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No description of principal activity
2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
01346744
2023-01-01
2023-12-31
01346744
2023-12-31
01346744
2022-12-31
01346744
2022-01-01
2022-12-31
01346744
2022-12-31
01346744
2021-12-31
01346744
bus:Director2
2023-01-01
2023-12-31
01346744
core:WithinOneYear
2023-12-31
01346744
core:WithinOneYear
2022-12-31
01346744
core:AfterOneYear
2023-12-31
01346744
core:AfterOneYear
2022-12-31
01346744
core:ShareCapital
2023-12-31
01346744
core:ShareCapital
2022-12-31
01346744
core:RetainedEarningsAccumulatedLosses
2023-12-31
01346744
core:RetainedEarningsAccumulatedLosses
2022-12-31
01346744
bus:SmallEntities
2023-01-01
2023-12-31
01346744
bus:AuditExemptWithAccountantsReport
2023-01-01
2023-12-31
01346744
bus:SmallCompaniesRegimeForAccounts
2023-01-01
2023-12-31
01346744
bus:PrivateLimitedCompanyLtd
2023-01-01
2023-12-31
01346744
bus:AbridgedAccounts
2023-01-01
2023-12-31
01346744
core:PlantMachinery
2023-01-01
2023-12-31
01346744
core:FurnitureFittings
2023-01-01
2023-12-31
01346744
core:MotorVehicles
2023-01-01
2023-12-31
COMPANY REGISTRATION NUMBER:
01346744
Redhill Manufacturing Limited |
|
Filleted Unaudited Abridged Financial Statements |
|
Redhill Manufacturing Limited |
|
Abridged Statement of Financial Position |
|
31 December 2023
Fixed assets
Tangible assets |
5 |
|
1,478,009 |
558,108 |
|
|
|
|
|
Current assets
Stocks |
542,184 |
|
304,296 |
Debtors |
1,238,183 |
|
1,270,357 |
Cash at bank and in hand |
596,283 |
|
1,283,618 |
|
------------ |
|
------------ |
|
2,376,650 |
|
2,858,271 |
|
|
|
|
Creditors: amounts falling due within one year |
993,297 |
|
1,190,729 |
|
------------ |
|
------------ |
Net current assets |
|
1,383,353 |
1,667,542 |
|
|
------------ |
------------ |
Total assets less current liabilities |
|
2,861,362 |
2,225,650 |
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
|
428,497 |
128,440 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
– |
10,552 |
|
|
------------ |
------------ |
Net assets |
|
2,432,865 |
2,086,658 |
|
|
------------ |
------------ |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
2,432,765 |
2,086,558 |
|
|
------------ |
------------ |
Shareholders funds |
|
2,432,865 |
2,086,658 |
|
|
------------ |
------------ |
|
|
|
|
These abridged 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 December 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 abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
Redhill Manufacturing Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 December 2023
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the
board of directors
and authorised for issue on
9 April 2024
, and are signed on behalf of the board by:
Company registration number:
01346744
Redhill Manufacturing Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 December 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 Unit 3, Lakeside Industrial Estate, Broad Ground Road, Redditch, Worcestershire, B98 8YP.
2.
Statement of compliance
These abridged 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 abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented.
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.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.
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 & machinery |
- |
10 years
|
|
Fixtures & fittings |
- |
4 years
|
|
Motor vehicles |
- |
4 years
|
|
|
|
|
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the abridged 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
The company operates a defined contribution pensions scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
45
(2022:
44
).
5.
Tangible assets
|
£ |
Cost |
|
At 1 January 2023 |
827,714 |
Additions |
982,946 |
|
------------ |
At 31 December 2023 |
1,810,660 |
|
------------ |
Depreciation |
|
At 1 January 2023 |
269,606 |
Charge for the year |
63,045 |
|
------------ |
At 31 December 2023 |
332,651 |
|
------------ |
Carrying amount |
|
At 31 December 2023 |
1,478,009 |
|
------------ |
At 31 December 2022 |
558,108 |
|
------------ |
|
|
6.
Creditors:
amounts falling due after more than one year
The bank loans and overdrafts are secured by the company.
The loans in respect of the hire purchase agreements are secured against the assets to which they relate.
7.
Directors' advances, credits and guarantees
The directors made loans to the company during the previous year. The loans are interest free and repayable on demand. The balance outstanding at 31st December 2023 £1,034.