Company Registration No. SC664136 (Scotland)
Red 75 Limited
Unaudited accounts
for the year ended 30 June 2024
Red 75 Limited
Unaudited accounts
Contents
Red 75 Limited
Company Information
for the year ended 30 June 2024
Director
Joanna Claire Gray
Company Number
SC664136 (Scotland)
Registered Office
3 Jeffrey Street
Edinburgh
EH1 1DR
Scotland
Accountants
Allsquare (Edinburgh) Ltd
Federation House
222-224 Queensferry Road
Edinburgh
EH4 2BN
Red 75 Limited
Statement of financial position
as at 30 June 2024
Cash at bank and in hand
69,579
75,469
Creditors: amounts falling due within one year
(27,452)
(50,840)
Net current assets
44,575
26,702
Total assets less current liabilities
46,095
26,751
Provisions for liabilities
Called up share capital
1
1
Profit and loss account
46,094
26,740
Shareholders' funds
46,095
26,741
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 March 2025 and were signed on its behalf by
Joanna Claire Gray
Director
Company Registration No. SC664136
Red 75 Limited
Notes to the Accounts
for the year ended 30 June 2024
Red 75 Limited is a private company, limited by shares, registered in Scotland, registration number SC664136. The registered office is 3 Jeffrey Street, Edinburgh, EH1 1DR, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
33% straight line
Computer equipment
33% straight line
Red 75 Limited
Notes to the Accounts
for the year ended 30 June 2024
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 30 June 2024
2,280
149
2,429
Charge for the year
760
49
809
At 30 June 2024
760
149
909
At 30 June 2024
1,520
-
1,520
Amounts falling due within one year
Accrued income and prepayments
1,253
878
6
Creditors: amounts falling due within one year
2024
2023
Taxes and social security
6,894
6,702
Loans from directors
14,497
39,339
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
8
Average number of employees
During the year the average number of employees was 1 (2023: 1).