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REGISTERED NUMBER: 02768567 (England and Wales)















REDCORN LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






REDCORN LIMITED (REGISTERED NUMBER: 02768567)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


REDCORN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: Mr J M Thompson





REGISTERED OFFICE: Units 3/4, Kerry Avenue
Aveley
Purfleet-on-Thames
South Ockendon
RM15 4YE





REGISTERED NUMBER: 02768567 (England and Wales)





AUDITORS: Duncan & Toplis Audit Limited, Statutory Auditor
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

The director presents his strategic report for the year ended 31 May 2024.

The report provides a balanced and comprehensive analysis of the development and performance of the company's business during the financial year consistent with the size and complexity of the business.

REVIEW OF BUSINESS
We are pleased with the results for the financial year. The company recorded turnover of £41,204,579 (2023: £65,330,702) and profit before tax of £1,782,470 (2023: £2,051,169).

At the year end, the company has healthy reserves of over £10m and we expect the business to grow during the financial year 2025 in respect of both turnover and profitability.

PRINCIPAL RISKS AND UNCERTAINTIES
It is the Company's policy to proactively identify, understand and manage the risks inherent in the operation of our business so as to encourage responsible and informed decision making.

We consider the principal risks to be competitive, economic, operational, legal and compliance risk. Risks are managed through prudent planning and ongoing analysis of market conditions to ensure that Redcorn stays ahead of its competitors.

FINANCIAL KEY PERFORMANCE INDICATORS
2024 2023
Revenue £41.2m £65.3m
Gross Profit Margin 27% 15%
Profit Before Tax £1.1m £2.0m

ON BEHALF OF THE BOARD:





Mr J M Thompson - Director


20 May 2025

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MAY 2024

The director presents his report with the financial statements of the company for the year ended 31 May 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of ELV and nuisance vehicle contractors.

DIVIDENDS
Total interim dividends distributed for the year ended 31 May 2024 were £479,500 (2023: £1,222,000). The director recommends that no final dividend be paid.

DIRECTOR
Mr J M Thompson held office during the whole of the period from 1 June 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Duncan & Toplis Audit Limited, Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr J M Thompson - Director


20 May 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REDCORN LIMITED

Opinion
We have audited the financial statements of Redcorn Limited (the 'company') for the year ended 31 May 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 May 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
REDCORN LIMITED


Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud is detailed below:

- Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements.
- Enquiring of management concerning actual and potential litigation and claims.
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud.
- In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Hassan Behcet (Senior Statutory Auditor)
for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

20 May 2025

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £    £   

TURNOVER 3 41,204,579 65,330,702

Cost of sales 30,087,451 55,814,525
GROSS PROFIT 11,117,128 9,516,177

Administrative expenses 9,182,171 8,164,833
1,934,957 1,351,344

Other operating income 15,829 849,790
1,950,786 2,201,134

Interest receivable and similar income 9,433 19,555
1,960,219 2,220,689

Interest payable and similar expenses 6 177,749 169,520
PROFIT BEFORE TAXATION 7 1,782,470 2,051,169

Tax on profit 9 697,920 (23,364 )
PROFIT FOR THE FINANCIAL YEAR 1,084,550 2,074,533

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,084,550 2,074,533

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 11 8,730,536 8,945,063

CURRENT ASSETS
Stocks 12 36,000 65,000
Debtors 13 5,757,014 6,394,558
Cash at bank and in hand 1,197,611 1,058,229
6,990,625 7,517,787
CREDITORS
Amounts falling due within one year 14 2,397,385 3,149,560
NET CURRENT ASSETS 4,593,240 4,368,227
TOTAL ASSETS LESS CURRENT LIABILITIES 13,323,776 13,313,290

CREDITORS
Amounts falling due after more than one year 15 (1,215,504 ) (1,981,240 )

PROVISIONS FOR LIABILITIES 19 (1,369,616 ) (1,198,444 )
NET ASSETS 10,738,656 10,133,606

CAPITAL AND RESERVES
Called up share capital 20 5 5
Retained earnings 10,738,651 10,133,601
SHAREHOLDERS' FUNDS 10,738,656 10,133,606

The financial statements were approved by the director and authorised for issue on 20 May 2025 and were signed by:





Mr J M Thompson - Director


REDCORN LIMITED (REGISTERED NUMBER: 02768567)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 June 2022 5 9,281,068 9,281,073

Changes in equity
Dividends - (1,222,000 ) (1,222,000 )
Total comprehensive income - 2,074,533 2,074,533
Balance at 31 May 2023 5 10,133,601 10,133,606

Changes in equity
Dividends - (479,500 ) (479,500 )
Total comprehensive income - 1,084,550 1,084,550
Balance at 31 May 2024 5 10,738,651 10,738,656

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Redcorn Limited is a private company, limited by shares, incorporated and registered in England and Wales under registration number 02768567. The principal place of the business during the year ended 31 May 2023 was Brantwood Road, London N17 0DX.The current principal place of business is Units 3/4, Kerry Avenue, Aveley, Purfleet-On-Thames, South Ockendon, RM15 4YE.

The financial statements are prepared in UK Pound Sterling (£) which is the presentational and functional currency of the company. Amounts are rounded to the nearest £.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

Turnover
Revenue from the sale of scrap metal and cars is recognised by the company at the point of dispatch from the premises. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - in accordance with the property
Plant and machinery - 10% on cost
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 10% on cost
Computer equipment - 25% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the assets, and is credited or charged to the profit or loss account.

The residual values, useful lives and depreciation methods of tangible fixed assets are reviewed annually. The director carried out such a review during the year end 31 May 2023, and it was decided to change the depreciation method for Plant and machinery and Motor Vehicles from 25% on reducing balance to 10% on cost. The effect of these revisions has been accounted for prospectively.

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Loans and receivables
Trade debtors , loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment. Loans and receivables classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 year 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.

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged ot the profit or loss on a straight line basis over the period of the lease.

Rentals paid under operating leases are charged to profit or loss on straight line basis over the period of the lease.

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.

Stocks
Cars that will be scrapped are expensed to the profit and loss on the basis that their value is immaterial and cars held for resale are valued at the lower of cost and net realisable value.

No value is attributed to parts for resale salvaged from scrapped cars.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
ELV car scrappage 33,435,670 59,258,287
Sale of cars 7,768,909 6,072,415
41,204,579 65,330,702

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 40,585,448 63,801,446
Europe 581,656 1,340,560
Rest of the world 37,475 188,696
41,204,579 65,330,702

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,392,596 5,762,358
Social security costs 383,391 543,810
Other pension costs 55,981 70,564
4,831,968 6,376,732

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Admin 27 51
Site 147 184
174 235

5. DIRECTORS' EMOLUMENTS

Directors emoluments in the year were £7,020 (2023 : £7,002).

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 65,980 15,702
Hire purchase 111,769 153,818
177,749 169,520

7. PROFIT BEFORE TAXATION

The profit is stated after charging:

2024 2023
£    £   
Other operating leases 1,441,918 1,542,898
Depreciation - owned assets 602,340 541,256
Depreciation - assets on hire purchase contracts 827,322 820,048
Loss on disposal of fixed assets - 3,010

8. AUDITORS' REMUNERATION
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the company's financial
statements

20,000

20,000
Total audit fees 20,000 20,000

During the year, non-audit fees were paid to the auditors of £101,511 (2023 : £141,256).

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 526,748 49,119

Deferred tax 171,172 (72,483 )
Tax on profit 697,920 (23,364 )

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,782,470 2,051,169
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
25%)

445,618

512,792

Effects of:
Expenses not deductible for tax purposes 48,846 26,082
Income not taxable for tax purposes (8,215 ) -
Capital allowances in excess of depreciation - (124,158 )
Depreciation in excess of capital allowances 11,468 -
Adjustments to tax charge in respect of previous periods 50,503 -
Deferred tax 171,172 (72,483 )
Group relief (21,472 ) (353,326 )
Change in tax percentage - (12,271 )
Total tax charge/(credit) 697,920 (23,364 )

10. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 479,500 1,222,000

11. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 June 2023 1,008,335 12,976,617 173,462
Additions 521,326 904,297 5,602
Disposals - (546,948 ) -
At 31 May 2024 1,529,661 13,333,966 179,064
DEPRECIATION
At 1 June 2023 173,334 5,351,860 81,855
Charge for year 89,270 1,177,138 13,627
Eliminated on disposal - (347,197 ) -
At 31 May 2024 262,604 6,181,801 95,482
NET BOOK VALUE
At 31 May 2024 1,267,057 7,152,165 83,582
At 31 May 2023 835,001 7,624,757 91,607

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

11. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 June 2023 2,910,945 90,528 17,159,887
Additions - - 1,431,225
Disposals (99,417 ) - (646,365 )
At 31 May 2024 2,811,528 90,528 17,944,747
DEPRECIATION
At 1 June 2023 2,552,820 54,955 8,214,824
Charge for year 141,685 7,942 1,429,662
Eliminated on disposal (83,078 ) - (430,275 )
At 31 May 2024 2,611,427 62,897 9,214,211
NET BOOK VALUE
At 31 May 2024 200,101 27,631 8,730,536
At 31 May 2023 358,125 35,573 8,945,063

The net book value of tangible fixed assets includes £ 4,360,870 (2023 - £ 4,878,111 ) in respect of assets held under hire purchase contracts.

12. STOCKS
2024 2023
£    £   
Cars held for sale 36,000 65,000

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,060,230 82,323
Other debtors 3,836,821 4,465,916
Directors' current accounts 5,689 541,717
Tax - 116,832
Prepayments and accrued income 814,274 802,789
5,717,014 6,009,577

Amounts falling due after more than one year:
Other debtors 40,000 384,981

Aggregate amounts 5,757,014 6,394,558

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 194,946 195,000
Hire purchase contracts (see note 17) 787,436 1,011,521
Trade creditors 345,537 362,506
Tax 409,916 -
Social security and other taxes 71,017 122,170
VAT 509,047 1,167,337
Other creditors - 875
Pensions 22,728 11,591
Net wages 18,346 44,844
Accruals and deferred income 38,412 233,716
2,397,385 3,149,560

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 16) 572,594 742,797
Hire purchase contracts (see note 17) 642,910 1,238,443
1,215,504 1,981,240

16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 194,946 195,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 572,594 742,797

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 787,436 1,011,521
Between one and five years 642,910 1,238,443
1,430,346 2,249,964

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

17. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 350,000 350,000
Between one and five years 736,000 976,000
In more than five years 2,704,167 2,814,167
3,790,167 4,140,167

18. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 767,540 937,797
Hire purchase contracts 1,430,346 2,249,964
2,197,886 3,187,761

Bank loans and overdrafts are secured by way of fixed and floating charge over both the company and its parent company's assets and undertakings.

Hire purchase contracts and finance leases are secured against certain assets held as Tangible Fixed Assets.

19. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 1,369,616 1,198,444

Deferred
tax
£   
Balance at 1 June 2023 1,198,444
Provided during year 171,172
Released during the year
Balance at 31 May 2024 1,369,616

The deferred taxation provision relates to accelerated capital allowances over depreciation that will unwind in future years.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5 Ordinary £1 5 5

21. PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable by the company to the fund and amounted to £55,981 (2023: £70,564).

REDCORN LIMITED (REGISTERED NUMBER: 02768567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

22. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
Mr J M Thompson
Balance outstanding at start of year 541,717 1,042,204
Amounts advanced - 542,513
Amounts repaid (536,028 ) (1,043,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 5,689 541,717

Interest was charged on net advances to the director at 2.25% p.a. the loan is repayable on demand.

23. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", not to disclose related party transactions with members within the group.

An amount of £830,644.02 (2023: £829,534) is owed from a related company in the form of an unsecured and interest free loan at the balance sheet date. The company is related by virtue of common control.

An amount of £399,124 is owed from another related company in the form of an unsecured and interest free loan at the balance sheet date. The company is related by virtue of common control.

During the year, key management personnel emoluments amounted to £234,362 (2023: £234,362).

24. ULTIMATE CONTROLLING PARTY

Redcorn Limited is a wholly owned subsidiary of Redcorn Holdings Limited, a company incorporated in England & Wales under registration number 12121690 and whose registered office is Units 3/4, Kerry Avenue, Aveley, Purfleet-On-Thames, South Ockendon, RM15 4YE. Redcorn Holdings Limited is the immediate and ultimate parent of the company and a copy of the consolidated accounts can be found at Companies House.

The ultimate controlling party is J M Thompson.