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Registration number: 07858597

Reddy Pai Metals Ltd

Unaudited Filleted Abridged Financial Statements

for the Period from 1 February 2023 to 29 January 2024

 

Reddy Pai Metals Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Reddy Pai Metals Ltd

Company Information

Directors

Ms Suryalatha Upadyayula

Mr Madhu Sudhan Reddy Ganta

Mr Devanabanda Reddy Sudhakar

Company secretary

Mr Madhu Sudhan Reddy Ganta

Registered office

Regus 1 Capital Quarter
Tyndall Street
Cardiff
Wales
CF10 4BQ

Accountants

Onyx Accountants Limited
Chartered Management Accountants
Onyx House
12 Phoenix Business Park
Avenue Close
Birmingham
West Midlands
B7 4NU

 

Reddy Pai Metals Ltd

(Registration number: 07858597)
Abridged Balance Sheet as at 29 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

1,047,626

706,130

Investments

5

568,460

568,460

 

1,616,086

1,274,590

Current assets

 

Debtors

6

3,369,161

3,941,415

Cash at bank and in hand

 

104,632

462,370

 

3,473,793

4,403,785

Prepayments and accrued income

 

3,649

-

Creditors: Amounts falling due within one year

(2,319,738)

(2,489,216)

Net current assets

 

1,157,704

1,914,569

Total assets less current liabilities

 

2,773,790

3,189,159

Creditors: Amounts falling due after more than one year

(575,821)

(865,059)

Provisions for liabilities

(149,327)

(73,273)

Accruals and deferred income

 

(13,200)

(104,334)

Net assets

 

2,035,442

2,146,493

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

2,034,442

2,145,493

Shareholders' funds

 

2,035,442

2,146,493

For the financial period ending 29 January 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 period 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.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

Reddy Pai Metals Ltd

(Registration number: 07858597)
Abridged Balance Sheet as at 29 January 2024

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 29 January 2024 and signed on its behalf by:
 

.........................................
Mr Madhu Sudhan Reddy Ganta
Company secretary and director

 

Reddy Pai Metals Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 February 2023 to 29 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Regus 1 Capital Quarter
Tyndall Street
Cardiff
Wales
CF10 4BQ
United Kingdom

These financial statements were authorised for issue by the Board on 29 January 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Reddy Pai Metals Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 February 2023 to 29 January 2024

Tax

The tax expense for the period comprises 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.

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 & Machinery

25% Reducing Balance

Motor Vehicles

25% Straight Line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Reddy Pai Metals Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 February 2023 to 29 January 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Reddy Pai Metals Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 February 2023 to 29 January 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 9 (2023 - 7).

4

Tangible assets

Land and buildings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 February 2023

400,000

420,494

-

82,288

Additions

-

597,352

4,571

22,499

Disposals

-

(123,760)

-

-

At 29 January 2024

400,000

894,086

4,571

104,787

Depreciation

At 1 February 2023

-

144,157

-

52,495

Charge for the period

-

133,839

1,005

24,322

At 29 January 2024

-

277,996

1,005

76,817

Carrying amount

At 29 January 2024

400,000

616,090

3,566

27,970

At 31 January 2023

400,000

276,337

-

29,793

 

Reddy Pai Metals Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 February 2023 to 29 January 2024

Total
£

Cost or valuation

At 1 February 2023

902,782

Additions

624,422

Disposals

(123,760)

At 29 January 2024

1,403,444

Depreciation

At 1 February 2023

196,652

Charge for the period

159,166

At 29 January 2024

355,818

Carrying amount

At 29 January 2024

1,047,626

At 31 January 2023

706,130

Included within the net book value of land and buildings above is £400,000 (2023 - £400,000) in respect of freehold land and buildings.
 

Investment properties

2024
£

There has been no valuation of investment property by an independent valuer.

5

Investments

Total
£

Cost or valuation

At 1 February 2023

568,460

Provision

Carrying amount

At 29 January 2024

568,460

At 31 January 2023

568,460

 

Reddy Pai Metals Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 February 2023 to 29 January 2024

2024
£

2023
£

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Related party transactions

During the year two directors took loands from the company. The loan to S Upadyayula has been repaid within 9 months of the year end. The loan of £1,115,000 to M Ganta has had S455 recognised on the full balance, the other loan was repaid within 9 months of the year end.

 

Reddy Pai Metals Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 February 2023 to 29 January 2024

Transactions with directors

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 29 January 2024
£

Mr Madhu Sudhan Reddy Ganta

Mr M Ganta

57,687

64,237

(57,687)

64,237

Mr M Ganta

-

1,115,000

-

1,115,000

57,687

1,179,237

(57,687)

1,179,237

Ms Suryalatha Upadyayula

-

27,505

-

27,505

-

-

-

-

-

27,505

-

27,505

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Mr Madhu Sudhan Reddy Ganta

Mr M Ganta

29,079

91,108

(62,500)

57,687

29,079

91,108

(62,500)

57,687

 

Reddy Pai Metals Ltd

Notes to the Unaudited Abridged Financial Statements for the Period from 1 February 2023 to 29 January 2024

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

25,140

25,140

Contributions paid to money purchase schemes

12,000

32,000

37,140

57,140