Readymade Gates Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 10777737

Readymade Gates Limited

Filleted Unaudited Financial Statements

31 May 2025

Readymade Gates Limited

Statement of Financial Position

31 May 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	5	166,928	136,024
Investments	6	600,000	–
		---------	---------
		766,928	136,024

Current assets

Stocks		2,741,456	2,414,029
Debtors	7	877,079	1,532,281
Cash at bank and in hand		350,737	210,000
		------------	------------
		3,969,272	4,156,310

Creditors: amounts falling due within one year	8	2,347,564	2,432,847
		------------	------------
Net current assets		1,621,708	1,723,463
		------------	------------
Total assets less current liabilities		2,388,636	1,859,487

Provisions	41,732	34,006
	------------	------------
Net assets	2,346,904	1,825,481
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,346,804	1,825,381
	------------	------------
Shareholders funds	2,346,904	1,825,481
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Readymade Gates Limited

Statement of Financial Position (continued)

31 May 2025

These financial statements were approved by the board of directors and authorised for issue on 21 December 2025 , and are signed on behalf of the board by:

Mr A Green
Director

Company registration number: 10777737

Readymade Gates Limited

Notes to the Financial Statements

Year ended 31 May 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Shenstone Business Park, Lynn Lane, Shenstone, Staffordshire, WS14 0SB.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

Tangible fixed assets

Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

Plant & machinery - over 5 years

Fixtures, fittings, tools and equipment - over 5 years

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

Debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Creditors

Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

Taxation

A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 19 (2024: 18 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Total
	£	£	£
Cost
At 1 June 2024	246,025	9,990	256,015
Additions	106,921	–	106,921
Disposals	( 10,926)	–	( 10,926)
	---------	-------	---------
At 31 May 2025	342,020	9,990	352,010
	---------	-------	---------
Depreciation
At 1 June 2024	111,266	8,725	119,991
Charge for the year	68,404	1,057	69,461
Disposals	( 4,370)	–	( 4,370)
	---------	-------	---------
At 31 May 2025	175,300	9,782	185,082
	---------	-------	---------
Carrying amount
At 31 May 2025	166,720	208	166,928
	---------	-------	---------
At 31 May 2024	134,759	1,265	136,024
	---------	-------	---------

6. Investments

	Other investments other than loans
	£
Cost
At 1 June 2024	–
Additions	600,000
	---------
At 31 May 2025	600,000
	---------
Impairment
At 1 June 2024 and 31 May 2025	–
	---------

Carrying amount
At 31 May 2025	600,000
	---------
At 31 May 2024	–
	---------

7. Debtors

	2025	2024
	£	£
Trade debtors	583,830	558,020
Other debtors	293,249	974,261
	---------	------------
	877,079	1,532,281
	---------	------------

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	22,739	20,448
Corporation tax	167,309	267,763
Social security and other taxes	274,482	172,040
Other creditors	1,883,034	1,972,596
	------------	------------
	2,347,564	2,432,847
	------------	------------