Reddish Vale Insulations Limited 01787569 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is the handling and removal of asbestos Digita Accounts Production Advanced 6.30.9574.0 true false true 01787569 2022-09-01 2023-08-31 01787569 2023-08-31 01787569 bus:Director1 1 2023-08-31 01787569 bus:Director5 1 2023-08-31 01787569 core:CapitalRedemptionReserve 2023-08-31 01787569 core:RetainedEarningsAccumulatedLosses 2023-08-31 01787569 core:ShareCapital 2023-08-31 01787569 core:CurrentFinancialInstruments 2023-08-31 01787569 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 01787569 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 01787569 core:FurnitureFittingsToolsEquipment 2023-08-31 01787569 core:MotorVehicles 2023-08-31 01787569 bus:SmallEntities 2022-09-01 2023-08-31 01787569 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 01787569 bus:FullAccounts 2022-09-01 2023-08-31 01787569 bus:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 01787569 bus:RegisteredOffice 2022-09-01 2023-08-31 01787569 bus:Director1 2022-09-01 2023-08-31 01787569 bus:Director1 1 2022-09-01 2023-08-31 01787569 bus:Director3 2022-09-01 2023-08-31 01787569 bus:Director5 2022-09-01 2023-08-31 01787569 bus:Director5 1 2022-09-01 2023-08-31 01787569 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 01787569 core:FurnitureFittingsToolsEquipment 2022-09-01 2023-08-31 01787569 core:MotorVehicles 2022-09-01 2023-08-31 01787569 core:PlantMachinery 2022-09-01 2023-08-31 01787569 1 2022-09-01 2023-08-31 01787569 countries:EnglandWales 2022-09-01 2023-08-31 01787569 2022-08-31 01787569 bus:Director1 1 2022-08-31 01787569 bus:Director5 1 2022-08-31 01787569 core:FurnitureFittingsToolsEquipment 2022-08-31 01787569 core:MotorVehicles 2022-08-31 01787569 2021-09-01 2022-08-31 01787569 2022-08-31 01787569 bus:Director1 1 2022-08-31 01787569 bus:Director3 1 2022-08-31 01787569 bus:Director5 1 2022-08-31 01787569 core:CapitalRedemptionReserve 2022-08-31 01787569 core:RetainedEarningsAccumulatedLosses 2022-08-31 01787569 core:ShareCapital 2022-08-31 01787569 core:CurrentFinancialInstruments 2022-08-31 01787569 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 01787569 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 01787569 core:FurnitureFittingsToolsEquipment 2022-08-31 01787569 core:MotorVehicles 2022-08-31 01787569 bus:Director1 1 2021-09-01 2022-08-31 01787569 bus:Director3 1 2021-09-01 2022-08-31 01787569 bus:Director5 1 2021-09-01 2022-08-31 01787569 bus:Director1 1 2021-08-31 01787569 bus:Director3 1 2021-08-31 01787569 bus:Director5 1 2021-08-31 iso4217:GBP xbrli:pure

Registration number: 01787569

Reddish Vale Insulations Limited

Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Reddish Vale Insulations Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Reddish Vale Insulations Limited

(Registration number: 01787569)
Statement of Financial Position as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

215,038

248,324

Current assets

 

Stocks

30,000

15,000

Debtors

5

1,703,552

269,839

Cash at bank and in hand

 

165,537

667,261

 

1,899,089

952,100

Creditors: Amounts falling due within one year

6

(1,538,117)

(760,042)

Net current assets

 

360,972

192,058

Total assets less current liabilities

 

576,010

440,382

Creditors: Amounts falling due after more than one year

6

(77,365)

(122,534)

Provisions for liabilities

(42,689)

(50,345)

Net assets

 

455,956

267,503

Capital and reserves

 

Called up share capital

20

20

Capital redemption reserve

1

1

Retained earnings

455,935

267,482

Shareholders' funds

 

455,956

267,503

 

Reddish Vale Insulations Limited

(Registration number: 01787569)
Statement of Financial Position as at 31 August 2023

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 27 February 2024 and signed on its behalf by:
 

.........................................
Mr Roy Tindall
Director

   
     
 

Reddish Vale Insulations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Vale House
Franklin Street
Oldham
OL1 2DP

These financial statements were authorised for issue by the Board on 27 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with FRS102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Reddish Vale Insulations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

15% on cost

Fixtures and Equipment

20-25% on cost

Motor Vehicles

20% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Reddish Vale Insulations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the income statement on a straight-line basis over the period of the lease.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the income statement over the period of the lease on a straight line basis. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract on a straight line basis.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2022 - 23).

 

Reddish Vale Insulations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

386,553

197,730

584,283

Additions

17,278

20,240

37,518

Disposals

(20,904)

(8,506)

(29,410)

At 31 August 2023

382,927

209,464

592,391

Depreciation

At 1 September 2022

287,907

48,052

335,959

Charge for the year

32,334

29,688

62,022

Eliminated on disposal

(15,349)

(5,279)

(20,628)

At 31 August 2023

304,892

72,461

377,353

Carrying amount

At 31 August 2023

78,035

137,003

215,038

At 31 August 2022

98,646

149,678

248,324

5

Debtors

Current

2023
£

2022
£

Trade debtors

698,375

147,297

Prepayments

72,497

26,795

Other debtors

932,680

95,747

 

1,703,552

269,839

 

Reddish Vale Insulations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

44,278

48,932

Trade creditors

 

558,781

146,042

Taxation and social security

 

145,812

259,312

Accruals and deferred income

 

37,890

295,005

Other creditors

 

751,356

10,751

 

1,538,117

760,042

Creditors due within one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £33,963 (2022 - £39,119).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

77,365

122,534

Creditors falling due after more than one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £59,546 (2022 - £94,446).

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £124,628 (2022 - £161,056).

 

Reddish Vale Insulations Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

8

Related party transactions

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr Roy Tindall

Advances including interest charged at HMRC's official rate repayable on demand

62,389

292,584

(354,973)

-

         
       

Mr Roy Ernest Tindall

Advances including interest charged at HMRC's official rate repayable on demand

20,292

-

(20,292)

-

         
       

 

2022

At 1 September 2021
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Mr Roy Tindall

Advances including interest charged at HMRC's official rate repayable on demand

55,288

65,000

(57,899)

62,389

         
       

Mr Roy Ernest Tindall

Advances including interest charged at HMRC's official rate repayable on demand

19,894

398

-

20,292

         
       

Mr John Tindall

Advances including interest charged at HMRC's official rate repayable on demand

6,499

-

(6,499)

-

         
       

 

9

Parent and ultimate parent undertaking

The company's immediate parent is R & J Group Holdings Limited, incorporated in England and Wales.

 The ultimate parent is Tindall Holdings Ltd, incorporated in England and Wales.