The Redcar Brook Company Limited 30/06/2021 iXBRL

The Redcar Brook Company Limited 30/06/2021 iXBRL

THE REDCAR BROOK COMPANY LIMITED - Company Information

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Company registration number: 04904115
The Redcar Brook Company Limited
Unaudited filleted financial statements
30 June 2021
The Redcar Brook Company Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
The Redcar Brook Company Limited
Directors and other information
Directors Mr S. R. N. Russell
Mrs M. Russell
Secretary Mrs M. Russell
Company number 04904115
Registered office Unit 8, Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Accountants Henry Bramall & Co Limited
Unit 8, Acorn Business Park
Woodseats Close
Sheffield
S8 TB
Bankers Lloyds Bank plc
Church Street
Sheffield
The Redcar Brook Company Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of The Redcar Brook Company Limited
Period ended 30 June 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Redcar Brook Company Limited for the period ended 30 June 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of The Redcar Brook Company Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Redcar Brook Company Limited and state those matters that we have agreed to state to the board of directors of The Redcar Brook Company Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Redcar Brook Company Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Redcar Brook Company 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 loss of The Redcar Brook Company Limited. You consider that The Redcar Brook Company Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of The Redcar Brook Company 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.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8, Acorn Business Park
Woodseats Close
Sheffield
S8 TB
16 December 2022
The Redcar Brook Company Limited
Statement of financial position
30 June 2021
30/06/21 30/09/20
Note £ £ £ £
Fixed assets
Tangible assets 5 6,836 8,807
Investments 6 205,000 205,000
_______ _______
211,836 213,807
Current assets
Stocks 220,000 141,599
Debtors 7 1,108,060 881,767
Cash at bank and in hand 19,718 7,628
_______ _______
1,347,778 1,030,994
Creditors: amounts falling due
within one year 8 ( 690,293) ( 381,048)
_______ _______
Net current assets 657,485 649,946
_______ _______
Total assets less current liabilities 869,321 863,753
Creditors: amounts falling due
after more than one year 9 ( 500,000) ( 500,000)
_______ _______
Net assets 369,321 363,753
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 13,747 13,747
Profit and loss account 355,474 349,906
_______ _______
Shareholders funds 369,321 363,753
_______ _______
For the period ending 30 June 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 period 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 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 December 2022 , and are signed on behalf of the board by:
Mr S. R. N. Russell
Director
Company registration number: 04904115
The Redcar Brook Company Limited
Statement of changes in equity
Period ended 30 June 2021
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 October 2019 100 13,747 276,786 290,633
(Loss)/profit for the period 73,120 73,120
_______ _______ _______ _______
Total comprehensive income for the period - - 73,120 73,120
_______ _______ _______ _______
At 30 September 2020 and 1 October 2020 100 13,747 349,906 363,753
(Loss)/profit for the period ( 16,558) ( 16,558)
_______ _______ _______ _______
Total comprehensive income for the period - - ( 16,558) ( 16,558)
_______ _______ _______ _______
At 30 June 2021 100 13,747 333,348 347,195
_______ _______ _______ _______
The Redcar Brook Company Limited
Notes to the financial statements
Period ended 30 June 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 8, Acorn Business Park, Woodseats Close, Sheffield, S8 0TB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 5 % straight line
Plant and machinery - 10 % straight line
Fittings fixtures and equipment - 10 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 2 (2020: 2 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 October 2020 31,817 10,347 12,375 54,539
Additions - 591 - 591
_______ _______ _______ _______
At 30 June 2021 31,817 10,938 12,375 55,130
_______ _______ _______ _______
Depreciation
At 1 October 2020 31,817 9,547 4,368 45,732
Charge for the year - 674 1,888 2,562
_______ _______ _______ _______
At 30 June 2021 31,817 10,221 6,256 48,294
_______ _______ _______ _______
Carrying amount
At 30 June 2021 - 717 6,119 6,836
_______ _______ _______ _______
At 30 September 2020 - 800 8,007 8,807
_______ _______ _______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 October 2020 and 30 June 2021 205,000 205,000
_______ _______
Impairment
At 1 October 2020 and 30 June 2021 - -
_______ _______
Carrying amount
At 30 June 2021 205,000 205,000
_______ _______
At 30 September 2020 205,000 205,000
_______ _______
7. Debtors
30/06/21 30/09/20
£ £
Trade debtors 913,681 714,281
Other debtors 194,379 167,486
_______ _______
1,108,060 881,767
_______ _______
8. Creditors: amounts falling due within one year
30/06/21 30/09/20
£ £
Trade creditors 21,190 70,396
Corporation tax 9,056 2,900
Other creditors 682,173 307,752
_______ _______
712,419 381,048
_______ _______
9. Creditors: amounts falling due after more than one year
30/06/21 30/09/20
£ £
Other creditors 500,000 500,000
_______ _______
10. Directors advances, credits and guarantees
During the period the directors entered into the following advances and credits with the company:
Period ended 30/06/21
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr S. R. N. Russell ( 273,394) ( 352,355) 610 ( 625,139)
_______ _______ _______ _______
Period ended 30/09/20
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr S. R. N. Russell ( 257,480) ( 167,500) 151,586 ( 273,394)
_______ _______ _______ _______
This loan is non-interest bearing and is repayable on demand.