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Registered number: 09028333
Red 76 Tax Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
RED 76 Tax
ICAEW - Chartered Accountants
20-22 Venture West
Greenham Business Park
Newbury
Berkshire
RG19 6HX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09028333
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 42,000 44,333
Tangible Assets 5 28,271 18,395
70,271 62,728
CURRENT ASSETS
Debtors 6 70,957 57,516
Cash at bank and in hand 72,010 29,293
142,967 86,809
Creditors: Amounts Falling Due Within One Year 7 (126,206 ) (69,523 )
NET CURRENT ASSETS (LIABILITIES) 16,761 17,286
TOTAL ASSETS LESS CURRENT LIABILITIES 87,032 80,014
Creditors: Amounts Falling Due After More Than One Year 8 (48,016 ) (60,000 )
NET ASSETS 39,016 20,014
CAPITAL AND RESERVES
Called up share capital 9 20 20
Profit and Loss Account 38,996 19,994
SHAREHOLDERS' FUNDS 39,016 20,014
Page 1
Page 2
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Jonathan Dennis
Director
31/01/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Red 76 Tax Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 09028333 . The registered office is 20-22 Venture West, Greenham Business Park, Newbury, Berkshire, RG19 6HX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 25 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 5 years
Motor Vehicles 5 years
Fixtures & Fittings 5 years
Computer Equipment 3 Years
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 9 (2023: 8)
9 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 January 2024 50,000
As at 31 December 2024 50,000
Amortisation
As at 1 January 2024 5,667
Impairment losses 2,333
As at 31 December 2024 8,000
Net Book Value
As at 31 December 2024 42,000
As at 1 January 2024 44,333
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2024 6,892 - 18,488 19,883 45,263
Additions 2,191 8,621 4,338 5,285 20,435
As at 31 December 2024 9,083 8,621 22,826 25,168 65,698
Depreciation
As at 1 January 2024 4,959 - 6,854 15,055 26,868
Provided during the period 4,124 1,338 1,308 3,789 10,559
As at 31 December 2024 9,083 1,338 8,162 18,844 37,427
Net Book Value
As at 31 December 2024 - 7,283 14,664 6,324 28,271
As at 1 January 2024 1,933 - 11,634 4,828 18,395
Page 4
Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 58,624 54,680
Prepayments and accrued income 3,545 1,903
Net wages 1,776 933
Director's loan account 7,012 -
70,957 57,516
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 30,676 1,563
Bank loans and overdrafts 14,538 15,638
Corporation tax 35,958 27,957
Other taxes and social security 4,029 1,121
VAT 29,915 19,689
Accruals and deferred income 11,090 2,940
Director's loan account - 615
126,206 69,523
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 48,016 60,000
9. Share Capital
2024 2023
Allotted, called up and fully paid £ £
1 Ordinary Shares of £ 10 each 10 10
1 Ordinary B shares of £ 10 each 10 10
20 20
10. Directors Advances, Credits and Guarantees
Dividends paid to directors
Page 5