Company Registration No. 06632266 (England and Wales)
Red Survey Limited
Unaudited accounts
for the year ended 31 May 2023
Red Survey Limited
Unaudited accounts
Contents
Red Survey Limited
Statement of financial position
as at 31 May 2023
Tangible assets
432,718
498,704
Inventories
320,042
290,572
Cash at bank and in hand
44,037
43,185
Creditors: amounts falling due within one year
(369,528)
(544,283)
Net current assets
232,084
169,421
Total assets less current liabilities
664,802
668,125
Creditors: amounts falling due after more than one year
(190,655)
(256,238)
Provisions for liabilities
Deferred tax
(101,309)
(119,983)
Net assets
372,838
291,904
Called up share capital
48
48
Profit and loss account
367,798
286,864
Shareholders' funds
372,838
291,904
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 January 2024 and were signed on its behalf by
R K Flood
Director
Company Registration No. 06632266
Red Survey Limited
Notes to the Accounts
for the year ended 31 May 2023
Red Survey Limited is a private company, limited by shares, registered in England and Wales, registration number 06632266. The registered office is Park Street, Castle Cary , Somerset, BA7 7EJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
10% straight line
Plant & machinery
25% straight line
Motor vehicles
25% straight line
Fixtures & fittings
25% straight line
Computer equipment
25% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Red Survey Limited
Notes to the Accounts
for the year ended 31 May 2023
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2022
19,264
224,775
371,528
24,160
639,727
Additions
-
9,218
229,324
-
238,542
Disposals
-
(4,980)
(268,768)
-
(273,748)
At 31 May 2023
19,264
229,013
332,084
24,160
604,521
At 1 June 2022
5,137
40,057
80,330
15,499
141,023
Charge for the year
1,926
24,477
50,614
6,040
83,057
On disposals
-
(4,980)
(47,297)
-
(52,277)
At 31 May 2023
7,063
59,554
83,647
21,539
171,803
At 31 May 2023
12,201
169,459
248,437
2,621
432,718
At 31 May 2022
14,127
184,718
291,198
8,661
498,704
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Plant & machinery
158,537
178,454
- Motor vehicles
233,483
285,631
Amounts falling due within one year
Trade debtors
237,033
362,297
Accrued income and prepayments
500
500
Red Survey Limited
Notes to the Accounts
for the year ended 31 May 2023
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
18,182
18,182
Obligations under finance leases and hire purchase contracts
96,357
123,798
Trade creditors
137,295
148,997
Taxes and social security
59,654
10,486
Other creditors
2,736
180,223
Loans from directors
8,606
10,751
The bank loan is secured by an unlimited debenture over the company's assets.
The finance leases and hire purchase contracts are secured on the assets concerned.
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Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
154,292
201,693
The bank loan is secured by an unlimited debenture over the company's assets.
The finance leases and hire purchase contracts are secured on the assets concerned.
8
Capital commitments
2023
2022
Amounts contracted but not provided for in the accounts
-
65,483
9
Average number of employees
During the year the average number of employees was 10 (2022: 10).