Red 100 Limited - Period Ending 2014-10-31

Registration number: 05269938

Red 100 Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2014
 

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Red 100 Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Registration number: 05269938

Red 100 Limited
Balance Sheet as at 31 October 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		2			126,439			89,420
Current assets
Debtors					206,661			127,850
Cash at bank and in hand					75,347			258,484
					282,008			386,334
Creditors: Amounts falling due within one year		3			(116,834)			(148,255)
Net current assets					165,174			238,079
Total assets less current liabilities					291,613			327,499
Creditors: Amounts falling due after more than one year		3			(35,965)			(32,756)
Provisions for liabilities					(3,958)			(2,136)
Net assets					251,690			292,607
Capital and reserves
Called up share capital		4			1,000			1,000
Profit and loss account					250,690			291,607
Shareholders' funds					251,690			292,607

For the year ending 31 October 2014 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

Approved by the Board on 21 July 2015 and signed on its behalf by:

S S Phillips
Director

G Oddy
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Red 100 Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of air conditioning installation and servicing to customers.

Depreciation

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, which ever is the shorter.

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance method
Office equipment	20% reducing balance method
Motor vehicles	25% straight line method
Improvements to property	4% straight line method

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Red 100 Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2013		131,445			131,445
Additions		60,720			60,720
At 31 October 2014		192,165			192,165
Depreciation
At 1 November 2013		42,025			42,025
Charge for the year		23,701			23,701
At 31 October 2014		65,726			65,726
Net book value
At 31 October 2014		126,439			126,439
At 31 October 2013		89,420			89,420

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		12,674			17,196
Amounts falling due after more than one year		35,965			32,756
Total secured creditors		48,639			49,952

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary A of £1 each		500			500			500			500
Ordinary B of £1 each		500			500			500			500
		1,000			1,000			1,000			1,000

Page 3

Red 100 Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2014
......... continued

5	Related party transactions

Directors' advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
S S Phillips
Director's loan transaction	10,345	7,411	-	-
G Oddy
Director's loan transaction	20,499	18,488	-	-

Page 4