Registered number:
10649163
REDHILL RESIDENTIAL PARK LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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REDHILL RESIDENTIAL PARK LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2018
I confirm that as director I have met my duty in accordance with the Companies Act 2006 to:
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ensure that the Company has kept adequate accounting records;
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prepare financial statements which give a true and fair view of the state of affairs of the Company as at 31 March 2018 and of profit and loss for that period in accordance with Generally Accepted Accounting Practice in the UK; and
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follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.
The Director's Responsibilities Statement was approved by the board and signed on its behalf.
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A J Barney
Director
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REDHILL RESIDENTIAL PARK LIMITED
REGISTERED NUMBER:
10649163
BALANCE SHEET
AS AT
31 MARCH 2018
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Stock and work in progress
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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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NET CURRENT (LIABILITIES)/ASSETS
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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Page 2
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REDHILL RESIDENTIAL PARK LIMITED
REGISTERED NUMBER:
10649163
BALANCE SHEET
(CONTINUED)
AS AT
31 MARCH 2018
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 income and retained earnings 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 by
:
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Mr A J Barney
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The notes on pages 4 to 10 form part of these financial statements.
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REDHILL RESIDENTIAL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
Redhill Residential Park Limited is a private company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is Lakeside Mansfield Road, Arnold, Nottingham, England, NG5 8PH. The Company's principal activity is that of a residential park. the Company was incorporated on 2 March 2017 and began trading in April 2017.
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
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The Company's functional and presentational currency is pound sterling.
The following principal accounting policies have been applied:
Turnover is recognised by the Company to the extent that it obtains the right to consideration in exchange for its performance. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes. Monies received in advance are treated as deferred income and held as payments on account.
Rent
Rent is recognised on an accruals basis in the period to which it relates.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the Statement of Income and Retained Earnings in the period in which they are incurred.
Page 4
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REDHILL RESIDENTIAL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
2.
ACCOUNTING POLICIES (CONTINUED)
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CURRENT AND DEFERRED TAXATION
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The tax expense for the period comprises corporation and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 Balance Sheet date, except that:
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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
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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 balance sheet date.
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Income and Retained Earnings.
No depreciation has been provided on freehold property as the property is maintained in such a state of repair that its residual value is at least equal to its net book value. As a result the corresponding depreciation would not be material, and therefore is not charged to the profit and loss account.
Page 5
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REDHILL RESIDENTIAL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
2.
ACCOUNTING POLICIES (CONTINUED)
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REVALUATION OF TANGIBLE FIXED ASSETS
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Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the Statement of Income and Retained Earnings unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
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STOCK AND WORK IN PROGRESS
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Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
Short term debtors are measured at transaction price, less any impairment.
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CASH AND CASH EQUIVALENTS
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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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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 Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet 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 Balance Sheet.
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 non-puttable ordinary shares.
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REDHILL RESIDENTIAL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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The average monthly number of employees, including directors, during the period was
2
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STOCK AND WORK IN PROGRESS
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Prepayments and accrued income
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Page 7
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REDHILL RESIDENTIAL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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CREDITORS: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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CREDITORS: Amounts falling due after more than one year
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The following liabilities were secured:
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Details of security provided:
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Included within creditors are secured debts amounting to £2,212,956 which are secured on the fixed assets to which they relate.
Page 8
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REDHILL RESIDENTIAL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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The following loans are repayable by installments:
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AMOUNTS FALLING DUE WITHIN ONE YEAR
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AMOUNTS FALLING DUE 1-2 YEARS
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AMOUNTS FALLING DUE 2-5 YEARS
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AMOUNTS FALLING DUE AFTER MORE THAN 5 YEARS
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Deferred tax on freehold property
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Authorised, allotted, called up and fully paid
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100 Ordinary shares of £
1.00
each
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During the year 100 Ordinary Shares were issued and paid at par for cash consideration.
Page 9
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REDHILL RESIDENTIAL PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2018
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RELATED PARTY TRANSACTIONS
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During the year the Company entered in to an intercompany loan with its parent company, Baslow Holdings Developments Limited. The balance is interest free and repayable on demand. The balance of the intercompany loan is as follows;
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The auditors' report on the financial statements for the period ended 31 March 2018 was unqualified.
The audit report was signed on
31 August 2018
by (Senior Statutory Auditor) on behalf of
Price Bailey LLP
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Page 10
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