R.E.D. (S.W.) Limited 31/03/2018 iXBRL

R.E.D. (S.W.) Limited 31/03/2018 iXBRL

R.E.D. (S.W.) LIMITED - Company Information

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Company registration number: 04167555
R.E.D. (S.W.) Limited
Unaudited filleted financial statements
31 March 2018
R.E.D. (S.W.) LIMITED
Contents
Statement of financial position
Notes to the financial statements
R.E.D. (S.W.) LIMITED
STATEMENT OF FINANCIAL POSITION
31 MARCH 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 5 7,301 5,568
_______ _______
7,301 5,568
Current assets
Debtors 6 2,819 10,329
Cash at bank and in hand 41,424 39,439
_______ _______
44,243 49,768
Creditors: amounts falling due
within one year 7 ( 17,380) ( 18,730)
_______ _______
Net current assets 26,863 31,038
_______ _______
Total assets less current liabilities 34,164 36,606
Provisions for liabilities ( 1,310) ( 1,014)
_______ _______
Net assets 32,854 35,592
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 8 31,854 34,592
_______ _______
Shareholders funds 32,854 35,592
_______ _______
For the year ending 31 March 2018 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 year 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 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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 December 2018 , and are signed on behalf of the board by:
Mr J Charlick
Director
Company registration number: 04167555
R.E.D. (S.W.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Kirkdale Gardens, Beacon Park, Plymouth, Devon, PL2 2RQ.
Principal activity
The principal activity of the company is electrical testing.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome .
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
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.
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:
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 20 % reducing balance
Motor vehicles - 25 % reducing balance
Computer equipment - 20 % 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.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 .
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Computer equipment Total
£ £ £ £ £
Cost
At 1 April 2017 986 9,985 3,850 44,201 59,022
Additions 4,495 - - - 4,495
Disposals - - - ( 782) ( 782)
_______ _______ _______ _______ _______
At 31 March 2018 5,481 9,985 3,850 43,419 62,735
_______ _______ _______ _______ _______
Depreciation
At 1 April 2017 530 8,798 962 43,164 53,454
Charge for the year 1,238 237 722 565 2,762
Disposals - - - ( 782) ( 782)
_______ _______ _______ _______ _______
At 31 March 2018 1,768 9,035 1,684 42,947 55,434
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2018 3,713 950 2,166 472 7,301
_______ _______ _______ _______ _______
At 31 March 2017 456 1,187 2,888 1,037 5,568
_______ _______ _______ _______ _______
6. Debtors
2018 2017
£ £
Trade debtors 1,096 9,704
Other debtors 1,723 625
_______ _______
2,819 10,329
_______ _______
7. Creditors: amounts falling due within one year
2018 2017
£ £
Trade creditors 1,658 660
Social security and other taxes 4,539 6,947
Other creditors 11,183 11,123
_______ _______
17,380 18,730
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
Loans to / (from) directors at 1 April 2017 Loans to / (from) the directors Balance at 31 March 2018
£ £ £
Directors ( 9,883) - ( 9,883)
_______ _______ _______
Loans to / (from) directors at 1 April 2016 Loans to / (from) the directors Balance at 31 March 2017
£ £ £
Directors ( 1,034) ( 8,849) ( 9,883)
_______ _______ _______