Red Miracle (Hereford) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06042243 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

RED MIRACLE (HEREFORD) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Salariya

A Javed

Ms K Saini

P A Nicholls

REGISTERED OFFICE:

138 Wood Lane

Isleworth

Middlesex

TW7 5EQ

REGISTERED NUMBER:

06042243 (England and Wales)

ACCOUNTANTS:

Sage & Co

Chartered Accountants

38A High Street

Northwood

Middlesex

HA6 1BN

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

55,518

64,119

55,518

64,119

CURRENT ASSETS

Stocks

11,658

7,876

Debtors

6

1,536,093

1,001,390

Cash at bank

177,148

569,086

1,724,899

1,578,352

CREDITORS

Amounts falling due within one year

7

234,388

209,616

NET CURRENT ASSETS

1,490,511

1,368,736

TOTAL ASSETS LESS CURRENT LIABILITIES

1,546,029

1,432,855

PROVISIONS FOR LIABILITIES

13,000

15,000

NET ASSETS

1,533,029

1,417,855

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

1,532,929

1,417,755

SHAREHOLDERS' FUNDS

1,533,029

1,417,855

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 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 Board of Directors and authorised for issue on 31 December 2023 and were signed on its behalf by:

A Salariya - Director

1.	STATUTORY INFORMATION

Red Miracle (Hereford) 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.

Goodwill

Goodwill purchased on acquisition of a business is included in fixed assets and amortised over 10 years in equal annual instalments. The directors consider this period to be a reasonable estimate of the economic life over which the value of the acquired business would be expected to exceed the values of its identifiable assets and liabilities.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. A grant received before the performance criteria are satisfied is recognised as a liability. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable.

Stocks

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2022 - 44 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2022

and 31 March 2023

100,000

AMORTISATION

At 1 April 2022

and 31 March 2023

100,000

NET BOOK VALUE

At 31 March 2023

-

At 31 March 2022

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 April 2022

367

271,700

272,067

Additions

-

1,182

1,182

At 31 March 2023

367

272,882

273,249

DEPRECIATION

At 1 April 2022

37

207,911

207,948

Charge for year

37

9,746

9,783

At 31 March 2023

74

217,657

217,731

NET BOOK VALUE

At 31 March 2023

293

55,225

55,518

At 31 March 2022

330

63,789

64,119

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

34,795

10,997

Other debtors

1,501,298

990,393

1,536,093

1,001,390

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

46,812

26,271

Taxation and social security

123,021

120,493

Other creditors

64,555

62,852

234,388

209,616

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1.00

100

100

9.	CONTINGENT LIABILITIES

The company has given a debenture over company assets in respect of the bank borrowings of Red Miracle Limited, a company under common ownership.

10.	OTHER FINANCIAL COMMITMENTS

At the year end, the company had total commitments under operating leases over the remaining life of those leases of approximately £51,000 (2022: £68,000).