Red 2 Black Recoveries Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06660483 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2020

for

Red 2 Black Recoveries Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTORS:

Miss J Wright

C A Burgess

Ms H A Holmes

S A Smith

D B Singh Gakhal

C K Jenkins

SECRETARY:

K Wright

REGISTERED OFFICE:

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

REGISTERED NUMBER:

06660483 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

FIXED ASSETS

Intangible assets

4

48,750

58,500

Tangible assets

5

183,220

215,002

231,970

273,502

CURRENT ASSETS

Debtors

6

439,062

533,639

Cash at bank

270,546

97,997

709,608

631,636

CREDITORS

Amounts falling due within one year

7

522,660

485,195

NET CURRENT ASSETS

186,948

146,441

TOTAL ASSETS LESS CURRENT LIABILITIES

418,918

419,943

CREDITORS

Amounts falling due after more than one year

8

(60,905

)

(95,408

)

PROVISIONS FOR LIABILITIES

(32,402

)

(38,287

)

NET ASSETS

325,611

286,248

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

325,511

286,148

SHAREHOLDERS' FUNDS

325,611

286,248

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 October 2020 and were signed on its behalf by:

Miss J Wright - Director

1.	STATUTORY INFORMATION

Red 2 Black Recoveries Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Changes in accounting policies

During the year, the directors re-assessed their depreciation policy for motor vehicles. It was decided to

implement a new policy of 20% straight line on all existing and future motor vehicles. The depreciation charge in

the year has been adjusted in order to show the correct position carried forward.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

20% on cost

Taxation

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

Hire purchase and leasing commitments

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

lease.

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 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 to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2019 - 30 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

150,000

AMORTISATION

At 1 September 2019

91,500

Charge for year

9,750

At 31 August 2020

101,250

NET BOOK VALUE

At 31 August 2020

48,750

At 31 August 2019

58,500

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 September 2019

23,573

396,770

420,343

Additions

2,755

85,752

88,507

Disposals

(7,831

)

(30,410

)

(38,241

)

At 31 August 2020

18,497

452,112

470,609

DEPRECIATION

At 1 September 2019

11,292

194,049

205,341

Charge for year

1,914

110,400

112,314

Eliminated on disposal

(5,897

)

(24,369

)

(30,266

)

At 31 August 2020

7,309

280,080

287,389

NET BOOK VALUE

At 31 August 2020

11,188

172,032

183,220

At 31 August 2019

12,281

202,721

215,002

At the year, the net book value of assets under hire purchase was £121,897 (2019: £176,158).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

107,295

174,210

Amounts recoverable on contracts

65,435

86,995

Other debtors

266,332

272,434

439,062

533,639

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

115,000

117,296

Hire purchase contracts

42,936

37,511

Trade creditors

42,093

72,041

Taxation and social security

269,737

201,771

Other creditors

52,894

56,576

522,660

485,195

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

60,905

20,408

Other creditors

-

75,000

60,905

95,408

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

55

Ordinary A

£1

55

55

45

Ordinary B

£1

45

45

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year directors advances have been provided and as at 31 August 2020, £163,383 (2019: £107,065)

was due back to the company. Interest is being charged at 2.25% per annum.

11.	RELATED PARTY DISCLOSURES

RADR Limited

A company in which C Burgess is a director and shareholder. At the year end, £41,000 (2019: £50,000) was due

from RADR Limited. This balance is included within other debtors.

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Red 2 Black Recoveries Limited for the year ended 31 August 2020 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting

records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Red 2 Black Recoveries Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Red 2 Black Recoveries Limited and state those matters that we have agreed to state to the Board of Directors of Red 2 Black Recoveries Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Red 2 Black Recoveries Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Red 2 Black Recoveries Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Red 2 Black Recoveries Limited. You consider that Red 2 Black Recoveries Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Red 2 Black Recoveries Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wright Vigar Limited

Chartered Accountants & Business Advisers

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

1 October 2020