Code Red Limited 06840632 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is Courier Digita Accounts Production Advanced 6.30.9574.0 true true 06840632 2023-04-01 2024-03-31 06840632 2024-03-31 06840632 bus:Director1 1 2024-03-31 06840632 core:RetainedEarningsAccumulatedLosses 2024-03-31 06840632 core:ShareCapital 2024-03-31 06840632 core:CurrentFinancialInstruments 2024-03-31 06840632 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 06840632 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 06840632 core:Goodwill 2024-03-31 06840632 core:FurnitureFittingsToolsEquipment 2024-03-31 06840632 core:MotorVehicles 2024-03-31 06840632 bus:SmallEntities 2023-04-01 2024-03-31 06840632 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 06840632 bus:FilletedAccounts 2023-04-01 2024-03-31 06840632 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06840632 bus:RegisteredOffice 2023-04-01 2024-03-31 06840632 bus:Director1 2023-04-01 2024-03-31 06840632 bus:Director1 1 2023-04-01 2024-03-31 06840632 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06840632 core:Goodwill 2023-04-01 2024-03-31 06840632 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06840632 core:MotorVehicles 2023-04-01 2024-03-31 06840632 core:PlantMachinery 2023-04-01 2024-03-31 06840632 countries:England 2023-04-01 2024-03-31 06840632 2023-03-31 06840632 bus:Director1 1 2023-03-31 06840632 core:Goodwill 2023-03-31 06840632 core:FurnitureFittingsToolsEquipment 2023-03-31 06840632 core:MotorVehicles 2023-03-31 06840632 2022-04-01 2023-03-31 06840632 2023-03-31 06840632 bus:Director1 1 2023-03-31 06840632 core:RetainedEarningsAccumulatedLosses 2023-03-31 06840632 core:ShareCapital 2023-03-31 06840632 core:CurrentFinancialInstruments 2023-03-31 06840632 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06840632 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 06840632 core:FurnitureFittingsToolsEquipment 2023-03-31 06840632 core:MotorVehicles 2023-03-31 06840632 bus:Director1 1 2022-04-01 2023-03-31 06840632 bus:Director1 1 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 06840632

Code Red Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Code Red Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Code Red Limited

Company Information

Director

Mr Richard John Greaves

Registered office

22 Pall Mall
Liverpool
Merseyside
L3 6AL

Accountants

Phil Owen & Co Limited
Chartered Accountant
22 Pall Mall
Liverpool
Merseyside
L3 6AL

 

Code Red Limited

(Registration number: 06840632)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

5,246

7,064

Current assets

 

Debtors

6

13,203

14,428

Cash at bank and in hand

 

1,522

1,873

 

14,725

16,301

Creditors: Amounts falling due within one year

7

(15,737)

(16,964)

Net current liabilities

 

(1,012)

(663)

Total assets less current liabilities

 

4,234

6,401

Creditors: Amounts falling due after more than one year

7

(3,693)

(5,855)

Net assets

 

541

546

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

441

446

Shareholders' funds

 

541

546

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 22 January 2025
 

.........................................
Mr Richard John Greaves
Director

 

Code Red Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
22 Pall Mall
Liverpool
Merseyside
L3 6AL

These financial statements were authorised for issue by the director on 22 January 2025.

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 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 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.

Tax

The tax expense for the period comprises current 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.

 

Code Red Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
Plant and machinery etc -25% on cost

Asset class

Depreciation method and rate

Plant and machinery

25% on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

amortised evenly over its estimated useful life of 5 years

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.

 

Code Red Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Code Red Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

5,000

5,000

At 31 March 2024

5,000

5,000

Amortisation

At 1 April 2023

5,000

5,000

At 31 March 2024

5,000

5,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

1,907

12,128

14,035

Additions

127

-

127

At 31 March 2024

2,034

12,128

14,162

Depreciation

At 1 April 2023

1,514

5,457

6,971

Charge for the year

126

1,819

1,945

At 31 March 2024

1,640

7,276

8,916

Carrying amount

At 31 March 2024

394

4,852

5,246

At 31 March 2023

393

6,671

7,064

6

Debtors

Current

2024
£

2023
£

Other debtors

13,203

14,428

 

13,203

14,428

 

Code Red Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

2,340

2,340

Taxation and social security

 

13,397

12,399

Other creditors

 

-

2,225

 

15,737

16,964

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

3,693

5,855

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

9

Related party transactions

Summary of transactions with key management

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Richard John Greaves

(12,299)

(11,069)

12,299

(11,069)

2023

At 1 April 2022
£

At 31 March 2023
£

Mr Richard John Greaves

(9,010)

(12,299)

 

Code Red Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,100

11,770