Red Giant Projects Limited

Red Giant Projects Limited

RED GIANT PROJECTS LIMITED - Company Information

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1 January 2018 false Taxfiler 2019.10.Web 04147497business:PrivateLimitedCompanyLtd2018-01-012018-12-31 041474972017-12-31 041474972018-01-012018-12-31 04147497business:AuditExemptWithAccountantsReport2018-01-012018-12-31 04147497business:FullAccounts2018-01-012018-12-31 041474972018-12-31 04147497business:Director12018-01-012018-12-31 04147497business:Director22018-01-012018-12-31 04147497business:CompanySecretary12018-01-012018-12-31 04147497business:RegisteredOffice2018-01-012018-12-31 041474972017-12-31 04147497core:WithinOneYear2018-12-31 04147497core:WithinOneYear2017-12-31 04147497core:ShareCapital2018-12-31 04147497core:ShareCapital2017-12-31 04147497core:CapitalRedemptionReserve2018-12-31 04147497core:CapitalRedemptionReserve2017-12-31 04147497core:RetainedEarningsAccumulatedLosses2018-12-31 04147497core:RetainedEarningsAccumulatedLosses2017-12-31 04147497business:SmallEntities2018-01-012018-12-31 04147497countries:EnglandWales2018-01-012018-12-31 04147497core:FurnitureFittings2018-01-012018-12-31 04147497core:FurnitureFittings2017-12-31 04147497core:FurnitureFittings2018-12-31 04147497business:OrdinaryShareClass12018-01-012018-12-31 04147497business:OrdinaryShareClass12017-01-012017-12-31 041474972017-01-012017-12-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 04147497 (England and Wales)
Red Giant Projects Limited Unaudited accounts for the year ended 31 December 2018
Red Giant Projects Limited Unaudited accounts Contents
Page
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Red Giant Projects Limited Company Information for the year ended 31 December 2018
Directors
Mr I W Bond Mr M Sharrocks
Secretary
Mr I W Bond
Company Number
04147497 (England and Wales)
Registered Office
Munro House Portsmouth Road Cobham Surrey KT11 1PP UNITED KINGDOM
Accountants
Wellden Turnbull Limited Munro House Portsmouth Road Cobham Surrey KT11 1PP
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Red Giant Projects Limited Statement of financial position as at 31 December 2018
2018 
2017 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
5,792 
4,578 
Current assets
Debtors
5
126,227 
144,362 
Cash at bank and in hand
15,797 
50,828 
142,024 
195,190 
Creditors: amounts falling due within one year
6
(69,081)
(89,322)
Net current assets
72,943 
105,868 
Net assets
78,735 
110,446 
Capital and reserves
Called up share capital
7
50 
75 
Capital redemption reserve
50 
25 
Profit and loss account
78,635 
110,346 
Shareholders' funds
78,735 
110,446 
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 15 September 2019.
Mr I W Bond Director Company Registration No. 04147497
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Red Giant Projects Limited Notes to the Accounts for the year ended 31 December 2018
1
Statutory information
Red Giant Projects Limited is a private company, limited by shares, registered in England and Wales, registration number 04147497. The registered office is Munro House, Portsmouth Road, Cobham, Surrey, KT11 1PP, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The financial statements are presented in sterling, which is the functional currency of the company and rounded to the nearest £. The following principal accounting policies have been applied:
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. Rendering of services 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 the reporting period can be measured reliably; and the costs incurred and the costs to complete the contract can be measured reliably.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Interest income
Interest income is recognised in the Profit and Loss Account using the effective interest method.
Finance costs
Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognized as a reduction in the proceeds of the associated capital instrument.
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Red Giant Projects Limited Notes to the Accounts for the year ended 31 December 2018
Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognized as an expense in the Profit and Loss Account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.
Taxation
Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% straight line basis
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Red Giant Projects Limited Notes to the Accounts for the year ended 31 December 2018
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 January 2018
22,732 
Additions
3,615 
At 31 December 2018
26,347 
Depreciation
At 1 January 2018
18,154 
Charge for the year
2,401 
At 31 December 2018
20,555 
Net book value
At 31 December 2018
5,792 
At 31 December 2017
4,578 
5
Debtors
2018 
2017 
£ 
£ 
Trade debtors
91,878 
119,538 
Accrued income and prepayments
15,186 
5,643 
Other debtors
19,163 
19,181 
126,227 
144,362 
6
Creditors: amounts falling due within one year
2018 
2017 
£ 
£ 
Trade creditors
31,698 
35,732 
Taxes and social security
19,783 
33,807 
Other creditors
6,000 
3,322 
Accruals
11,600 
16,461 
69,081 
89,322 
7
Share capital
2018 
2017 
£ 
£ 
Allotted, called up and fully paid:
50 Ordinary shares of £1 each
50 
75 
8
Transactions with related parties
At 31 December 2018, I Bond who is a Director of the Company owed £5,567 to the Companny (2017 - £11,567). The loan is interest free and repayable on demand.
9
Average number of employees
During the year the average number of employees was 4 (2017: 4).
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