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COMPANY REGISTRATION NUMBER: 11976207
Red Media Fire Safety LTD
Filleted Unaudited Financial Statements
31 March 2023
Red Media Fire Safety LTD
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Red Media Fire Safety LTD
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
4,374
5,832
Tangible assets
6
66,759
55,575
--------
--------
71,133
61,407
Current assets
Debtors
7
103,709
34,856
Cash at bank and in hand
10,498
835
---------
--------
114,207
35,691
Creditors: amounts falling due within one year
8
127,946
70,262
---------
--------
Net current liabilities
13,739
34,571
--------
--------
Total assets less current liabilities
57,394
26,836
Creditors: amounts falling due after more than one year
9
26,722
17,626
--------
--------
Net assets
30,672
9,210
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
30,670
9,208
--------
-------
Shareholders funds
30,672
9,210
--------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Red Media Fire Safety LTD
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
Mr E J Swain
Director
Company registration number: 11976207
Red Media Fire Safety LTD
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of Value Added Tax.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development costs
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Motor vehicles
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2022: 8 ).
5. Intangible assets
Development costs
£
Cost
At 1 April 2022 and 31 March 2023
7,290
-------
Amortisation
At 1 April 2022
1,458
Charge for the year
1,458
-------
At 31 March 2023
2,916
-------
Carrying amount
At 31 March 2023
4,374
-------
At 31 March 2022
5,832
-------
6. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 April 2022
28,857
50,765
79,622
Additions
10,301
27,685
37,986
Disposals
( 8,200)
( 8,200)
--------
--------
---------
At 31 March 2023
39,158
70,250
109,408
--------
--------
---------
Depreciation
At 1 April 2022
6,817
17,230
24,047
Charge for the year
7,832
14,870
22,702
Disposals
( 4,100)
( 4,100)
--------
--------
---------
At 31 March 2023
14,649
28,000
42,649
--------
--------
---------
Carrying amount
At 31 March 2023
24,509
42,250
66,759
--------
--------
---------
At 31 March 2022
22,040
33,535
55,575
--------
--------
---------
7. Debtors
2023
2022
£
£
Trade debtors
85,831
24,488
Other debtors
17,878
10,368
---------
--------
103,709
34,856
---------
--------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
1,742
2,049
Trade creditors
10,627
15,047
Social security and other taxes
28,612
1,504
Other creditors
86,965
51,662
---------
--------
127,946
70,262
---------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,766
7,766
Other creditors
20,956
9,860
--------
--------
26,722
17,626
--------
--------
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
9,888
Later than 1 year and not later than 5 years
9,888
--------
----
19,776
--------
----
11. Related party transactions
At the year end the company owed the director £76,665 (2022: £45,505).