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REGISTERED NUMBER: 02462121 (England and Wales)















RED Scientific Limited

Financial Statements for the Year Ended 31st August 2024






RED Scientific Limited (Registered number: 02462121)

Contents of the Financial Statements
for the Year Ended 31st August 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


RED Scientific Limited

Company Information
for the Year Ended 31st August 2024







DIRECTORS: Mrs Y J Whiteley
Mrs J Callow
J D Cogman
D R White
M D Brule-Walker





SECRETARY: D R White





REGISTERED OFFICE: 1 Oriel Court
Omega Park
Alton
Hampshire
GU34 2YT





REGISTERED NUMBER: 02462121 (England and Wales)





ACCOUNTANTS: Sheen Stickland
Chartered Accountants
The Engine House
77 Station Road
Petersfield
Hampshire
GU32 3FQ

RED Scientific Limited (Registered number: 02462121)

Balance Sheet
31st August 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 34,635 11,960

CURRENT ASSETS
Debtors 5 1,125,247 1,329,911
Cash at bank and in hand 754,609 425,489
1,879,856 1,755,400
CREDITORS
Amounts falling due within one year 6 643,003 907,729
NET CURRENT ASSETS 1,236,853 847,671
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,271,488

859,631

CREDITORS
Amounts falling due after more than
one year

7

(91,667

)

(141,667

)

PROVISIONS FOR LIABILITIES (6,042 ) -
NET ASSETS 1,173,779 717,964

RED Scientific Limited (Registered number: 02462121)

Balance Sheet - continued
31st August 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 32,920 32,920
Capital redemption reserve 47,600 47,600
Share-based payment reserve 9,503 9,503
Retained earnings 1,083,756 627,941
SHAREHOLDERS' FUNDS 1,173,779 717,964

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

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

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th January 2025 and were signed on its behalf by:





Mrs Y J Whiteley - Director


RED Scientific Limited (Registered number: 02462121)

Notes to the Financial Statements
for the Year Ended 31st August 2024


1. STATUTORY INFORMATION

RED Scientific 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.

2. 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.

Turnover
Turnover represents invoiced services, net of value added tax, together with the percentage of associated revenue on work not invoiced but in progress at the year end.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

RED Scientific Limited (Registered number: 02462121)

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


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred.

Research and development tax credits are recognised in the year that they accrue. Deferred tax credits are recognised only to the extent that it is probable that they will be recovered against future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Share-based payments for employee share schemes
The company has granted share options to certain directors and employees, all of whom are based in the UK. Options granted after the FRS 102 transition date must be measured at fair value and recognised as an expense in the profit and loss account with a corresponding increase in shareholders' funds. The fair value of the options has been estimated at the date of grant using the Black-Scholes option-pricing model. The fair value will be charged as an expense in the profit and loss account over the vesting period. The charge is adjusted each year to reflect the expected and actual level of vesting. The credit entry is contained within a separate reserve called the Share-Based Payment Reserve in the company's reserves and is shown in the Statement of Changes in Equity.

The expense calculation for the options granted on 1st April 2016 using the Black-Scholes option-pricing valuation model, is based on the following assumptions:

Assumptions Grant on 1st April 2016
Annualised volatility 30%
Expected dividend yield 0%
Option price 1.00p
Share price 8.00p
Time to maturity 4 years
Annual risk-free interest rate 1.0%

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 37 (2023 - 37 ) .

RED Scientific Limited (Registered number: 02462121)

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


4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1st September 2023 46,989
Additions 31,958
At 31st August 2024 78,947
DEPRECIATION
At 1st September 2023 35,029
Charge for year 9,283
At 31st August 2024 44,312
NET BOOK VALUE
At 31st August 2024 34,635
At 31st August 2023 11,960

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 387,943 541,760
Other debtors 737,304 788,151
1,125,247 1,329,911

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 50,000 66,735
Trade creditors 222,081 206,787
Taxation and social security 146,182 134,510
Other creditors 224,740 499,697
643,003 907,729

RED Scientific Limited (Registered number: 02462121)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 91,667 141,667

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 28,333 40,843

The company is repaying a loan granted under the Coronavirus Business Interruption Loan Scheme. In the event of default by the company, repayment of the loan and interest is backed by an 80% UK government guarantee.

RED Scientific Limited (Registered number: 02462121)

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


9. SHARE-BASED PAYMENT TRANSACTIONS

The company's policy is to grant share options as considered appropriate by the Board of Directors as a basis for employee involvement, motivation and incentive, recruitment and retention. The policy is for options that are granted under the Enterprise Management Incentives share option schemes to be held by the employees to whom they are granted until the options are either exercised or lapse. Any share options that remain unexercised after a period of ten years from the date of grant lapse anyway. In the event that an employee leaves the company, then the exercise of the option is at the discretion of the Board of Directors who must notify the optionholder of their decision within three months of the date of leaving and, in the event that the Board of Directors does not within the period of three months give the optionholder the permission to exercise, the option will lapse immediately.

Since the company introduced this policy, the company has granted options that remain in place over 608,000 shares through a scheme, which is an equity-settled scheme as follows:

On 1st April 2016, the company granted options over 608,000 shares through an Enterprise Management Incentives share option scheme to UK employees at an option price of £0.01 per share. Four of the employees were directors of the company at the date of grant. The period over which the options are capable of subsisting and be exercised is the period from April 2016 to April 2026.

The involvement of the employees in the share scheme arrangements is as follows:



No. of shares
subject to total
options
Grant on 1st April
2016
Option Price £0.01
Outstanding as at 1st September 2023135,000135,000
Granted during the year00
Forfeited during the year00
Surrendered during the year00
Exercised during the year00
Expired during the year00
Outstanding as at 31st August 2024135,000135,000

20242023
£ £
Charge to profit and loss during the period-(1,407)
Balance arising from share-based payments at end of the period9,5039,503