Registered number
09332875
Red Dot Composites Ltd
Filleted Accounts
30 November 2023
Red Dot Composites Ltd
Registered number: 09332875
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 45,038 53,384
Current assets
Stocks 61,593 15,652
Debtors 4 142,030 5,519
Cash at bank and in hand 351,488 149,948
555,111 171,119
Creditors: amounts falling due within one year 5 (147,791) (42,641)
Net current assets 407,320 128,478
Total assets less current liabilities 452,358 181,862
Creditors: amounts falling due after more than one year 6 (27,274) (45,045)
Net assets 425,084 136,817
Capital and reserves
Called up share capital 100 100
Profit and loss account 424,984 136,717
Shareholder's funds 425,084 136,817
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T Morfoot
Director
Approved by the board on 15 November 2024
Red Dot Composites Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 80,208 33,387 113,595
Additions 15,045 - 15,045
At 30 November 2023 95,253 33,387 128,640
Depreciation
At 1 December 2022 53,534 6,677 60,211
Charge for the year 18,049 5,342 23,391
At 30 November 2023 71,583 12,019 83,602
Net book value
At 30 November 2023 23,670 21,368 45,038
At 30 November 2022 26,674 26,710 53,384
4 Debtors 2023 2022
£ £
Trade debtors 142,030 5,484
Other debtors - 35
142,030 5,519
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 15,032 31,564
Trade creditors 58,125 39,077
Taxation and social security costs 85,204 26,851
Other creditors (10,570) (54,851)
147,791 42,641
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,667 34,438
Obligations under finance lease and hire purchase contracts 10,607 10,607
27,274 45,045
7 Other information
Red Dot Composites Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Old Warden
St Ann's Fort
King's Lynn
Norfolk
PE30 2EU
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