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Registration number: 03749939

Redcrest Enterprises Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Redcrest Enterprises Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Redcrest Enterprises Ltd

(Registration number: 03749939)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

314,881

324,214

Current assets

 

Debtors

6

5,190

9,428

Cash at bank and in hand

 

116,545

55,488

 

121,735

64,916

Creditors: Amounts falling due within one year

7

(151,414)

(105,791)

Net current liabilities

 

(29,679)

(40,875)

Total assets less current liabilities

 

285,202

283,339

Creditors: Amounts falling due after more than one year

7

(183,196)

(206,220)

Provisions for liabilities

(23,420)

(25,647)

Net assets

 

78,586

51,472

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

149

149

Retained earnings

78,337

51,223

Shareholders' funds

 

78,586

51,472

For the financial year ending 31 October 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.

 

Redcrest Enterprises Ltd

(Registration number: 03749939)
Balance Sheet as at 31 October 2024

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 Profit and Loss Account.

Approved and authorised by the Board on 14 March 2025 and signed on its behalf by:
 

.........................................
Mr J Collins
Director

.........................................
Mrs A Collins
Company secretary and director

 

Redcrest Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
Nightingale Farm
Wantage Road
Leckhampstead
Newbury
Berks
RG20 8QT
England

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.This is based on the continued support of the directors who have said they will not withdraw all their loan within the coming year.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

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.

 

Redcrest Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Plant and machinery

15% or 25% reducing balance

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

5 years straight line

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

 

Redcrest Enterprises Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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 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.

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 16 (2023 - 15).

 

Redcrest Enterprises Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

30,000

30,000

At 31 October 2024

30,000

30,000

Amortisation

At 1 November 2023

30,000

30,000

At 31 October 2024

30,000

30,000

Carrying amount

At 31 October 2024

-

-

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

194,212

589,974

63,670

847,856

Additions

-

17,761

4,500

22,261

Disposals

-

(8,821)

(2,800)

(11,621)

At 31 October 2024

194,212

598,914

65,370

858,496

Depreciation

At 1 November 2023

-

482,146

41,496

523,642

Charge for the year

-

23,081

6,568

29,649

Eliminated on disposal

-

(7,430)

(2,246)

(9,676)

At 31 October 2024

-

497,797

45,818

543,615

Carrying amount

At 31 October 2024

194,212

101,117

19,552

314,881

At 31 October 2023

194,212

107,828

22,174

324,214

Included within the net book value of land and buildings above is £194,212 (2023 - £194,212) in respect of freehold land and buildings.
 

 

Redcrest Enterprises Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

1,185

3,463

Prepayments

4,005

5,965

 

5,190

9,428

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

20,048

25,389

Trade creditors

 

13,013

5,710

Taxation and social security

 

62,767

38,765

Other creditors

 

55,586

35,927

 

151,414

105,791

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

183,196

206,220

 

Redcrest Enterprises Ltd

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

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

18,677

18,477

Bank overdrafts

11

4

Hire purchase contracts

1,360

6,908

20,048

25,389

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

56,097

74,783

Hire purchase contracts

-

752

Other borrowings

127,099

130,685

183,196

206,220

9

Related party transactions

As at 31 October 2024 the company owed the directors £127,132 (2023: £130,818). Interest of £3,000 has been paid on this loan.