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31/12/2022
2022-12-31
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No description of principal activities is disclosed
2022-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
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04817078
2022-01-01
2022-12-31
04817078
2022-12-31
04817078
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04817078
2021-01-01
2021-12-31
04817078
2021-12-31
04817078
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core:LongLeaseholdAssets
2022-01-01
2022-12-31
04817078
core:PlantMachinery
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2022-12-31
04817078
core:MotorVehicles
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2022-12-31
04817078
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04817078
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2022-12-31
04817078
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2022-01-01
2022-12-31
04817078
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2022-12-31
04817078
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04817078
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2021-12-31
04817078
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2022-12-31
04817078
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04817078
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2021-12-31
04817078
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2021-12-31
04817078
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2022-12-31
04817078
core:PlantMachinery
2022-12-31
04817078
core:MotorVehicles
2022-12-31
04817078
core:RetainedEarningsAccumulatedLosses
2022-12-31
04817078
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2021-12-31
04817078
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2021-12-31
04817078
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2021-12-31
04817078
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2021-12-31
04817078
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core:LongLeaseholdAssets
2021-12-31
04817078
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2021-12-31
04817078
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2021-12-31
04817078
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2021-12-31
04817078
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2022-12-31
04817078
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2020-12-31
04817078
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2021-12-31
04817078
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2022-01-01
2022-12-31
04817078
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2021-01-01
2021-12-31
04817078
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2022-12-31
04817078
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2022-01-01
2022-12-31
04817078
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2022-12-31
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2022-12-31
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2022-12-31
Company registration number:
04817078
Redferns Ottery St Mary Limited
Unaudited filleted financial statements
31 December 2022
REDFERNS OTTERY ST MARY LIMITED
DIRECTORS AND OTHER INFORMATION
|
|
|
|
Directors |
|
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|
Mr Lee Maddicks |
|
|
Mrs Kylie Maddicks |
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Company number |
04817078 |
|
|
|
|
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|
Registered office |
8 Mill Street |
|
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Ottery St Mary |
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Devon |
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|
EX11 1AD |
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Business address |
8 Mill Street |
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Ottery St Mary |
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Devon |
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EX11 1AD |
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Accountants |
Westcotts |
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26-28 Southernhay East |
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Exeter |
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Devon |
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EX1 1NS |
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|
REDFERNS OTTERY ST MARY LIMITED
STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2022
|
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2022 |
|
|
|
2021 |
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|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
5 |
- |
|
|
|
- |
|
|
Tangible assets |
|
6 |
32,592 |
|
|
|
36,239 |
|
|
Investments |
|
7 |
- |
|
|
|
155,925 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
32,592 |
|
|
|
192,164 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
8 |
284,736 |
|
|
|
532,290 |
|
|
Cash at bank and in hand |
|
|
117,503 |
|
|
|
136,119 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
402,239 |
|
|
|
668,409 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
9 |
(
113,974) |
|
|
|
(
160,531) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
288,265 |
|
|
|
507,878 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
320,857 |
|
|
|
700,042 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for liabilities |
|
|
|
|
(
7,935) |
|
|
|
(
8,801) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
|
|
_______ |
Net assets |
|
|
|
|
312,922 |
|
|
|
691,241 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
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|
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|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Profit and loss account |
|
10 |
|
|
312,922 |
|
|
|
691,241 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders funds |
|
|
|
|
312,922 |
|
|
|
691,241 |
|
|
|
|
|
_______ |
|
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|
_______ |
|
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|
For the year ending 31 December 2022 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 September 2023
, and are signed on behalf of the board by:
Mr Lee Maddicks
Director
Company registration number:
04817078
REDFERNS OTTERY ST MARY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2022
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is
Redferns Ottery St Mary Limited
, 8 Mill Street, Ottery St Mary, Devon, EX11 1AD.
Principal activity
The principal activity of the company is that of estate agents.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
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:
|
|
|
|
|
|
Long leasehold property |
- |
20 % |
reducing balance |
|
Plant and machinery |
- |
25 % |
reducing balance |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at theend of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
13
(2021:
12
).
5.
Intangible assets
|
|
Goodwill |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2022 and 31 December 2022 |
60,000 |
60,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Amortisation |
|
|
|
|
|
|
|
At 1 January 2022 and 31 December 2022 |
60,000 |
60,000 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2021 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
6.
Tangible assets
|
|
Long leasehold property |
Plant and machinery |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2022 |
2,605 |
25,988 |
45,500 |
74,093 |
|
|
|
|
Additions |
- |
1,516 |
- |
1,516 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2022 |
2,605 |
27,504 |
45,500 |
75,609 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 January 2022 |
2,532 |
19,125 |
16,197 |
37,854 |
|
|
|
|
Charge for the year |
15 |
2,096 |
3,052 |
5,163 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2022 |
2,547 |
21,221 |
19,249 |
43,017 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 December 2022 |
58 |
6,283 |
26,251 |
32,592 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2021 |
73 |
6,863 |
29,303 |
36,239 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
7.
Investments
|
|
Shares in group undertakings and participating interests |
Total |
|
|
|
|
|
|
£ |
£ |
|
|
|
|
|
Cost |
|
|
|
|
|
|
|
At 1 January 2022 |
155,925 |
155,925 |
|
|
|
|
|
Transfers |
(
155,925) |
(
155,925) |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Impairment |
|
|
|
|
|
|
|
At 1 January 2022 and 31 December 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
At 31 December 2022 |
- |
- |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
At 31 December 2021 |
155,925 |
155,925 |
|
|
|
|
|
|
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
The company by way of distributions in specie transferred the shares held in Redferns Sidmouth Ltd and Redferns Exeter Ltd to the parent holding company Redferns Holdings Ltd during the year.
8.
Debtors
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade debtors |
|
12,292 |
3,960 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
270,277 |
477,207 |
|
Other debtors |
|
2,167 |
51,123 |
|
|
|
_______ |
_______ |
|
|
|
284,736 |
532,290 |
|
|
|
_______ |
_______ |
|
|
|
|
|
9.
Creditors: amounts falling due within one year
|
|
|
2022 |
2021 |
|
|
|
£ |
£ |
|
Trade creditors |
|
201 |
3,185 |
|
Accruals and deferred income |
|
4,420 |
18,295 |
|
Social security and other taxes |
|
86,756 |
109,803 |
|
Other creditors |
|
22,597 |
29,248 |
|
|
|
_______ |
_______ |
|
|
|
113,974 |
160,531 |
|
|
|
_______ |
_______ |
|
|
|
|
|
10.
Reserves
Profit and loss account: This reserve records retained earnings and accumulated losses.
11.
Directors advances, credits and guarantees
|
During the year the directors entered into the following advances and credits with the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Directors |
(29,168) |
78,571 |
(72,000) |
(22,597) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Directors |
(58,763) |
101,895 |
(72,300) |
(29,168) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
Interest is charged on the loan to the director at the HMRC official rate of interest.