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REGISTERED NUMBER: 04329740 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

RED ELECTRIC DESIGNS LIMITED

RED ELECTRIC DESIGNS LIMITED (Registered number: 04329740)






Contents of the Financial Statements
for the Year Ended 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RED ELECTRIC DESIGNS LIMITED

Company Information
for the Year Ended 31 DECEMBER 2023







DIRECTORS: G Meskauskas
G M McCarthy





REGISTERED OFFICE: Unit J, Chesham Close
Romford
Essex
RM7 7PJ





REGISTERED NUMBER: 04329740 (England and Wales)





ACCOUNTANTS: The Greene Partnership LLP
Chartered Accountants
Suite 2C, Brosnan House
175 Darkes Lane
Potters Bar
Hertfordshire
EN6 1BW

RED ELECTRIC DESIGNS LIMITED (Registered number: 04329740)

Balance Sheet
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 448,218 525,132

CURRENT ASSETS
Stocks 5 8,224 8,596
Debtors 6 2,307,097 2,363,209
Cash at bank and in hand 1,389,327 1,184,271
3,704,648 3,556,076
CREDITORS
Amounts falling due within one year 7 1,263,082 1,328,445
NET CURRENT ASSETS 2,441,566 2,227,631
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,889,784

2,752,763

CREDITORS
Amounts falling due after more than one year 8 (308,361 ) (501,843 )

PROVISIONS FOR LIABILITIES 11 (93,294 ) (87,599 )
NET ASSETS 2,488,129 2,163,321

CAPITAL AND RESERVES
Called up share capital 12 120 120
Retained earnings 2,488,009 2,163,201
SHAREHOLDERS' FUNDS 2,488,129 2,163,321

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RED ELECTRIC DESIGNS LIMITED (Registered number: 04329740)

Balance Sheet - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2024 and were signed on its behalf by:





G Meskauskas - Director


RED ELECTRIC DESIGNS LIMITED (Registered number: 04329740)

Notes to the Financial Statements
for the Year Ended 31 DECEMBER 2023

1. STATUTORY INFORMATION

RED ELECTRIC DESIGNS LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures, fittings & equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

RED ELECTRIC DESIGNS LIMITED (Registered number: 04329740)

Notes to the Financial Statements - continued
for the Year Ended 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts
Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Fixtures,
Plant and fittings Motor
machinery & equipment vehicles Totals
£    £    £    £   
COST
At 1 January 2023 185,444 430,447 410,381 1,026,272
Additions 7,875 26,875 15,750 50,500
At 31 December 2023 193,319 457,322 426,131 1,076,772
DEPRECIATION
At 1 January 2023 78,808 226,611 195,721 501,140
Charge for year 24,997 51,243 51,174 127,414
At 31 December 2023 103,805 277,854 246,895 628,554
NET BOOK VALUE
At 31 December 2023 89,514 179,468 179,236 448,218
At 31 December 2022 106,636 203,836 214,660 525,132

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 158,322
DEPRECIATION
At 1 January 2023 47,261
Charge for year 25,363
At 31 December 2023 72,624
NET BOOK VALUE
At 31 December 2023 85,698
At 31 December 2022 111,061

RED ELECTRIC DESIGNS LIMITED (Registered number: 04329740)

Notes to the Financial Statements - continued
for the Year Ended 31 DECEMBER 2023

5. STOCKS
31.12.23 31.12.22
£    £   
Stocks 8,224 8,596

6. DEBTORS
31.12.23 31.12.22
£    £   
Amounts falling due within one year:
Trade debtors 786,852 978,849
Amounts owed by group undertakings 50,561 50,661
Amounts recoverable on contract 526,649 504,020
Loan to directors 71,134 -
VAT 176,274 163,986
Prepayments 61,562 51,581
1,673,032 1,749,097

Amounts falling due after more than one year:
Amounts owed by group undertakings 634,065 614,112

Aggregate amounts 2,307,097 2,363,209

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts (see note 9) 160,000 160,000
Hire purchase contracts 33,522 35,944
Trade creditors 510,293 441,780
Tax 276,633 213,648
Social security and other taxes 74,292 87,009
Accrued expenses 208,342 390,064
1,263,082 1,328,445

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans (see note 9) 280,376 440,336
Hire purchase contracts 27,985 61,507
308,361 501,843

9. LOANS

An analysis of the maturity of loans is given below:

31.12.23 31.12.22
£    £   
Amounts falling due within one year or on demand:
Bank loans 160,000 160,000

RED ELECTRIC DESIGNS LIMITED (Registered number: 04329740)

Notes to the Financial Statements - continued
for the Year Ended 31 DECEMBER 2023

9. LOANS - continued
31.12.23 31.12.22
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 160,000 160,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 120,376 280,336

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 440,376 600,336
Hire purchase contracts 61,507 97,451
501,883 697,787

The bank loan is secured by way of a fixed and floating charge over the assets of the company together with a cross guarantee with its parent company, Red Group 2016 Limited.

The hire purchase contracts are secured on the assets concerned.

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax
Accelerated capital allowances 93,294 87,599

Deferred
tax
£   
Balance at 1 January 2023 87,599
Provided during year 5,695
Balance at 31 December 2023 93,294

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
120 Ordinary £1 120 120

13. RELATED PARTY DISCLOSURES

During the year the company was charged rent totalling £91,012 (2022: £81,007) by its parent company, Red Group 2016 Limited. At the year end there was a balance due from Red Group 2016 Limited of £684,065.

RED ELECTRIC DESIGNS LIMITED (Registered number: 04329740)

Notes to the Financial Statements - continued
for the Year Ended 31 DECEMBER 2023

14. ULTIMATE CONTROLLING PARTY

The company is a fully owned subsidiary of Red Group 2016 Limited and ultimately under the control of G Meskauskas and G M McCarthy by virtue of their controlling shareholdings in the parent company.