Red 2 Black Recoveries Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06660483 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Red 2 Black Recoveries Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

Miss J Wright

C A Burgess

Ms H A Holmes

S A Smith

D B Singh Gakhal

C K Jenkins

SECRETARY:

K Wright

REGISTERED OFFICE:

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

REGISTERED NUMBER:

06660483 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Red 2 Black Recoveries Limited for the year ended 31 August 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Red 2 Black Recoveries Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Red 2 Black Recoveries Limited and state those matters that we have agreed to state to the Board of Directors of Red 2 Black Recoveries Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Red 2 Black Recoveries Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Red 2 Black Recoveries 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 Red 2 Black Recoveries Limited. You consider that Red 2 Black Recoveries Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Red 2 Black Recoveries 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.

Wright Vigar Limited

Chartered Accountants & Business Advisers

Chancery Court

34 West Street

Retford

Nottinghamshire

DN22 6ES

2 October 2023

FIXED ASSETS

Intangible assets

4

19,500

29,250

Tangible assets

5

202,082

178,508

221,582

207,758

CURRENT ASSETS

Debtors

6

372,361

534,940

Cash at bank

32,881

153,570

405,242

688,510

CREDITORS

Amounts falling due within one year

7

298,061

480,336

NET CURRENT ASSETS

107,181

208,174

TOTAL ASSETS LESS CURRENT LIABILITIES

328,763

415,932

CREDITORS

Amounts falling due after more than one year

8

(219,961

)

(102,045

)

PROVISIONS FOR LIABILITIES

(35,612

)

(31,787

)

NET ASSETS

73,190

282,100

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

73,090

282,000

SHAREHOLDERS' FUNDS

73,190

282,100

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 2 October 2023 and were signed on its behalf by:

Miss J Wright - Director

1.	STATUTORY INFORMATION

Red 2 Black Recoveries 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.

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

Motor vehicles

-

20% on cost

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.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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 34 (2022 - 33 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2022

and 31 August 2023

150,000

AMORTISATION

At 1 September 2022

120,750

Charge for year

9,750

At 31 August 2023

130,500

NET BOOK VALUE

At 31 August 2023

19,500

At 31 August 2022

29,250

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 September 2022

22,609

555,210

577,819

Additions

2,149

87,460

89,609

Disposals

(2,082

)

(76,400

)

(78,482

)

At 31 August 2023

22,676

566,270

588,946

DEPRECIATION

At 1 September 2022

8,148

391,163

399,311

Charge for year

2,395

63,071

65,466

Eliminated on disposal

(1,513

)

(76,400

)

(77,913

)

At 31 August 2023

9,030

377,834

386,864

NET BOOK VALUE

At 31 August 2023

13,646

188,436

202,082

At 31 August 2022

14,461

164,047

178,508

At the year, the net book value of assets under hire purchase was £180,969 (2022: £163,097).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

200,495

338,857

Other debtors

171,866

196,083

372,361

534,940

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Bank loans and overdrafts

42,309

157,198

Hire purchase contracts

52,409

70,751

Trade creditors

36,706

59,295

Taxation and social security

97,155

99,156

Other creditors

69,482

93,936

298,061

480,336

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Bank loans

36,719

56,667

Hire purchase contracts

58,242

45,378

Other creditors

125,000

-

219,961

102,045

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

55

Ordinary A

£1

55

55

45

Ordinary B

£1

45

45

100

100

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year directors advances have been provided and as at 31 August 2023, £61,380 (2022: £107,596) was due back to the company. Interest is being charged at 2% per annum.

11.	RELATED PARTY DISCLOSURES

Orangeaid Limited

A company in which C Burgess is a director and the ultimate controlling party. At the year end, £125,000 (2022: £Nil) was due to Orangeaid Limited. This balance is included within other creditors due after more than one year.