered number: SC630551)

Balance Sheet
31 January 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Investments 4 847,277 847,277

CURRENT ASSETS
Debtors 5 - 1,400
Cash at bank 466 539
466 1,939
CREDITORS
Amounts falling due within one year 6 149,196 206,953
NET CURRENT LIABILITIES (148,730 ) (205,014 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
698,547
642,263

CREDITORS
Amounts falling due after more than one
year
7
705,423
644,400
NET LIABILITIES (6,876 ) (2,137 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (6,877 ) (2,138 )
SHAREHOLDERS' FUNDS (6,876 ) (2,137 )

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

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

The director acknowledges her 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 notes form part of these financial statements

Page 2 continued...
Redloan Holdings Limited (Registered number: SC630551)

Balance Sheet - continued
31 January 2021


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 Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 October 2021 and were signed by:





Miss E M Watson - Director


The notes form part of these financial statements

Page 3
Redloan Holdings Limited (Registered number: SC630551)

Notes to the Financial Statements
for the Year Ended 31 January 2021

1. STATUTORY INFORMATION

Redloan Holdings Limited is a private company, limited by shares , registered in Scotland. 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 (£).


2. ACCOUNTING POLICIES

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

Going Concern
The financial statements are prepared on the going concern basis of accounting as, in the opinion of the directors, there are no matters of material uncertainty which cast doubt on the Company's ability to continue.

Despite the ongoing issues of the Covid-19 pandemic and the lockdown restrictions. They have accessed all available support which has been available at local and national levels. The Company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
The Directors have made judgements, estimates and assumptions that affect the amounts reported within the financial statements during the year. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. The Directors' estimates, assumptions and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial statements are addressed and detail is provided in the associated notes.

Financial instruments
The company has no complex financial instruments but does hold basic financial instruments of; cash at bank, debtors and creditors.

Cash and cash equivalents comprise cash at bank and on hand, foreign currency on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. A bank overdraft would be shown within current liabilities.

Trade and other debtors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less losses for bad debts except where the effect of discounting would be immaterial. In such cases, trade and other debtors are stated at cost less losses for bad debts.

Trade and other creditors are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate unless the effect of discounting would be immaterial. In such cases, trade and other creditors are stated at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, 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.


Page 4 continued...
Redloan Holdings Limited (Registered number: SC630551)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2021

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Investment in subsidiaries
Investments in subsidiaries are initially measured at cost and subsequently recognised at cost less impairment.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 February 2020
and 31 January 2021 847,277
NET BOOK VALUE
At 31 January 2021 847,277
At 31 January 2020 847,277

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors - 1,400

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 32,087 26,844
Other creditors 117,109 180,109
149,196 206,953

Page 5 continued...
Redloan Holdings Limited (Registered number: SC630551)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2021

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 90,870 110,447
Amounts owed to group undertakings 614,553 508,953
Other creditors - 25,000
705,423 644,400

8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 122,957 137,291

A Bond and Floating Charge was granted in favour of HSBC on 19 July 2019 over all assets and undertakings of the company. E Watson granted a Guarantee in favour of HSBC to postpone repayment of £60,000 in form and substance, of the amount due to her. This Guarantee is supported by a second legal mortage over freehold property held in name of E Watson.

9. RELATED PARTY DISCLOSURES

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.

Page 6