Company Registration No. 09963147 (England and Wales)
READYFIX LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
PAGES FOR FILING WITH REGISTRAR
READYFIX LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
READYFIX LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2021
31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
3
77,564
65,076
Tangible assets
4
286,850
274,854
364,414
339,930
Current assets
Stocks
936,694
786,389
Debtors
5
1,268,596
1,231,491
Cash at bank and in hand
120,577
277,918
2,325,867
2,295,798
Creditors: amounts falling due within one year
6
(1,324,101)
(1,440,570)
Net current assets
1,001,766
855,228
Total assets less current liabilities
1,366,180
1,195,158
Creditors: amounts falling due after more than one year
7
(188,316)
(244,398)
Provisions for liabilities
(42,787)
(28,672)
Net assets
1,135,077
922,088
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,134,977
921,988
Total equity
1,135,077
922,088

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

READYFIX LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2021
31 December 2021
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 8 July 2022 and are signed on its behalf by:
Mr G Burwood
Director
Company Registration No. 09963147
READYFIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
- 3 -
1
Accounting policies
Company information

Readyfix Limited is a private company limited by shares incorporated in England and Wales. The registered office is Croft Street, Preston, Lancashire, United Kingdom, PR1 8XD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website Costs
25% Reducing Balance
READYFIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 4 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% Straight Line
Plant and equipment
25% Reducing Balance
Fixtures and fittings
20% Reducing Balance/33% Straight Line
Motor vehicles
33% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

READYFIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

READYFIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1
Accounting policies
(Continued)
- 6 -
1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

 

 

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
38
37
READYFIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 7 -
3
Intangible fixed assets
Goodwill
Website Costs
Total
£
£
£
Cost
At 1 January 2021
88,800
29,320
118,120
Additions
-
30,400
30,400
At 31 December 2021
88,800
59,720
148,520
Amortisation and impairment
At 1 January 2021
42,180
10,864
53,044
Amortisation charged for the year
8,880
9,032
17,912
At 31 December 2021
51,060
19,896
70,956
Carrying amount
At 31 December 2021
37,740
39,824
77,564
At 31 December 2020
46,620
18,456
65,076
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
139,632
90,993
153,274
83,522
467,421
Additions
-
0
540
18,005
70,393
88,938
At 31 December 2021
139,632
91,533
171,279
153,915
556,359
Depreciation and impairment
At 1 January 2021
33,058
46,459
74,362
38,688
192,567
Depreciation charged in the year
13,962
11,135
21,177
30,668
76,942
At 31 December 2021
47,020
57,594
95,539
69,356
269,509
Carrying amount
At 31 December 2021
92,612
33,939
75,740
84,559
286,850
At 31 December 2020
106,574
44,534
78,912
44,834
274,854
READYFIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 8 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,236,821
1,176,899
Other debtors
31,775
54,592
1,268,596
1,231,491
6
Creditors: amounts falling due within one year
2021
2020
£
£
Bank loans
41,775
16,667
Trade creditors
458,761
346,794
Taxation and social security
207,593
420,472
Other creditors
615,972
656,637
1,324,101
1,440,570

Included within other creditors is an amount of £50,489 (2020: £73,489) relating to invoice factoring. This is secured by a fixed and floating charge over the assets of the company.

 

Hire purchase obligations of £11,065 (2020: £23,374) included within other creditors are secured upon the assets which they relate to.

7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
188,316
233,333
Other creditors
-
0
11,065
188,316
244,398

Hire purchase obligations of £Nil (2020: £11,065) included within other creditors are secured upon the assets which they relate to.

READYFIX LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
- 9 -
8
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2021
2020
£
£
Within one year
81,000
76,000
Between two and five years
364,500
183,667
445,500
259,667
2021-12-312021-01-01false02 August 2022CCH SoftwareCCH Accounts Production 2022.100No description of principal activityMr G BurwoodMr E BurwoodMr K BurwoodMr M BurwoodMr R BurwoodMr T BurwoodMr G Burwood099631472021-01-012021-12-31099631472021-12-31099631472020-12-3109963147core:NetGoodwill2021-12-3109963147core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-12-3109963147core:NetGoodwill2020-12-3109963147core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2020-12-3109963147core:LeaseholdImprovements2021-12-3109963147core:PlantMachinery2021-12-3109963147core:FurnitureFittings2021-12-3109963147core:MotorVehicles2021-12-3109963147core:LeaseholdImprovements2020-12-3109963147core:PlantMachinery2020-12-3109963147core:FurnitureFittings2020-12-3109963147core:MotorVehicles2020-12-3109963147core:CurrentFinancialInstrumentscore:WithinOneYear2021-12-3109963147core:CurrentFinancialInstrumentscore:WithinOneYear2020-12-3109963147core:Non-currentFinancialInstrumentscore:AfterOneYear2021-12-3109963147core:Non-currentFinancialInstrumentscore:AfterOneYear2020-12-3109963147core:CurrentFinancialInstruments2021-12-3109963147core:CurrentFinancialInstruments2020-12-3109963147core:Non-currentFinancialInstruments2021-12-3109963147core:Non-currentFinancialInstruments2020-12-3109963147core:ShareCapital2021-12-3109963147core:ShareCapital2020-12-3109963147core:RetainedEarningsAccumulatedLosses2021-12-3109963147core:RetainedEarningsAccumulatedLosses2020-12-3109963147bus:Director12021-01-012021-12-3109963147core:Goodwill2021-01-012021-12-3109963147core:IntangibleAssetsOtherThanGoodwill2021-01-012021-12-3109963147core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2021-01-012021-12-3109963147core:LeaseholdImprovements2021-01-012021-12-3109963147core:PlantMachinery2021-01-012021-12-3109963147core:FurnitureFittings2021-01-012021-12-3109963147core:MotorVehicles2021-01-012021-12-31099631472020-01-012020-12-3109963147core:NetGoodwill2020-12-3109963147core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2020-12-31099631472020-12-3109963147core:NetGoodwill2021-01-012021-12-3109963147core:LeaseholdImprovements2020-12-3109963147core:PlantMachinery2020-12-3109963147core:FurnitureFittings2020-12-3109963147core:MotorVehicles2020-12-3109963147core:WithinOneYear2021-12-3109963147core:WithinOneYear2020-12-3109963147core:BetweenTwoFiveYears2021-12-3109963147core:BetweenTwoFiveYears2020-12-3109963147bus:PrivateLimitedCompanyLtd2021-01-012021-12-3109963147bus:SmallCompaniesRegimeForAccounts2021-01-012021-12-3109963147bus:FRS1022021-01-012021-12-3109963147bus:AuditExemptWithAccountantsReport2021-01-012021-12-3109963147bus:Director22021-01-012021-12-3109963147bus:Director32021-01-012021-12-3109963147bus:Director42021-01-012021-12-3109963147bus:Director52021-01-012021-12-3109963147bus:Director62021-01-012021-12-3109963147bus:Director72021-01-012021-12-3109963147bus:FullAccounts2021-01-012021-12-31xbrli:purexbrli:sharesiso4217:GBP