Company Registration No. 03846283 (England and Wales)
Redgrove Ltd
Unaudited accounts
for the year ended 30 September 2019
Redgrove Ltd
Unaudited accounts
Contents
Redgrove Ltd
Company Information
for the year ended 30 September 2019
Company Number
03846283 (England and Wales)
Registered Office
68 Bruce Grove
Tottenham
London
N17 6UZ
UK
Accountants
DF Powell & Co, Chartered Certified Accountants
Suite 6, Metloc Business Centre
37 Victoria Road
Romford
Essex
RM1 2LH
Redgrove Ltd
Statement of financial position
as at
30 September 2019
Tangible assets
7,200,279
7,200,373
Cash at bank and in hand
1,257,743
1,078,492
Creditors: amounts falling due within one year
(352,226)
(136,332)
Net current assets
905,517
977,917
Total assets less current liabilities
8,105,796
8,178,290
Creditors: amounts falling due after more than one year
(2,647,262)
(2,663,229)
Provisions for liabilities
Deferred tax
(943,371)
(943,371)
Net assets
4,515,163
4,571,690
Called up share capital
100
100
Capital contribution reserve
4,044,601
4,041,717
Profit and loss account
470,462
529,873
Shareholders' funds
4,515,163
4,571,690
For the year ending 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 30 June 2020 and were signed on its behalf by
Mr John Wray
Director
Company Registration No. 03846283
Redgrove Ltd
Notes to the Accounts
for the year ended 30 September 2019
Redgrove Ltd is a private company, limited by shares, registered in England and Wales, registration number 03846283. The registered office is 68 Bruce Grove, Tottenham, London, N17 6UZ, UK.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents total rent receivable from property lettings and ground rent received during the year.
Tangible fixed assets policy
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Reducing balance method
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset.
Deferred tax assets and liabilities are not discounted.
Redgrove Ltd
Notes to the Accounts
for the year ended 30 September 2019
Investment Properties Valuation
The company uses the valuation performed by its external valuer, Messrs Newman Webb as the fair value of its investment properties.
Messrs Newman Webb is a member of RICS and is well experienced in the valuation of properties.
The valuation of the company's property portfolio is inherently subjective due to, among other factors, the individual nature of each property, its location and expected future rental revenues from that particular property. As a result, the valuations the company places on its property portfolio are subject to a degree of uncertainty and are made on the basis of assumptions which may not prove to be accurate, particularly in periods of volatility or low transaction flow in the property market.
The Investment property valuation contains a number of assumptions upon which Messrs Newman Webb has based its valuation of the company's properties at 30 September 2018. The assumptions on which the valuation have been based include, but are not limited to, matters such as the tenure and tenancy details for the properties, ground conditions at the properties, the structural condition of the properties, prevailing market yields and comparable market tractions. These assumptions are market standard and accord with the RICS Valuation Standards.
However, if any assumptions made by the property valuer prove to be false, this may mean that the value of the company's properties differs from their valuation, which could have a material effect on the company's financial condition.
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Tangible fixed assets
Land & buildings
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 October 2018
7,200,000
2,665
7,202,665
At 30 September 2019
7,200,000
2,665
7,202,665
At 1 October 2018
-
2,292
2,292
Charge for the year
-
94
94
At 30 September 2019
-
2,386
2,386
At 30 September 2019
7,200,000
279
7,200,279
At 30 September 2018
7,200,000
373
7,200,373
Redgrove Ltd
Notes to the Accounts
for the year ended 30 September 2019
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Creditors: amounts falling due within one year
2019
2018
Trade creditors
31,208
29,597
Taxes and social security
26,447
21,871
Other creditors
200,000
-
Loans from directors
91,496
81,589
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Creditors: amounts falling due after more than one year
2019
2018
Bank loans
2,647,262
2,663,229
8
Share capital
2019
2018
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Average number of employees
During the year the average number of employees was 0 (2018: 0).