Reid For Speed Limited Filleted accounts for Companies House (small and micro)

REID FOR SPEED LIMITED - Company Information

16 false false false false false false false false false true false false false false false false No description of principal activity 2020-10-01 Sage Accounts Production Advanced 2021 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC094625 2020-10-01 2021-09-30 SC094625 2021-09-30 SC094625 2020-09-30 SC094625 2019-10-01 2020-09-30 SC094625 2020-09-30 SC094625 core:PlantMachinery 2020-10-01 2021-09-30 SC094625 core:FurnitureFittings 2020-10-01 2021-09-30 SC094625 core:MotorVehicles 2020-10-01 2021-09-30 SC094625 bus:Director3 2020-10-01 2021-09-30 SC094625 core:PlantMachinery 2020-09-30 SC094625 core:FurnitureFittings 2020-09-30 SC094625 core:MotorVehicles 2020-09-30 SC094625 core:PlantMachinery 2021-09-30 SC094625 core:FurnitureFittings 2021-09-30 SC094625 core:MotorVehicles 2021-09-30 SC094625 core:WithinOneYear 2021-09-30 SC094625 core:WithinOneYear 2020-09-30 SC094625 core:ShareCapital 2021-09-30 SC094625 core:ShareCapital 2020-09-30 SC094625 core:RetainedEarningsAccumulatedLosses 2021-09-30 SC094625 core:RetainedEarningsAccumulatedLosses 2020-09-30 SC094625 core:PlantMachinery 2020-09-30 SC094625 core:FurnitureFittings 2020-09-30 SC094625 core:MotorVehicles 2020-09-30 SC094625 bus:SmallEntities 2020-10-01 2021-09-30 SC094625 bus:AuditExemptWithAccountantsReport 2020-10-01 2021-09-30 SC094625 bus:FullAccounts 2020-10-01 2021-09-30 SC094625 bus:SmallCompaniesRegimeForAccounts 2020-10-01 2021-09-30 SC094625 bus:PrivateLimitedCompanyLtd 2020-10-01 2021-09-30

COMPANY REGISTRATION NUMBER: SC094625

Reid For Speed Limited

Filleted Unaudited Financial Statements

30 September 2021

Reid For Speed Limited

Statement of Financial Position

30 September 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		3,492	12,310

Current assets

Stocks		445,053	429,070
Debtors	6	362,805	356,369
Investments	7	1,196,978	1,144,965
Cash at bank and in hand		1,500,575	1,234,026
		------------	------------
		3,505,411	3,164,430

Creditors: amounts falling due within one year	8	484,369		448,975
		------------		------------
Net current assets			3,021,042	2,715,455
			------------	------------
Total assets less current liabilities			3,024,534	2,727,765
			------------	------------
Net assets			3,024,534	2,727,765
			------------	------------

Reid For Speed Limited

Statement of Financial Position (continued)

30 September 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	30,000	30,000
Profit and loss account	2,994,534	2,697,765
	------------	------------
Shareholders funds	3,024,534	2,727,765
	------------	------------

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 30 September 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 5 May 2022 , and are signed on behalf of the board by:

Mrs T E C Daun

Director

Company registration number: SC094625

Reid For Speed Limited

Notes to the Financial Statements

Year ended 30 September 2021

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 53 Cotton Street, Aberdeen, AB11 5EG.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Equipment	-	15% straight line
Office Furniture & Equipment	-	25% straight line
Motor Vehicles	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Defined contribution plans

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions to the defined contribution pension scheme are charged to the Profit and Loss Account in the year in which they become payable.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2020: 16 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 October 2020 and 30 September 2021	34,289	39,619	107,539	181,447
	--------	--------	---------	---------
Depreciation
At 1 October 2020	33,748	39,612	95,777	169,137
Charge for the year	360	–	8,458	8,818
	--------	--------	---------	---------
At 30 September 2021	34,108	39,612	104,235	177,955
	--------	--------	---------	---------
Carrying amount
At 30 September 2021	181	7	3,304	3,492
	--------	--------	---------	---------
At 30 September 2020	541	7	11,762	12,310
	--------	--------	---------	---------

6. Debtors

	2021	2020
	£	£
Trade debtors	302,361	289,009
Other debtors	60,444	67,360
	---------	---------
	362,805	356,369
	---------	---------

7. Investments

	2021	2020
	£	£
Other investments	1,196,978	1,144,965
	------------	------------

The valuation of the investment portfolios as at 30 September 2021 was £1,381,005.

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	305,330	307,671
Corporation tax	77,115	47,635
Social security and other taxes	40,882	40,777
Other creditors	61,042	52,892
	---------	---------
	484,369	448,975
	---------	---------

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2021	2020
	£	£
Not later than 1 year	36,400	36,400
	--------	--------

10. Transactions with directors

Rent of £36,400 was paid to Mrs T E C Daun during the period, in respect of business premises occupied by the company.