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Registration number: 01669328

Redline Transport Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

image-name
 

Redline Transport Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Redline Transport Limited

Company Information

Directors

Mr Raymond Collingwood

Mr Gary Collingwood

Registered office

Unit 2
Mainsforth Terrace
Sandgate Industrial Estate
Hartlepool
TS25 1TZ

Accountants

Chuhan and Singh Partnership Limited
Chartered Accountants
81 Borough Road
Middlesbrough
TS1 3AA

 

Redline Transport Limited

(Registration number: 01669328)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

165,175

180,953

Current assets

 

Stocks

5

6,054

6,394

Debtors

6

59,067

85,981

Cash at bank and in hand

 

122,922

55,119

 

188,043

147,494

Creditors: Amounts falling due within one year

7

(93,605)

(96,096)

Net current assets

 

94,438

51,398

Total assets less current liabilities

 

259,613

232,351

Creditors: Amounts falling due after more than one year

7

(23,592)

-

Provisions for liabilities

(30,445)

(29,909)

Net assets

 

205,576

202,442

Capital and reserves

 

Called up share capital

18,484

18,484

Retained earnings

187,092

183,958

Shareholders' funds

 

205,576

202,442

For the financial year ending 30 September 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 Profit and Loss Account.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

 

Redline Transport Limited

(Registration number: 01669328)
Balance Sheet as at 30 September 2023 (continued)

.........................................
Mr Raymond Collingwood
Director

.........................................
Mr Gary Collingwood
Director

 

Redline Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

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

The address of its registered office is:
Unit 2
Mainsforth Terrace
Sandgate Industrial Estate
Hartlepool
TS25 1TZ

These financial statements were authorised for issue by the Board on 10 April 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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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.

 

Redline Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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 balance sheet 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

Land & Buildings

50 Years straight line depreciation

Plant & Machinery

8 Years straight line depreciation

Fixtures & Fittings

8 Years straight line depreciation

Motor Vehicles

8 Years straight line depreciation

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Redline Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 profit and loss account 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.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 6).

 

Redline Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 October 2022

52,176

6,375

13,934

55,754

Additions

-

95

-

890

Disposals

-

-

-

-

At 30 September 2023

52,176

6,470

13,934

56,644

Depreciation

At 1 October 2022

29,789

5,672

11,233

23,077

Charge for the year

617

81

660

2,880

Eliminated on disposal

-

-

-

-

At 30 September 2023

30,406

5,753

11,893

25,957

Carrying amount

At 30 September 2023

21,770

717

2,041

30,687

At 30 September 2022

22,387

703

2,701

32,670

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

266,049

394,288

Additions

106,000

106,985

Disposals

(245,550)

(245,550)

At 30 September 2023

126,499

255,723

Depreciation

At 1 October 2022

143,557

213,328

Charge for the year

14,217

18,455

Eliminated on disposal

(141,235)

(141,235)

At 30 September 2023

16,539

90,548

Carrying amount

At 30 September 2023

109,960

165,175

At 30 September 2022

122,492

180,953

Included within the net book value of land and buildings above is £21,770 (2022 - £22,387) in respect of freehold land and buildings.
 

 

Redline Transport Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

5

Stocks

2023
£

2022
£

Other inventories

6,054

6,394

6

Debtors

Current

2023
£

2022
£

Trade debtors

51,632

79,133

Prepayments

4,288

6,848

Other debtors

3,147

-

 

59,067

85,981

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

21,996

-

Trade creditors

 

65,802

74,814

Taxation and social security

 

4,407

15,382

Accruals and deferred income

 

1,400

1,400

Other creditors

 

-

4,500

 

93,605

96,096

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

23,592

-

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

23,592

-