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COMPANY REGISTRATION NUMBER: 9535404
Re-Dec Painting & Decorating Services Limited
Filleted Unaudited Financial Statements
30 April 2024
Re-Dec Painting & Decorating Services Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
370,128
333,135
Current assets
Stocks
1,912
1,900
Debtors
7
99,530
106,049
Cash at bank and in hand
94,942
118,820
---------
---------
196,384
226,769
Creditors: amounts falling due within one year
8
75,184
65,494
---------
---------
Net current assets
121,200
161,275
---------
---------
Total assets less current liabilities
491,328
494,410
Creditors: amounts falling due after more than one year
9
331,701
291,963
Provisions
Taxation including deferred tax
24,113
17,433
---------
---------
Net assets
135,514
185,014
---------
---------
Capital and reserves
Called up share capital
10
102
102
Profit and loss account
135,412
184,912
---------
---------
Shareholders funds
135,514
185,014
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Re-Dec Painting & Decorating Services Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
Eden Gibson-Gibbs
Richard Etherington
Director
Director
Company registration number: 9535404
Re-Dec Painting & Decorating Services Limited
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 6-12 St James Street, Hull, HU3 2DH, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
4,646
Deferred tax:
Origination and reversal of timing differences
6,680
11,031
-------
--------
Tax on profit
6,680
15,677
-------
--------
6. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 May 2023
241,402
41,795
140,362
423,559
Additions
2,219
94,444
96,663
Disposals
( 22,350)
( 22,350)
---------
--------
---------
---------
At 30 April 2024
241,402
44,014
212,456
497,872
---------
--------
---------
---------
Depreciation
At 1 May 2023
24,642
65,782
90,424
Charge for the year
4,843
38,065
42,908
Disposals
( 5,588)
( 5,588)
---------
--------
---------
---------
At 30 April 2024
29,485
98,259
127,744
---------
--------
---------
---------
Carrying amount
At 30 April 2024
241,402
14,529
114,197
370,128
---------
--------
---------
---------
At 30 April 2023
241,402
17,153
74,580
333,135
---------
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 April 2024
107,384
---------
At 30 April 2023
65,498
---------
7. Debtors
2024
2023
£
£
Trade debtors
81,479
93,896
Amounts owed by group undertakings
4,763
763
Prepayments and accrued income
3,333
2,770
Directors loan account
9,955
Other debtors
8,620
--------
---------
99,530
106,049
--------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,540
Trade creditors
38,398
10,836
Accruals and deferred income
1,266
1,426
Corporation tax
4,646
Social security and other taxes
8,204
3,164
Obligations under finance leases and hire purchase contracts
17,145
13,465
Director loan accounts
29,731
Other creditors
4,631
2,226
--------
--------
75,184
65,494
--------
--------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
219,919
231,000
Obligations under finance leases and hire purchase contracts
111,782
60,963
---------
---------
331,701
291,963
---------
---------
The bank loans are secured on the freehold property of the company.
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
'A' Ordinary shares of £ 1 each
1
1
1
1
'B' Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
102
102
102
102
----
----
----
----
11. Directors' advances, credits and guarantees
At the year end, the Directors owed the company £9,955 (previous year £29,731 credit). This amount was repaid shortly after the year end.