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REGISTERED NUMBER: 08948734 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 March 2024

for

RED WINCHES LIMITED

RED WINCHES LIMITED (REGISTERED NUMBER: 08948734)

Contents of the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RED WINCHES LIMITED

Company Information
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: N Jones





SECRETARY: A Jones





REGISTERED OFFICE: Furnham Close Industrial Estate
Chard
Somerset
TA20 1DA





REGISTERED NUMBER: 08948734 (England and Wales)





ACCOUNTANTS: Haines Watts
3 Southernhay West
Exeter
Devon
EX1 1JG

RED WINCHES LIMITED (REGISTERED NUMBER: 08948734)

Balance Sheet
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 5 1,233,298 616,679

CURRENT ASSETS
Stocks 28,400 180,000
Debtors 6 1,897,573 603,255
Cash at bank 974,912 908,308
2,900,885 1,691,563
CREDITORS
Amounts falling due within one year 7 (1,193,974 ) (925,023 )
NET CURRENT ASSETS 1,706,911 766,540
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,940,209

1,383,219

CREDITORS
Amounts falling due after more than one
year

8

(563,631

)

(383,290

)

PROVISIONS FOR LIABILITIES (528,338 ) (202,272 )
NET ASSETS 1,848,240 797,657

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,848,140 797,557
SHAREHOLDERS' FUNDS 1,848,240 797,657

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 WINCHES LIMITED (REGISTERED NUMBER: 08948734)

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 Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 November 2024 and were signed by:





N Jones - Director


RED WINCHES LIMITED (REGISTERED NUMBER: 08948734)

Notes to the Financial Statements
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Red Winches 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Motor vehicles - 25% on reducing balance

Plant and machinery is depreciated at 12% reducing balance.

Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

RED WINCHES LIMITED (REGISTERED NUMBER: 08948734)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract.

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.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 7 ) .

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and Motor
property property machinery vehicles Totals
£    £    £    £    £   
COST
At 1 April 2023 125,000 - 599,895 24,287 749,182
Additions 127,613 35,973 551,775 - 715,361
At 31 March 2024 252,613 35,973 1,151,670 24,287 1,464,543
DEPRECIATION
At 1 April 2023 5,208 - 118,276 9,019 132,503
Charge for year 2,606 179 92,140 3,817 98,742
At 31 March 2024 7,814 179 210,416 12,836 231,245
NET BOOK VALUE
At 31 March 2024 244,799 35,794 941,254 11,451 1,233,298
At 31 March 2023 119,792 - 481,619 15,268 616,679

RED WINCHES LIMITED (REGISTERED NUMBER: 08948734)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,852,513 584,273
Amounts recoverable on contracts 37,968 1,809
Other debtors 7,092 17,173
1,897,573 603,255

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 55,471 52,843
Hire purchase contracts (see note 9) 171,453 67,318
Payments on account 27,837 33,473
Trade creditors 217,201 241,679
Taxation and social security 241,358 108,621
Other creditors 480,654 421,089
1,193,974 925,023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 61,515 116,945
Hire purchase contracts (see note 9) 502,116 207,553
Other creditors - 58,792
563,631 383,290

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal - 24,792

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 171,453 67,318
Between one and five years 502,116 207,553
673,569 274,871

RED WINCHES LIMITED (REGISTERED NUMBER: 08948734)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 11,866 866
Between one and five years 25,183 866
In more than five years - 433
37,049 2,165

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 673,569 280,176

Barclays Security Trustee Limited has a fixed and floating charge over all the property and undertaking of the business with a negative pledge