Company Registration No. SC511482 (Scotland)
R3 RED LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
PAGES FOR FILING WITH REGISTRAR
R3 RED LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
R3 RED LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2019
31 January 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,524
14,219
Tangible assets
4
53,507
63,337
67,031
77,556
Current assets
Stocks
892,761
1,030,415
Debtors
5
278,354
627,956
Cash at bank and in hand
98,765
90,859
1,269,880
1,749,230
Creditors: amounts falling due within one year
6
(898,110)
(1,286,592)
Net current assets
371,770
462,638
Total assets less current liabilities
438,801
540,194
Creditors: amounts falling due after more than one year
7
(14,120)
(40,179)
Provisions for liabilities
(6,814)
(6,814)
Net assets
417,867
493,201
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
417,865
493,199
Total equity
417,867
493,201
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
R3 RED LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2019
31 January 2019
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 24 October 2019 and are signed on its behalf by:
Mr M R Robins
Director
Company Registration No. SC511482
R3 RED LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2019
- 3 -
1
Accounting policies
Company information
R3 Red Limited is a private company limited by shares incorporated in Scotland. The registered office is 6 Mossland Drive, Hillington Park, Glasgow, G52 4FA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Development costs
Evenly over estimated useful life of 4 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
- 20% on cost
Fixtures and fittings
- 20% on cost
Computers
- 25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
R3 RED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
R3 RED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
1
Accounting policies
(Continued)
- 5 -
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31 (2018 - 24).
3
Intangible fixed assets
Development costs
£
Cost
At 1 February 2018
20,330
Additions - internally developed
5,850
At 31 January 2019
26,180
Amortisation and impairment
At 1 February 2018
6,111
Amortisation charged for the year
6,545
At 31 January 2019
12,656
Carrying amount
At 31 January 2019
13,524
At 31 January 2018
14,219
R3 RED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2018
85,853
Additions
10,511
At 31 January 2019
96,364
Depreciation and impairment
At 1 February 2018
22,517
Depreciation charged in the year
20,340
At 31 January 2019
42,857
Carrying amount
At 31 January 2019
53,507
At 31 January 2018
63,337
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
49,213
35,283
Amounts owed by group undertakings
195,461
527,581
Other debtors
33,680
65,092
278,354
627,956
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
688,401
971,103
Amounts owed to group undertakings
8,518
87,758
Taxation and social security
32,457
19,164
Other creditors
168,734
208,567
898,110
1,286,592
R3 RED LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2019
- 7 -
7
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
14,120
40,179
8
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary of £1 each
2
2
9
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland ' not to disclose related party transactions with wholly owned subsidiaries within the group.
10
Parent company
Roger, Rees and Robins Limited is the company's ultimate parent company.
2019-01-312018-02-01false24 October 2019CCH SoftwareCCH Accounts Production 2019.301No description of principal activityDr R W LucasMr M G ReesMr M R RobinsSC5114822018-02-012019-01-31SC5114822019-01-31SC511482core:DevelopmentCostsCapitalisedDevelopmentExpenditure2019-01-31SC511482core:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-01-31SC5114822017-02-012018-01-31SC5114822018-01-31SC511482core:OtherPropertyPlantEquipment2019-01-31SC511482core:OtherPropertyPlantEquipment2018-01-31SC511482core:CurrentFinancialInstrumentscore:WithinOneYear2019-01-31SC511482core:CurrentFinancialInstrumentscore:WithinOneYear2018-01-31SC511482core:CurrentFinancialInstruments2019-01-31SC511482core:CurrentFinancialInstruments2018-01-31SC511482core:Non-currentFinancialInstruments2019-01-31SC511482core:Non-currentFinancialInstruments2018-01-31SC511482core:ShareCapital2019-01-31SC511482core:ShareCapital2018-01-31SC511482core:RetainedEarningsAccumulatedLosses2019-01-31SC511482core:RetainedEarningsAccumulatedLosses2018-01-31SC511482bus:Director32018-02-012019-01-31SC511482core:IntangibleAssetsOtherThanGoodwill2018-02-012019-01-31SC511482core:PlantMachinery2018-02-012019-01-31SC511482core:FurnitureFittings2018-02-012019-01-31SC511482core:ComputerEquipment2018-02-012019-01-31SC511482core:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-01-31SC511482core:DevelopmentCostsCapitalisedDevelopmentExpenditurecore:InternallyGeneratedIntangibleAssets2018-02-012019-01-31SC511482core:DevelopmentCostsCapitalisedDevelopmentExpenditure2018-02-012019-01-31SC511482core:OtherPropertyPlantEquipment2018-01-31SC511482core:OtherPropertyPlantEquipment2018-02-012019-01-31SC511482core:WithinOneYear2019-01-31SC511482core:WithinOneYear2018-01-31SC511482bus:PrivateLimitedCompanyLtd2018-02-012019-01-31SC511482bus:SmallCompaniesRegimeForAccounts2018-02-012019-01-31SC511482bus:FRS1022018-02-012019-01-31SC511482bus:AuditExemptWithAccountantsReport2018-02-012019-01-31SC511482bus:Director12018-02-012019-01-31SC511482bus:Director22018-02-012019-01-31SC511482bus:FullAccounts2018-02-012019-01-31xbrli:purexbrli:sharesiso4217:GBP