Red 100 Limited - Period Ending 2016-10-31

Registration number: 05269938

Red 100 Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 October 2016
 

Lambert Chapman LLP
Chartered Accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Red 100 Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 4

Registration number: 05269938

Red 100 Limited
Balance Sheet as at 31 October 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			136,053			124,382
Current assets
Debtors					192,438			360,333
Cash at bank and in hand					102,587			46,575
					295,025			406,908
Creditors: Amounts falling due within one year		3			(172,871)			(311,436)
Net current assets					122,154			95,472
Total assets less current liabilities					258,207			219,854
Creditors: Amounts falling due after more than one year		3			(45,942)			(17,246)
Provisions for liabilities					(20,975)			(2,242)
Net assets					191,290			200,366
Capital and reserves
Called up share capital		4			1,000			1,000
Profit and loss account					190,290			199,366
Shareholders' funds					191,290			200,366

For the year ending 31 October 2016 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).

Approved by the Board on 7 March 2017 and signed on its behalf by:

S S Phillips
Director

G Oddy
Director

The notes on pages 2 to 4 form an integral part of these financial statements.
Page 1

Red 100 Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of air conditioning installation and servicing to customers.

Depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, which ever is the shorter.

Asset class	Depreciation method and rate
Plant and machinery	20% reducing balance method
Office equipment	20% reducing balance method
Motor vehicles	25% straight line method
Improvements to property	4% straight line method

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

Page 2

Red 100 Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 November 2015		215,865			215,865
Additions		63,398			63,398
Disposals		(43,982)			(43,982)
At 31 October 2016		235,281			235,281
Depreciation
At 1 November 2015		91,483			91,483
Charge for the year		39,612			39,612
Eliminated on disposals		(31,867)			(31,867)
At 31 October 2016		99,228			99,228
Net book value
At 31 October 2016		136,053			136,053
At 31 October 2015		124,382			124,382

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2016 £			2015 £
Amounts falling due within one year		15,423			27,987
Amounts falling due after more than one year		45,942			17,246
Total secured creditors		61,365			45,233

4	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary A of £1 each		500			500			500			500
Ordinary B of £1 each		500			500			500			500
		1,000			1,000			1,000			1,000

5	Prior period adjustments

Change in comparative relates to the reclassification of work in progress as amounts recoverable on contracts. This has had no effect on profit or net assets for the year ended 31 October 2016.

Page 3

Red 100 Limited
Notes to the Abbreviated Accounts for the Year Ended 31 October 2016
......... continued

6	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
S S Phillips
Director's loan transaction	4,158	-	-	7,737
G Oddy
Director's loan transaction	235	1,862	2,000	1,910

Page 4