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Redi-87 Limited

Audited Financial Statements for the Year Ended 31 March 2024






Redi-87 Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: P L Daplyn
G Pesticcio





SECRETARY: P L Daplyn





REGISTERED OFFICE: Bridgend Ford
Cowbridge Road
Waterton Industrial Estate
Bridgend
CF31 3BF





REGISTERED NUMBER: 04328512 (England and Wales)





AUDITORS: BPU Limited
Chartered Accountants
Statutory Auditor
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Redi-87 Limited (Registered number: 04328512)

Balance Sheet
31 March 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 3 2,000,000 2,000,000

CURRENT ASSETS
Cash at bank 648,767 561,657

CREDITORS
Amounts falling due within one year 4 350,392 342,109
NET CURRENT ASSETS 298,375 219,548
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,298,375

2,219,548

CREDITORS
Amounts falling due after more than
one year

5

(652,943

)

(727,284

)

PROVISIONS FOR LIABILITIES (9,200 ) (9,200 )
NET ASSETS 1,636,232 1,483,064

CAPITAL AND RESERVES
Called up share capital 100 100
Non-distributable reserve 21,338 21,338
Non-distributable reserve 674,734 674,734
Retained earnings 940,060 786,892
SHAREHOLDERS' FUNDS 1,636,232 1,483,064

Redi-87 Limited (Registered number: 04328512)

Balance Sheet - continued
31 March 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 October 2024 and were signed on its behalf by:





P L Daplyn - Director


Redi-87 Limited (Registered number: 04328512)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. 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 as modified by the revaluation of certain assets.

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
Freehold property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Redi-87 Limited (Registered number: 04328512)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


3. TANGIBLE FIXED ASSETS
Freehold
property
£
COST OR VALUATION
At 1 April 2023
and 31 March 2024 2,000,000
NET BOOK VALUE
At 31 March 2024 2,000,000
At 31 March 2023 2,000,000

The freehold property was valued by Matthew Wright of Herbert R Thomas, Chartered Surveyors, on 6 October 2021 at its open market value of £2,000,000. In the directors' opinion there is no change in the market value as at the balance sheet date.

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans 79,560 82,000
Taxes & social security costs 63,555 53,297
Other creditors & accruals 207,277 206,812
350,392 342,109

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£ £
Bank loans 652,943 727,284

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 255,143 317,284

Redi-87 Limited (Registered number: 04328512)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Bank loans 732,503 809,284

The bank loan was provided as a mortgage secured against the freehold property.

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Huw Palin FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited

8. ULTIMATE PARENT COMPANY

Mistsolar Holdings Limited is regarded by the directors as being the company's ultimate parent company.

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G Pesticcio.