REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 December 2023 to 31 December 2024 |
for |
RED SYSTEMS LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 December 2023 to 31 December 2024 |
for |
RED SYSTEMS LTD |
RED SYSTEMS LTD (REGISTERED NUMBER: 06014409) |
Contents of the Financial Statements |
for the Period 1 December 2023 to 31 December 2024 |
Page |
Company Information | 1 |
Chartered Accountants' Report | 2 |
Balance Sheet | 3 |
Notes to the Financial Statements | 5 |
RED SYSTEMS LTD |
Company Information |
for the Period 1 December 2023 to 31 December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Butterworth Barlow House |
10 Derby Street |
Prescot |
Liverpool |
Merseyside |
L34 3LG |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Red Systems Ltd |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Red Systems Ltd for the period ended 31 December 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the Board of Directors of Red Systems Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Red Systems Ltd and state those matters that we have agreed to state to the Board of Directors of Red Systems Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Red Systems Ltd and its Board of Directors, as a body, for our work or for this report. |
It is your duty to ensure that Red Systems Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Red Systems Ltd. You consider that Red Systems Ltd is exempt from the statutory audit requirement for the period. |
We have not been instructed to carry out an audit or a review of the financial statements of Red Systems Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Chartered Accountants |
Liverpool |
L34 3LG |
RED SYSTEMS LTD (REGISTERED NUMBER: 06014409) |
Balance Sheet |
31 December 2024 |
31.12.24 | 30.11.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
RED SYSTEMS LTD (REGISTERED NUMBER: 06014409) |
Balance Sheet - continued |
31 December 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
RED SYSTEMS LTD (REGISTERED NUMBER: 06014409) |
Notes to the Financial Statements |
for the Period 1 December 2023 to 31 December 2024 |
1. | STATUTORY INFORMATION |
Red Systems Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Improvements to property | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RED SYSTEMS LTD (REGISTERED NUMBER: 06014409) |
Notes to the Financial Statements - continued |
for the Period 1 December 2023 to 31 December 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Contract revenue |
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: |
- The amount of revenue can be measured reliably; |
- It is probable that the Company will receive the consideration due under the contract; |
- The stage of completion of the contract at the end of reporting period can be measured reliably; and |
- The costs incurred and the costs to complete the contract can be measured reliably. |
Construction Contracts |
Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. |
Variations on contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable. |
Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. |
When it is probable that total contract costs will exceed revenue, the expected loss is recognised as an expense immediately. Contract costs are recognised as expenses in the period in which they are incurred. |
Where contract costs, plus recognised profits, less recognised losses and progress billings gives rise to an asset, the asset is included in debtors as amounts recoverable on contracts. Where such an amount gives rise to liability, the liability is included in creditors as amounts due to customers. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
RED SYSTEMS LTD (REGISTERED NUMBER: 06014409) |
Notes to the Financial Statements - continued |
for the Period 1 December 2023 to 31 December 2024 |
4. | TANGIBLE FIXED ASSETS |
Improvements |
to | Motor | Computer |
property | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 December 2023 |
Additions |
At 31 December 2024 |
DEPRECIATION |
At 1 December 2023 |
Charge for period |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 30 November 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 December 2023 |
Additions |
At 31 December 2024 |
NET BOOK VALUE |
At 31 December 2024 |
At 30 November 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 30.11.23 |
£ | £ |
Amounts owed by group undertakings |
Amounts recoverable on |
contracts |
Other debtors |
RED SYSTEMS LTD (REGISTERED NUMBER: 06014409) |
Notes to the Financial Statements - continued |
for the Period 1 December 2023 to 31 December 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.24 | 30.11.23 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | 24,015 | 13,758 |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.24 | 30.11.23 |
£ | £ |
Hire purchase contracts |
Other creditors |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.24 | 30.11.23 |
value: | £ | £ |
Ordinary A Shares | £1 | 150,000 | 150,000 |
Ordinary B Shares | £1 | 1,800 | 1,800 |
151,800 | 151,800 |
10. | RELATED PARTY DISCLOSURES |
Red Jam Limited is a company related by virtue of directors in common. During the year, the company made purchases from Red Jam Limited amounting to £109,455 (2023: £97,338). The balance due to Red Jam Limited as at 30 November 2024 was £24,015 (2023: £13,758). |
Red Open Limited is a 75% subsidiary of Red Systems Ltd and hence a related party. During the year, the company made purchases from Red Open Limited amounting to £935,952 (2023: £460,764). The balance due to Red Open Limited as at 30 November 2024 was £55,659 (2023: £66,448). |
Red Optimal Limited is a 75% subsidiary of Red Systems Ltd and hence a related party. During the year, the company made sales to Red Optimal Limited of £333,703 (2023: £nil) and purchases from Red Optimal Limited of £1,235,912 (2023: £nil).The balance due from Red Optimal Limited as at 30 November 2024 was £nil (2023: £230,000). |
During the year, the company purchased 100% of the share capital of Redline Facades Limited. |