2023-04-012024-03-312024-03-31false03538263REDDY & CO 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REDDY & CO LIMITED

Registered Number
03538263
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2024

REDDY & CO LIMITED
Company Information
for the year from 1 April 2023 to 31 March 2024

Director

REDDY, Dwarampudi Rama Krishna

Company Secretary

REDDY, Dwarampudi Divya Tulasi

Registered Address

10 Browning Road
Preston
PR1 5SH

Registered Number

03538263 (England and Wales)
REDDY & CO LIMITED
Balance Sheet as at
31 March 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets31,162,5061,162,653
1,162,5061,162,653
Current assets
Debtors11,82311,823
Cash at bank and on hand43,26713,518
55,09025,341
Creditors amounts falling due within one year4(450,692)(406,803)
Net current assets (liabilities)(395,602)(381,462)
Total assets less current liabilities766,904781,191
Creditors amounts falling due after one year5(482,402)(532,853)
Net assets284,502248,338
Capital and reserves
Called up share capital100100
Profit and loss account284,402248,238
Shareholders' funds284,502248,338
The financial statements were approved and authorised for issue by the Director on 2 January 2025, and are signed on its behalf by:
REDDY, Dwarampudi Rama Krishna
Director
Registered Company No. 03538263
REDDY & CO LIMITED
Notes to the Financial Statements
for the year ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from sale of goods
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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Fixtures and fittings15
Vehicles25
Office Equipment20
Finance leases and hire purchase contracts
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, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
2.Average number of employees

20242023
Average number of employees during the year22
3.Tangible fixed assets

Land & buildings

Office Equipment

Total

£££
Cost or valuation
At 01 April 231,161,91716,3361,178,253
At 31 March 241,161,91716,3361,178,253
Depreciation and impairment
At 01 April 23-15,60015,600
Charge for year-147147
At 31 March 24-15,74715,747
Net book value
At 31 March 241,161,9175891,162,506
At 31 March 231,161,9177361,162,653
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables33,03642,776
Bank borrowings and overdrafts89,18963,904
Taxation and social security20,49320,057
Other creditors307,905280,005
Accrued liabilities and deferred income6961
Total450,692406,803
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.
5.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts482,402532,853
Total482,402532,853
6.Provisions for liabilities
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.