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REGISTERED NUMBER: 01639947 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

REDCO LTD

REDCO LTD (REGISTERED NUMBER: 01639947)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


REDCO LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DIRECTOR: Mr M G Redshaw





SECRETARY: Mrs M H Redshaw





REGISTERED OFFICE: Airedale House
Units 11-14 Burton Close
Vulcan Road Industrial Estate
Norwich
Norfolk
NR6 6AZ





REGISTERED NUMBER: 01639947 (England and Wales)





ACCOUNTANTS: LEES
Chartered Certified Accountants
Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA

REDCO LTD (REGISTERED NUMBER: 01639947)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 581,662 521,605

CURRENT ASSETS
Stocks 318,069 255,406
Debtors 5 694,787 492,230
Cash at bank and in hand 20,631 25,341
1,033,487 772,977
CREDITORS
Amounts falling due within one year 6 722,370 532,943
NET CURRENT ASSETS 311,117 240,034
TOTAL ASSETS LESS CURRENT
LIABILITIES

892,779

761,639

CREDITORS
Amounts falling due after more than one
year

7

(53,431

)

(33,878

)

PROVISIONS FOR LIABILITIES (109,330 ) (97,773 )

ACCRUALS AND DEFERRED INCOME (46,875 ) -
NET ASSETS 683,143 629,988

CAPITAL AND RESERVES
Called up share capital 9 20,000 20,000
Retained earnings 663,143 609,988
SHAREHOLDERS' FUNDS 683,143 629,988

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 director and authorised for issue on 12 September 2022 and were signed by:



Mr M G Redshaw - Director


REDCO LTD (REGISTERED NUMBER: 01639947)

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

1. STATUTORY INFORMATION

Redco Ltd is a private company, limited by shares , registered in England and Wales. 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.

Turnover
Turnover represents the fair value of services provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients. Turnover excludes value added tax.

Unbilled turnover on individual contracts is included as accrued income within other debtors.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Government grants
Grants which are to acquire tangible fixed assets are credited to deferred grants and released to the profit and loss account over the estimated useful lives of the relevant assets.

Coronavirus Job Retention Scheme (CJRS)
Grants received in relation to the Coronavirus Job Retention Scheme are accounted for on the accruals basis once the related payroll return has been submitted.

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

REDCO LTD (REGISTERED NUMBER: 01639947)

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

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Invoice discounting
The company assigns debts to an invoice discounting company and these debts are included in debtors in the balance sheet and the proceeds received from the invoice discounter are included in creditors. The interest element of the invoice discounter's charges and other invoice discounting costs are charged to the profit and loss account as incurred.

3. EMPLOYEES

The average number of employees during the year was 28 (2020 - 28 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2021 1,155,032
Additions 169,634
Disposals (87,717 )
At 31 December 2021 1,236,949
DEPRECIATION
At 1 January 2021 633,427
Charge for year 99,445
Eliminated on disposal (77,585 )
At 31 December 2021 655,287
NET BOOK VALUE
At 31 December 2021 581,662
At 31 December 2020 521,605

REDCO LTD (REGISTERED NUMBER: 01639947)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2021 197,716
Additions 125,000
Transfer to ownership (106,883 )
At 31 December 2021 215,833
DEPRECIATION
At 1 January 2021 49,030
Charge for year 32,157
Transfer to ownership (44,183 )
At 31 December 2021 37,004
NET BOOK VALUE
At 31 December 2021 178,829
At 31 December 2020 148,686

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 566,688 437,061
Other debtors 128,099 55,169
694,787 492,230

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Hire purchase contracts 47,113 54,705
Invoice discounting advance 279,742 233,528
Trade creditors 163,817 101,029
Amounts owed to group undertakings 95,446 42,130
Taxation and social security 113,144 91,870
Other creditors 23,108 9,681
722,370 532,943

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2021 2020
£    £   
Hire purchase contracts 53,431 33,878

8. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Hire purchase contracts 100,544 88,583
Factoring company advances 279,824 233,528
380,368 322,111

REDCO LTD (REGISTERED NUMBER: 01639947)

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

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
15,000 Ordinary 'A' £1 15,000 15,000
5,000 Ordinary 'B' £1 5,000 5,000
20,000 20,000

10. ULTIMATE CONTROLLING PARTY

The controlling party is Mimoco Property Holdings Ltd, a company incorporated in the UK, which owns 100% of the issued share capital.

The ultimate controlling party is Mr M G Redshaw, who owns 75% of the issued share capital of Mimoco Property Holdings Ltd.