Red Giant Projects Limited

Red Giant Projects Limited

RED GIANT PROJECTS LIMITED - Company Information

Print Friendly Version

1 January 2020 false Taxfiler 2021.11 04147497business:PrivateLimitedCompanyLtd2020-01-012020-12-31 041474972019-12-31 041474972020-01-012020-12-31 04147497business:AuditExemptWithAccountantsReport2020-01-012020-12-31 04147497business:FullAccounts2020-01-012020-12-31 041474972020-12-31 04147497business:Director12020-01-012020-12-31 04147497business:Director22020-01-012020-12-31 04147497business:CompanySecretary12020-01-012020-12-31 04147497business:RegisteredOffice2020-01-012020-12-31 041474972019-12-31 04147497core:WithinOneYear2020-12-31 04147497core:WithinOneYear2019-12-31 04147497core:AfterOneYear2020-12-31 04147497core:AfterOneYear2019-12-31 04147497core:ShareCapital2020-12-31 04147497core:ShareCapital2019-12-31 04147497core:CapitalRedemptionReserve2020-12-31 04147497core:CapitalRedemptionReserve2019-12-31 04147497core:RetainedEarningsAccumulatedLosses2020-12-31 04147497core:RetainedEarningsAccumulatedLosses2019-12-31 04147497business:SmallEntities2020-01-012020-12-31 04147497countries:EnglandWales2020-01-012020-12-31 04147497core:FurnitureFittings2020-01-012020-12-31 04147497core:FurnitureFittings2019-12-31 04147497core:FurnitureFittings2020-12-31 04147497core:MoreThanFiveYears2020-12-31 04147497core:MoreThanFiveYears2019-12-31 04147497core:AfterOneYear2020-01-012020-12-31 04147497business:OrdinaryShareClass12020-01-012020-12-31 04147497business:OrdinaryShareClass12019-01-012019-12-31 041474972019-01-012019-12-31 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 2020
Red Giant Projects Limited Unaudited accounts Contents
Page
- 2 -
Red Giant Projects Limited Company Information for the year ended 31 December 2020
Directors
Mr I W Bond Mr M Sharrocks
Secretary
Mr I W Bond
Company Number
04147497 (England and Wales)
Registered Office
Albany House Claremont Lane Esher Surrey KT10 9FQ UNITED KINGDOM
Accountants
Wellden Turnbull Limited Albany House Claremont Lane Esher Surrey KT10 9FQ
- 3 -
Red Giant Projects Limited Statement of financial position as at 31 December 2020
2020 
2019 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
5,669 
7,633 
Current assets
Debtors
5
92,580 
76,306 
Cash at bank and in hand
80,075 
98,104 
172,655 
174,410 
Creditors: amounts falling due within one year
6
(116,569)
(73,417)
Net current assets
56,086 
100,993 
Total assets less current liabilities
61,755 
108,626 
Creditors: amounts falling due after more than one year
7
(49,167)
- 
Net assets
12,588 
108,626 
Capital and reserves
Called up share capital
8
50 
50 
Capital redemption reserve
50 
50 
Profit and loss account
12,488 
108,526 
Shareholders' funds
12,588 
108,626 
For the year ending 31 December 2020 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.
The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2021 and were signed on its behalf by
Mr I W Bond Director Company Registration No. 04147497
- 4 -
Red Giant Projects Limited Notes to the Accounts for the year ended 31 December 2020
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 Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ, 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.
- 5 -
Red Giant Projects Limited Notes to the Accounts for the year ended 31 December 2020
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.
Government grants
Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.
- 6 -
Red Giant Projects Limited Notes to the Accounts for the year ended 31 December 2020
4
Tangible fixed assets
Fixtures & fittings 
£ 
Cost or valuation
At cost 
At 1 January 2020
30,886 
Additions
1,344 
At 31 December 2020
32,230 
Depreciation
At 1 January 2020
23,253 
Charge for the year
3,308 
At 31 December 2020
26,561 
Net book value
At 31 December 2020
5,669 
At 31 December 2019
7,633 
5
Debtors: amounts falling due within one year
2020 
2019 
£ 
£ 
Trade debtors
67,952 
58,314 
Accrued income and prepayments
8,108 
6,284 
Other debtors
16,520 
11,708 
92,580 
76,306 
6
Creditors: amounts falling due within one year
2020 
2019 
£ 
£ 
Bank loans and overdrafts
833 
- 
Trade creditors
15,252 
36,317 
Taxes and social security
88,384 
27,500 
Accruals
12,100 
9,600 
116,569 
73,417 
7
Creditors: amounts falling due after more than one year
2020 
2019 
£ 
£ 
Other creditors
49,167 
- 
Aggregate of amounts that fall due for payment after five years
9,167 
- 
During the year, the Company took a £50,000 bounce back loan with Barclays, repayable over 6 years. Interest for the first 12 months is paid for by the UK Government. After the initial 12 month period, the interest rate is 2.5%.
8
Share capital
2020 
2019 
£ 
£ 
Allotted, called up and fully paid:
50 Ordinary shares of £1 each
50 
50 
- 7 -
Red Giant Projects Limited Notes to the Accounts for the year ended 31 December 2020
9
Transactions with related parties
At 31 December 2020, the Directors of the Company owed £8,615 to the Company (2019 - £5,147). The loan is interest free and repayable on demand.
10
Average number of employees
During the year the average number of employees was 3 (2019: 3).
- 8 -