REDS Group Limited - Accounts to registrar (filleted) - small 22.3

REDS Group Limited - Accounts to registrar (filleted) - small 22.3

REDS GROUP LIMITED - Company Information

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REGISTERED NUMBER: 10802769 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

REDS GROUP LIMITED
REDS GROUP LIMITED (REGISTERED NUMBER: 10802769)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


REDS GROUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







DIRECTOR: Mr L Burnard





SECRETARY: Mr P Pugh





REGISTERED OFFICE: The Workshop
Shute Lane
Porthleven
HELSTON
Cornwall
TR13 9HY





REGISTERED NUMBER: 10802769 (England and Wales)





ACCOUNTANTS: Lang Bennetts Chartered Accountants
Bickland House
Bickland Water Road
Falmouth
Cornwall
TR11 4SB
Page 1
REDS GROUP LIMITED (REGISTERED NUMBER: 10802769)

BALANCE SHEET
31 MARCH 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 610,309 424,625

CURRENT ASSETS
Stocks 260,229 226,157
Debtors 5 1,335,724 1,016,015
Cash at bank 16,976 25,345
1,612,929 1,267,517
CREDITORS
Amounts falling due within one year 6 1,509,673 1,099,610
NET CURRENT ASSETS 103,256 167,907
TOTAL ASSETS LESS CURRENT
LIABILITIES
713,565
592,532

CREDITORS
Amounts falling due after more than one
year
7
(393,303
)
(350,483
)

PROVISIONS FOR LIABILITIES (116,023 ) (80,679 )
NET ASSETS 204,239 161,370

CAPITAL AND RESERVES
Called up share capital 300 300
Retained earnings 203,939 161,070
204,239 161,370

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 notes form part of these financial statements

Page 2 continued...
REDS GROUP LIMITED (REGISTERED NUMBER: 10802769)

BALANCE SHEET - continued
31 MARCH 2022


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 director and authorised for issue on 31 March 2023 and were signed by:





Mr L Burnard - Director


The notes form part of these financial statements

Page 3
REDS GROUP LIMITED (REGISTERED NUMBER: 10802769)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

REDS Group 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance, 25% on cost, 20% on reducing balance and 10% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

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.

Page 4 continued...
REDS GROUP LIMITED (REGISTERED NUMBER: 10802769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2021 - 24 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2021 567,685
Additions 307,094
Disposals (61,294 )
At 31 March 2022 813,485
DEPRECIATION
At 1 April 2021 143,060
Charge for year 82,607
Eliminated on disposal (22,491 )
At 31 March 2022 203,176
NET BOOK VALUE
At 31 March 2022 610,309
At 31 March 2021 424,625

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 735,615 455,568
Amounts owed by group undertakings 533,815 508,274
Other debtors 66,294 52,173
1,335,724 1,016,015

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 79,588 65,923
Hire purchase contracts 138,501 90,589
Trade creditors 343,363 292,466
Taxation and social security 206,362 286,936
Other creditors 741,859 363,696
1,509,673 1,099,610

Page 5 continued...
REDS GROUP LIMITED (REGISTERED NUMBER: 10802769)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2022 2021
£    £   
Bank loans 266,461 229,976
Hire purchase contracts 126,842 120,507
393,303 350,483

8. RELATED PARTY DISCLOSURES

During the year a loan was made to PRAA Holdings Limited, which is a company under common control. As at 31 March 2022, the sum owed by PRAA Holdings Limited to REDS Group Limited was £533,749 (31/03/2021 - £508,274).

During the year a loan was made to Boss Praa Limited, which is a company under common control. as at 31 March 2022, the sum owed by Boss Praa Limited to REDS Group Limited was £66 (31/03/2021 - £nil).

Page 6