Company registration number SC113779 (Scotland)
RED ROOSTER LIFTING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RED ROOSTER LIFTING LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RED ROOSTER LIFTING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,814,823
1,610,773
Current assets
Stocks
4
1,484,709
1,423,160
Debtors
5
1,269,706
1,144,355
Cash at bank and in hand
1,035,052
635,459
3,789,467
3,202,974
Creditors: amounts falling due within one year
6
(899,247)
(821,457)
Net current assets
2,890,220
2,381,517
Total assets less current liabilities
4,705,043
3,992,290
Provisions for liabilities
(339,039)
(278,254)
Net assets
4,366,004
3,714,036
Capital and reserves
Called up share capital
7
6,520
6,520
Share premium account
216,043
216,043
Capital redemption reserve
6,420
6,420
Profit and loss reserves
4,137,021
3,485,053
Total equity
4,366,004
3,714,036

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

RED ROOSTER LIFTING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 September 2024 and are signed on its behalf by:
W AITKEN
W Aitken
Director
Company Registration No. SC113779
RED ROOSTER LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Red Rooster Lifting Limited is a private company limited by shares incorporated in Scotland. The registered office is Nauta House, The Meadows, Oldmeldrum, Aberdeenshire, AB51 0EZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directortrues, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and therefore continue to adopt the going concern basis of accounting.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
4% or 10% straight line
Plant and machinery
10% or 25% straight line
Motor vehicles
25% straight line
Plant hire equipment
25% straight line
RED ROOSTER LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.8
Dividends
Equity dividends are recognised when they become legally payable.
1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

RED ROOSTER LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Interest income

Interest income is recognised in the Statement of comprehensive income in the period in which it is earned.

1.15

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt on a straight line basis.

1.16

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
44
43
RED ROOSTER LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Motor vehicles
Plant hire equipment
Total
£
£
£
£
£
Cost
At 1 April 2023
1,148,216
1,617,628
179,708
2,248,859
5,194,411
Additions
73,550
354,255
82,104
169,620
679,529
Disposals
-
(152,501)
(42,369)
(56,374)
(251,244)
At 31 March 2024
1,221,766
1,819,382
219,443
2,362,105
5,622,696
Depreciation and impairment
At 1 April 2023
650,514
934,096
94,238
1,904,790
3,583,638
Depreciation charged in the year
40,374
137,023
44,316
176,113
397,826
Eliminated in respect of disposals
-
(94,652)
(42,369)
(36,570)
(173,591)
At 31 March 2024
690,888
976,467
96,185
2,044,333
3,807,873
Carrying amount
At 31 March 2024
530,878
842,915
123,258
317,772
1,814,823
At 31 March 2023
497,702
683,532
85,470
344,069
1,610,773
4
Stocks
2024
2023
£
£
Work in progress
133,407
131,549
Finished goods and goods for resale
1,351,302
1,291,611
1,484,709
1,423,160
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,103,101
973,321
Amounts owed by related parties
39,429
53,831
Other debtors
5,778
721
Prepayments and accrued income
121,398
116,482
1,269,706
1,144,355
RED ROOSTER LIFTING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
388,393
385,818
Amounts owed to related parties
20,215
87,970
Corporation tax
183,786
72,872
Other taxation and social security
182,043
173,399
Other creditors
9,822
9,115
Accruals and deferred income
114,988
92,283
899,247
821,457
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of 1p each
208,400
208,400
2,084
2,084
B Ordinary shares of 1p each
9,500
9,500
95
95
C Ordinary shares of 1p each
150,000
150,000
1,500
1,500
D Ordinary shares of 1p each
184,100
184,100
1,841
1,841
E Ordinary shares of 1p each
100,000
100,000
1,000
1,000
652,000
652,000
6,520
6,520

The B Ordinary and E Ordinary shares do not entitle the holder a right to vote. All other classes rank pari passu in all respects.

 

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
289,215
32,792
9
Events after the reporting date

On 14 May 2024, a share buy- back was carried out with the re-purchase and subsequent cancellation of 47,418 Ordinary C shares and 13,149 Ordinary D shares at £0.01 each of which was fully paid up. The aggregate amount paid for the shares purchased was £510,919.

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