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Registration number: 08808357

Redteq Analytical Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Redteq Analytical Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Redteq Analytical Ltd

Company Information

Directors

Mr A J Redpath

Mrs K Redpath

Registered office

The Hub
Fowler Avenue
Farnborough Business Park
Farnborough
Hampshire
GU14 7JF

Accountants

ASL Accountants
15 Millers Way
Houghton Regis
Dunstable
Bedfordshire
LU5 5FH

 

Redteq Analytical Ltd

(Registration number: 08808357)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

5,483

6,883

Tangible assets

6

113,336

55,531

 

118,819

62,414

Current assets

 

Stocks

7

302,744

209,182

Debtors

8

158,415

198,634

Cash at bank and in hand

 

452,179

508,871

 

913,338

916,687

Creditors: Amounts falling due within one year

9

(220,219)

(279,269)

Net current assets

 

693,119

637,418

Total assets less current liabilities

 

811,938

699,832

Creditors: Amounts falling due after more than one year

9

(19,504)

(33,133)

Provisions for liabilities

(839)

(8,326)

Net assets

 

791,595

658,373

Capital and reserves

 

Called up share capital

2

2

Retained earnings

791,593

658,371

Shareholders' funds

 

791,595

658,373

For the financial year ending 31 March 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.

 

Redteq Analytical Ltd

(Registration number: 08808357)
Balance Sheet as at 31 March 2024

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 26 October 2024 and signed on its behalf by:
 

.........................................
Mr A J Redpath
Director

.........................................
Mrs K Redpath
Director

 
     
 

Redteq Analytical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
The Hub
Fowler Avenue
Farnborough Business Park
Farnborough
Hampshire
GU14 7JF

These financial statements were authorised for issue by the Board on 26 October 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.

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.

 

Redteq Analytical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 machinery

Varying rates on cost

Office and computer equipment

Varying rates on cost

Motor vehicles

Varying rates on cost

Fixtures and fittings

2 years straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Application development costs

Straight line over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined on an item by item cost.

 

Redteq Analytical Ltd

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs.

Interest expense on the Business Bank Loan is recognised on an amortised basis 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 and hire purchase contracts 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 and hire purchase payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease hire purchase obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Redteq Analytical Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2023 - 11).

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

82,040

130,871

Deferred taxation

Arising from origination and reversal of timing differences

(7,487)

4,666

Tax expense in the income statement

74,553

135,537

 

Redteq Analytical Ltd

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

5

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 April 2023

7,000

7,000

At 31 March 2024

7,000

7,000

Amortisation

At 1 April 2023

117

117

Amortisation charge

1,400

1,400

At 31 March 2024

1,517

1,517

Carrying amount

At 31 March 2024

5,483

5,483

At 31 March 2023

6,883

6,883

6

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

23,346

88,430

22,099

133,875

Additions

12,427

104,240

2,254

118,921

At 31 March 2024

35,773

192,670

24,353

252,796

Depreciation

At 1 April 2023

14,606

49,793

13,945

78,344

Charge for the year

9,786

49,270

2,060

61,116

At 31 March 2024

24,392

99,063

16,005

139,460

Carrying amount

At 31 March 2024

11,381

93,607

8,348

113,336

At 31 March 2023

8,740

38,637

8,154

55,531

 

Redteq Analytical Ltd

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

7

Stocks

2024
£

2023
£

Other inventories

302,744

209,182

8

Debtors

2024
£

2023
£

Trade debtors

149,565

193,609

Other debtors

8,850

5,025

158,415

198,634

 

Redteq Analytical Ltd

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

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13,628

13,421

Trade creditors

 

5,754

-

Taxation and social security

 

190,155

247,970

Accruals and deferred income

 

1,500

1,500

Other creditors

 

9,182

16,378

 

220,219

279,269

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,000

10,000

HP and finance lease liabilities

3,628

3,421

13,628

13,421

Creditors: amounts falling due after more than one year

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,333

23,334

HP and finance lease liabilities

6,171

9,799

19,504

33,133

 

Redteq Analytical Ltd

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

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £71,965 (2023 - £65,347). This represents rental committments for leased premises and software, storage units are on monthly rolling contracts.