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Registration number: 09256819

Red Technical Services Limited

REPORT OF THE DIRECTORS and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Red Technical Services Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Red Technical Services Limited

Company Information

Directors

Mr G Jay

Mr J Walker

Registered office

4 Fire Engine Lane
Coalpit Heath
Bristol
Gloucestershire
BS36 2PQ
 

Accountants

Wynne & Co
Chartered Accountants
Forestry House
Brewery Road
Carmarthen
Carmarthenshire
SA31 1TF

 

Red Technical Services Limited

(Registration number: 09256819)
Balance Sheet as at 31 October 2024

Note

31 October
2024
£

31 October
2023
£

Fixed assets

 

Tangible assets

4

25,294

32,420

Current assets

 

Stocks

5

32,380

14,956

Debtors

6

261,055

222,075

Cash at bank and in hand

 

12,718

34,181

 

306,153

271,212

Creditors: Amounts falling due within one year

7

(232,414)

(162,346)

Net current assets

 

73,739

108,866

Total assets less current liabilities

 

99,033

141,286

Creditors: Amounts falling due after more than one year

7

(52,455)

(82,119)

Net assets

 

46,578

59,167

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

46,478

59,067

Shareholders' funds

 

46,578

59,167

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.

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.

 

Red Technical Services Limited

(Registration number: 09256819)
Balance Sheet as at 31 October 2024

Approved and authorised by the Board on 20 January 2025 and signed on its behalf by:
 

.........................................
Mr J Walker
Director

 

Red Technical Services Limited

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 & Wales.

The address of its registered office is:
4 Fire Engine Lane
Coalpit Heath
Bristol
Gloucestershire
BS36 2PQ
England

These financial statements were authorised for issue by the Board on 20 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.

 

Red Technical Services Limited

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

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.

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% on cost

Office equipment

33% on cost

Fixtures and fittings

20% on cost

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.

 

Red Technical Services Limited

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

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.

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.

 

Red Technical Services Limited

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 - 12).

 

Red Technical Services Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2023

10,471

69,931

80,402

Additions

3,291

-

3,291

At 31 October 2024

13,762

69,931

83,693

Depreciation

At 1 November 2023

8,516

39,465

47,981

Charge for the year

1,044

9,374

10,418

At 31 October 2024

9,560

48,839

58,399

Carrying amount

At 31 October 2024

4,202

21,092

25,294

At 31 October 2023

1,954

30,466

32,420

5

Stocks

31 October
2024
£

31 October
2023
£

Work in progress

-

2,618

Stock on hand

32,380

12,338

32,380

14,956

6

Debtors

 

Red Technical Services Limited

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

Current

31 October
2024
£

31 October
2023
£

Trade debtors

255,826

217,860

Prepayments

2,443

1,882

Other debtors

2,786

2,333

 

261,055

222,075

 

Red Technical Services Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

31 October
2024
£

31 October
2023
£

Due within one year

 

Bank loans and overdrafts

9

31,752

27,016

Trade creditors

 

52,127

22,747

Taxation and social security

 

95,537

70,377

Accruals and deferred income

 

3,705

3,084

Other creditors

 

49,293

39,122

 

232,414

162,346

Creditors: amounts falling due after more than one year

Note

31 October
2024
£

31 October
2023
£

Due after one year

 

Loans and borrowings

9

52,455

82,119

8

Share capital

Allotted, called up and fully paid shares

31 October
2024

31 October
2023

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

 

Red Technical Services Limited

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

31 October
2024
£

31 October
2023
£

Bank borrowings

33,801

57,319

Hire purchase contracts

18,654

24,800

52,455

82,119

Current loans and borrowings

31 October
2024
£

31 October
2023
£

Bank borrowings

23,518

21,321

Bank overdrafts

2,088

-

Hire purchase contracts

6,146

5,695

31,752

27,016

10

Dividends

Interim dividends paid

31 October
2024
£

31 October
2023
£

Interim dividend of £1,360.00 (2023 - £1,065.00) per each Ordinary share

136,000

106,500

 

 

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

35,375

44,097

Contributions paid to money purchase schemes

5,800

3,600

41,175

47,697