Silverfin false false 30/04/2024 01/05/2023 30/04/2024 P Scott 14/07/2020 A D Watters 20/04/2000 M Watters 23/09/2003 29 January 2025 The principal activity of the company during the year continued to be that of building contractors. SC206519 2024-04-30 SC206519 bus:Director1 2024-04-30 SC206519 bus:Director2 2024-04-30 SC206519 bus:Director3 2024-04-30 SC206519 2023-04-30 SC206519 core:CurrentFinancialInstruments 2024-04-30 SC206519 core:CurrentFinancialInstruments 2023-04-30 SC206519 core:Non-currentFinancialInstruments 2024-04-30 SC206519 core:Non-currentFinancialInstruments 2023-04-30 SC206519 core:ShareCapital 2024-04-30 SC206519 core:ShareCapital 2023-04-30 SC206519 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC206519 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC206519 core:PlantMachinery 2023-04-30 SC206519 core:Vehicles 2023-04-30 SC206519 core:FurnitureFittings 2023-04-30 SC206519 core:PlantMachinery 2024-04-30 SC206519 core:Vehicles 2024-04-30 SC206519 core:FurnitureFittings 2024-04-30 SC206519 bus:OrdinaryShareClass1 2024-04-30 SC206519 2023-05-01 2024-04-30 SC206519 bus:FilletedAccounts 2023-05-01 2024-04-30 SC206519 bus:SmallEntities 2023-05-01 2024-04-30 SC206519 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC206519 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC206519 bus:Director1 2023-05-01 2024-04-30 SC206519 bus:Director2 2023-05-01 2024-04-30 SC206519 bus:Director3 2023-05-01 2024-04-30 SC206519 core:PlantMachinery 2023-05-01 2024-04-30 SC206519 core:Vehicles 2023-05-01 2024-04-30 SC206519 core:FurnitureFittings 2023-05-01 2024-04-30 SC206519 2022-05-01 2023-04-30 SC206519 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 SC206519 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 SC206519 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC206519 (Scotland)

RED BUILDING PROJECTS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH THE REGISTRAR

RED BUILDING PROJECTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024

Contents

RED BUILDING PROJECTS LIMITED

BALANCE SHEET

AS AT 30 APRIL 2024
RED BUILDING PROJECTS LIMITED

BALANCE SHEET (continued)

AS AT 30 APRIL 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 109,699 42,320
109,699 42,320
Current assets
Stocks 31,209 31,209
Debtors 4 562,672 565,099
593,881 596,308
Creditors: amounts falling due within one year 5 ( 947,855) ( 601,365)
Net current liabilities (353,974) (5,057)
Total assets less current liabilities (244,275) 37,263
Creditors: amounts falling due after more than one year 6 0 ( 75,399)
Net liabilities ( 244,275) ( 38,136)
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account ( 245,275 ) ( 39,136 )
Total shareholders' deficit ( 244,275) ( 38,136)

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Red Building Projects Limited (registered number: SC206519) were approved and authorised for issue by the Board of Directors on 29 January 2025. They were signed on its behalf by:

A D Watters
Director
RED BUILDING PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
RED BUILDING PROJECTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 APRIL 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Red Building Projects Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Unit 58 Imex Business Centre, Dryden Road, Loanhead, EH20 9LZ, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £244,275. The Company is supported through loans from the directors. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost of each asset on a reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 20 % reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 25

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 May 2023 10,622 193,476 653 204,751
Additions 2,490 84,847 0 87,337
Disposals 0 ( 30,162) 0 ( 30,162)
At 30 April 2024 13,112 248,161 653 261,926
Accumulated depreciation
At 01 May 2023 9,759 152,056 616 162,431
Charge for the financial year 444 16,777 7 17,228
Disposals 0 ( 27,432) 0 ( 27,432)
At 30 April 2024 10,203 141,401 623 152,227
Net book value
At 30 April 2024 2,909 106,760 30 109,699
At 30 April 2023 863 41,420 37 42,320

4. Debtors

2024 2023
£ £
Trade debtors 156,914 121,365
Other debtors 405,758 443,734
562,672 565,099

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 157,210 82,962
Trade creditors 133,181 143,025
Taxation and social security 66,539 146,930
Other creditors 590,925 228,448
947,855 601,365

A floating charge is held over the assets of the business to secure the continuation of the overdraft facility.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 0 75,399

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000