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Registration number: 01787569

Reddish Vale Insulations Limited

Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Reddish Vale Insulations Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Reddish Vale Insulations Limited

(Registration number: 01787569)
Statement of Financial Position as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

353,889

215,038

Current assets

 

Stocks

20,000

30,000

Debtors

5

1,092,736

1,703,552

Cash at bank and in hand

 

273,042

165,537

 

1,385,778

1,899,089

Creditors: Amounts falling due within one year

6

(1,079,781)

(1,538,117)

Net current assets

 

305,997

360,972

Total assets less current liabilities

 

659,886

576,010

Creditors: Amounts falling due after more than one year

6

(115,071)

(77,365)

Provisions for liabilities

(73,790)

(42,689)

Net assets

 

471,025

455,956

Capital and reserves

 

Called up share capital

20

20

Capital redemption reserve

1

1

Retained earnings

471,004

455,935

Shareholders' funds

 

471,025

455,956

 

Reddish Vale Insulations Limited

(Registration number: 01787569)
Statement of Financial Position as at 31 August 2024

For the financial year ending 31 August 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 year 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.

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 Income Statement.

Approved and authorised by the Board on 24 January 2025 and signed on its behalf by:
 

.........................................
Mr Roy Tindall
Director

   
     
 

Reddish Vale Insulations Limited

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

1

General information

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

The address of its registered office is:
Vale House
Franklin Street
Oldham
OL1 2DP

These financial statements were authorised for issue by the Board on 24 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 FRS102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

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 and 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.

 

Reddish Vale Insulations Limited

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

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 statement of financial position 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 and Machinery

15% on cost

Fixtures and Equipment

20-25% on cost

Motor Vehicles

20% on reducing balance

Leasehold property improvements

38% on cost

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 income statement 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.

 

Reddish Vale Insulations Limited

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

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 the income statement on a straight-line basis over the period of the lease.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the income statement over the period of the lease on a straight line basis. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract on a straight line basis.

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.

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 year, was 38 (2023 - 29).

 

Reddish Vale Insulations Limited

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

4

Tangible assets

Leasehold property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

-

382,927

209,464

592,391

Additions

39,542

70,530

111,819

221,891

Disposals

-

-

(21,160)

(21,160)

At 31 August 2024

39,542

453,457

300,123

793,122

Depreciation

At 1 September 2023

-

304,892

72,461

377,353

Charge for the year

1,276

34,503

36,427

72,206

Eliminated on disposal

-

-

(10,326)

(10,326)

At 31 August 2024

1,276

339,395

98,562

439,233

Carrying amount

At 31 August 2024

38,266

114,062

201,561

353,889

At 31 August 2023

-

78,035

137,003

215,038

Included within the net book value of land and buildings above is £38,266 (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

823,042

698,375

Prepayments

69,307

72,497

Other debtors

200,387

932,680

 

1,092,736

1,703,552

 

Reddish Vale Insulations Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

54,320

44,278

Trade creditors

 

447,684

558,781

Taxation and social security

 

410,551

145,812

Accruals and deferred income

 

159,155

37,890

Other creditors

 

8,071

751,356

 

1,079,781

1,538,117

Creditors due within one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £44,007 (2023 - £33,963).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

115,071

77,365

Creditors falling due after more than one year include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £107,264 (2023 - £59,546).

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £88,201 (2023 - £124,628).

 

Reddish Vale Insulations Limited

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

8

Related party transactions

2024

At 1 September 2023
£

Advances to director
£

At 31 August 2024
£

Mr Roy Tindall

Advances interest free and repayable on demand

-

328

328

9

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Tindall Holdings Ltd, incorporated in England and Wales.