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REGISTERED NUMBER: SC384036 (Scotland)








FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2021

FOR

REIDFAB LIMITED

REIDFAB LIMITED (REGISTERED NUMBER: SC384036)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


REIDFAB LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2021







DIRECTOR: Mr D D Reid





REGISTERED OFFICE: 28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY





REGISTERED NUMBER: SC384036 (Scotland)





ACCOUNTANTS: Bain Henry Reid
28 Broad Street
Peterhead
Aberdeenshire
AB42 1BY

REIDFAB LIMITED (REGISTERED NUMBER: SC384036)

BALANCE SHEET
31 AUGUST 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 612,819 681,340

CURRENT ASSETS
Stocks 30,000 20,000
Debtors 5 417,357 335,803
Cash at bank and in hand 506 529
447,863 356,332
CREDITORS
Amounts falling due within one year 6 605,434 513,619
NET CURRENT LIABILITIES (157,571 ) (157,287 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

455,248

524,053

CREDITORS
Amounts falling due after more than one year 7 (130,626 ) (208,661 )

PROVISIONS FOR LIABILITIES (24,310 ) (32,140 )
NET ASSETS 300,312 283,252

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 300,212 283,152
SHAREHOLDERS' FUNDS 300,312 283,252

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

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

The director acknowledges his 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.

REIDFAB LIMITED (REGISTERED NUMBER: SC384036)

BALANCE SHEET - continued
31 AUGUST 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 12 August 2022 and were signed by:





Mr D D Reid - Director


REIDFAB LIMITED (REGISTERED NUMBER: SC384036)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2021


1. STATUTORY INFORMATION

Reidfab 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.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery 15% reducing balance

Motor vehicles 25% reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2020 - 8 ) .

REIDFAB LIMITED (REGISTERED NUMBER: SC384036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2021


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST OR VALUATION
At 1 September 2020 129,500 855,454 984,954
Additions 535 43,104 43,639
Disposals - (31,252 ) (31,252 )
At 31 August 2021 130,035 867,306 997,341
DEPRECIATION
At 1 September 2020 - 303,614 303,614
Charge for year - 100,701 100,701
Eliminated on disposal - (19,793 ) (19,793 )
At 31 August 2021 - 384,522 384,522
NET BOOK VALUE
At 31 August 2021 130,035 482,784 612,819
At 31 August 2020 129,500 551,840 681,340

Cost or valuation at 31 August 2021 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2020 85,476 - 85,476
Cost 44,559 867,306 911,865
130,035 867,306 997,341

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 332,917 314,122
Taxation 968 -
VAT 47,077 5,143
Prepayments and accrued income 36,395 16,538
417,357 335,803

REIDFAB LIMITED (REGISTERED NUMBER: SC384036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2021


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 21,015 17,706
Hire purchase contracts 73,435 88,611
Trade creditors 240,667 140,192
Taxation 1,283 -
Social security and other taxes - 18,672
Other creditors 48,000 48,000
Pensions 462 669
Bounce Back Loan 47,500 50,000
Directors' current accounts 167,637 146,825
Accruals 5,435 2,944
605,434 513,619

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Hire purchase contracts 130,626 208,661

8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Hire purchase contracts 204,061 297,272

9. DIRECTORS LOANS

The following advances and credits from a director subsisted during the years ended 31 August 2021 and 31 August 2020:

2021 2020
£    £   
Mr D D Reid
Balance outstanding at start of year 146,825 207,825
Amounts advanced 31,030 -
Amounts repaid (10,218 ) (61,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 167,637 146,825

The loan is interest free and there are no fixed terms of repayment.

10. POST BALANCE SHEET EVENTS

During the year the COVID-19 pandemic and the restrictions put in place by the Government in order to control the pandemic has had a significant affect on the building sector. The company has made use of all available Government aid in order to mitigate any adverse affects, however there has been a significant drop in sales due to pandemic and it's related restrictions.
The director is confident this is a temporary issue and that the company will trade profitably moving forward.

REIDFAB LIMITED (REGISTERED NUMBER: SC384036)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2021


11. ULTIMATE CONTROLLING PARTY

During the current and previous years the company was under the control of D Reid, who is the sole director and owns 100% of the issued share capital.