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Registration number: 02404704

Redbay Projects Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Redbay Projects Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Redbay Projects Limited

Company Information

Directors

Mr Richard Stanley Burgess

Mrs Katherine Siri Walker

Mr Mark William Walker

Company secretary

Mr Mark William Walker

Registered office

Furlong Lane
Burslem
Stoke on Trent
Staffordshire
ST6 3LE

Accountants

Mill House Accountancy Limited
Chartered Accountants
Unit 2, The Keele Centre
Three Mile Lane
Keele
Newcastle-under-Lyme
Staffordshire
ST5 5HH

 

Redbay Projects Limited

(Registration number: 02404704)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

37,777

46,652

Current assets

 

Stocks

5

158,163

24,179

Debtors

6

317,781

472,968

Cash at bank and in hand

 

624

615

 

476,568

497,762

Creditors: Amounts falling due within one year

7

(328,758)

(364,231)

Net current assets

 

147,810

133,531

Total assets less current liabilities

 

185,587

180,183

Creditors: Amounts falling due after more than one year

7

(15,672)

(29,744)

Provisions for liabilities

(7,178)

(8,864)

Net assets

 

162,737

141,575

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

162,637

141,475

Shareholders' funds

 

162,737

141,575

For the financial year ending 31 January 2024 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 22 August 2024 and signed on its behalf by:
 

 

Redbay Projects Limited

(Registration number: 02404704)
Balance Sheet as at 31 January 2024

.........................................
Mr Richard Stanley Burgess
Director

.........................................
Mr Mark William Walker
Company secretary and director

 

Redbay Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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:
Furlong Lane
Burslem
Stoke on Trent
Staffordshire
ST6 3LE
England

These financial statements were authorised for issue by the Board on 22 August 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.

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 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.

 

Redbay Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Plant and Equipment

15% per annum of net book value

Motor Vehicles

25% per annum of net book value

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 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.

 

Redbay Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 profit or loss on a straight-line basis over the period of the lease.

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.

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 14 (2023 - 15).

 

Redbay Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

71,744

260,773

332,517

Additions

-

695

695

At 31 January 2024

71,744

261,468

333,212

Depreciation

At 1 February 2023

48,076

237,789

285,865

Charge for the year

5,917

3,653

9,570

At 31 January 2024

53,993

241,442

295,435

Carrying amount

At 31 January 2024

17,751

20,026

37,777

At 31 January 2023

23,668

22,984

46,652

5

Stocks

2024
£

2023
£

Work in progress

150,521

3,000

Other inventories

7,642

21,179

158,163

24,179

6

Debtors

Current

2024
£

2023
£

Trade debtors

273,196

420,574

Prepayments

5,132

4,879

Other debtors

39,453

47,515

 

317,781

472,968

 

Redbay Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

82,050

52,375

Trade creditors

 

168,483

153,674

Taxation and social security

 

21,119

22,103

Accruals and deferred income

 

7,727

124,797

Other creditors

 

49,379

11,282

 

328,758

364,231

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

15,672

29,744

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,958

24,120

Hire purchase contracts

1,714

5,624

15,672

29,744

 

Redbay Projects Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,162

10,518

Bank overdrafts

67,978

38,219

HP and finance lease liability 1 (under 1yr)

3,910

3,638

82,050

52,375

10

Dividends

2024

2023

£

£

Interim dividend of £142.1053 (2023 - £142.1053) per ordinary share

14,211

14,211

 

 

11

Parent and ultimate parent undertaking

The ultimate parent is Redbay Projects (Staffordshire) Holdings Limited, incorporated in England and Wales.

  These financial statements are available upon request from Furlong Lane, Burslem, Stoke on Trent, Staffordshire ST6 3LE