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RED CIRCLE LOCKSMITHS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH NOVEMBER 2021






RED CIRCLE LOCKSMITHS LTD (REGISTERED NUMBER: SC581037)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

RED CIRCLE LOCKSMITHS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH NOVEMBER 2021







DIRECTORS: Mrs E Lark
D A C Lark





REGISTERED OFFICE: 17 The Meadows
PEEBLES
Peeblesshire
EH45 9HZ





REGISTERED NUMBER: SC581037 (Scotland)





ACCOUNTANTS: JRW
Chartered Accountants
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT

RED CIRCLE LOCKSMITHS LTD (REGISTERED NUMBER: SC581037)

BALANCE SHEET
30TH NOVEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 35,000 40,000
Tangible assets 5 328 492
35,328 40,492

CURRENT ASSETS
Debtors 6 43,072 14,717
Cash at bank and in hand 31,319 41,780
74,391 56,497
CREDITORS
Amounts falling due within one year 7 36,472 41,838
NET CURRENT ASSETS 37,919 14,659
TOTAL ASSETS LESS CURRENT
LIABILITIES

73,247

55,151

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 73,245 55,149
73,247 55,151

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th November 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

RED CIRCLE LOCKSMITHS LTD (REGISTERED NUMBER: SC581037)

BALANCE SHEET - continued
30TH NOVEMBER 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 12th July 2022 and were signed on its behalf by:




D A C Lark - Director



Mrs E Lark - Director


RED CIRCLE LOCKSMITHS LTD (REGISTERED NUMBER: SC581037)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH NOVEMBER 2021

1. STATUTORY INFORMATION

Red Circle Locksmiths Ltd 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.

In light of the situation at the year end regarding COVID-19 the Directors have considered the potential impact of the current pandemic on the business. The Directors are satisfied that the Company has sufficient cash reserves to meet all financial obligations for the foreseeable future. As a result, the Directors believe that the company will continue as a going concern and the accounts have been prepared on this basis.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - 20% on cost

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised on the Income Statement.
Financial assets are derecognised when the contractual rights to the cash flow from the asset expire or are used up.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are decolonised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

RED CIRCLE LOCKSMITHS LTD (REGISTERED NUMBER: SC581037)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2021

2. ACCOUNTING POLICIES - continued

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

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 3 (2020 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st December 2020
and 30th November 2021 50,000
AMORTISATION
At 1st December 2020 10,000
Charge for year 5,000
At 30th November 2021 15,000
NET BOOK VALUE
At 30th November 2021 35,000
At 30th November 2020 40,000

RED CIRCLE LOCKSMITHS LTD (REGISTERED NUMBER: SC581037)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH NOVEMBER 2021

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st December 2020
and 30th November 2021 820
DEPRECIATION
At 1st December 2020 328
Charge for year 164
At 30th November 2021 492
NET BOOK VALUE
At 30th November 2021 328
At 30th November 2020 492

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 43,072 14,522
Other debtors - 195
43,072 14,717

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade creditors - 181
Taxation and social security 24,708 21,224
Other creditors 11,764 20,433
36,472 41,838

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed £1,959 to Mr D Lark, a director of the company (2020,£7,899) and £1,959 to Mrs E Lark, a director of the company (2020,£7,899)

These loans are interest free, unsecured and have no set repayment terms..

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RED CIRCLE LOCKSMITHS LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Red Circle Locksmiths Ltd for the year ended 30th November 2021 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Red Circle Locksmiths Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Red Circle Locksmiths Ltd and state those matters that we have agreed to state to the Board of Directors of Red Circle Locksmiths Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Red Circle Locksmiths Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Red Circle Locksmiths Ltd. You consider that Red Circle Locksmiths Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Red Circle Locksmiths Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






JRW
Chartered Accountants
Riverside House
Ladhope Vale
Galashiels
Selkirkshire
TD1 1BT


12th July 2022