Company registration number:
for the Year Ended
Red One Ltd
(Registration number: 07379630)
Balance Sheet as at 30 March 2023
Note |
2023 |
2022 |
|
Fixed assets |
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Tangible assets |
|
|
|
Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
( |
|
Provisions for liabilities |
|||
Deferred tax liabilities |
(25,223) |
- |
|
Net assets/(liabilities) excluding pension asset/(liability) |
378,759 |
(125,743) |
|
Net pension liability |
- |
(119,000) |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
( |
|
Total equity |
|
( |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Red One Ltd
Notes to the Financial Statements
for the Year Ended 30 March 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Red One Ltd
Notes to the Financial Statements
for the Year Ended 30 March 2023
Deferred tax is recognised on timing differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% straight line |
Office equipment |
20% straight line |
Motor vehicles |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Red One Ltd
Notes to the Financial Statements
for the Year Ended 30 March 2023
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Other creditors are measured individually at fair value net of transaction costs and subsequently at amortised cost using the effective interest method.
Reserves
Called up share capital represents the nominal value of shares that have been issued.
Profit and loss reserve includes all current and prior period profits and losses.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Defined benefit pension obligation
The company operates a defined benefit plan for qualifying employees. A defined benefit plan is a pension plan under which the company pays contributions based on the salary and length of service of the employee. There is a payment obligation to pay any shortfall in the scheme.
The remeasurement in other comprehensive income are recognised as an expense in the profit or loss account.The service cost of the plan are recognised as a liability in the balance sheet.The liability for the contributions payable is recognised as a non-current liability in the balance sheet.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Red One Ltd
Notes to the Financial Statements
for the Year Ended 30 March 2023
Tangible assets |
Furniture, fittings and equipment |
Motor vehicles |
Plant and machinery |
Total |
|
Cost or valuation |
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At 31 March 2022 |
|
- |
|
|
Additions |
|
|
|
|
Disposals |
( |
- |
- |
( |
At 30 March 2023 |
|
|
|
|
Depreciation |
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At 31 March 2022 |
|
- |
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
( |
- |
- |
( |
At 30 March 2023 |
|
|
|
|
Carrying amount |
||||
At 30 March 2023 |
|
|
|
|
At 30 March 2022 |
|
- |
|
|
Debtors |
Current |
2023 |
2022 |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Red One Ltd
Notes to the Financial Statements
for the Year Ended 30 March 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
|
Trade creditors |
|
|
Taxation and social security |
|
|
Corporation tax |
45,338 |
- |
Other creditors |
|
|
|
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Reserves |
The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:
Retained earnings |
Total |
|
Remeasurement gain/loss on defined benefit pension schemes |
|
|
|
The changes to each component of equity resulting from items of other comprehensive income for the prior year were as follows:
Retained earnings |
Total |
|
Remeasurement gain/loss on defined benefit pension schemes |
|
|
|
Red One Ltd
Notes to the Financial Statements
for the Year Ended 30 March 2023
Parent and ultimate parent undertaking |
The company's immediate parent is
The parent of the largest group in which these financial statements are consolidated is
The address of Devon and Somerset Fire Rescue Authority is:
The Knowle
Clyst St George
Exeter
EX3 0NW
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Defined benefit pension schemes
This is a defined benefit plan provided to some of the employees of Red One Ltd by Devon County Council and which is part of the Local Government Pension Scheme (LGPS). On 10 August 2022, the final employee who was a member of the scheme left the employment of Red One Ltd and at this date the assets and liabilities of the scheme transferred to the parent entity, Devon and Somerset Fire Rescue Authority. Red One Ltd therefore ceased to be a scheme employer from that date.
During the period that Red One Ltd was a scheme employer, contributions were set every three years as a result of the actuarial valuation of the Fund required by the Regulations.
The most recent comprehensive actuarial valuation is dated 31 March 2022. There are no minimum funding requirements in the LGPS but the contributions are generally set to target a funding level of 100% using actuarial valuation assumptions. The minimum employer contributions due for the periods beginning 1 April 2021 and 1 April 2022 were set at 17.0% of payroll.
On 10 August 2022, the net defined benefit pension scheme liability of £3,000. being the difference of the schemes assets of £212,000 and liabilities of £215,000, transferred to the company’s parent entity, Devon and Somerset Fire Rescue Authority. The movements during the period to 10 August 2022 are shown in Other Comprehensive Income.
Red One Ltd
Notes to the Financial Statements
for the Year Ended 30 March 2023
Reconciliation of scheme assets and liabilities to assets and liabilities recognised
The amounts recognised in the statement of financial position are as follows:
2023 |
2022 |
|
Fair value of scheme assets |
- |
|
Present value of defined benefit obligation |
- |
( |
Defined benefit pension scheme deficit |
- |
( |
Defined benefit obligation
Changes in the defined benefit obligation are as follows:
2023 |
|
Present value at start of year |
|
Service cost |
|
Interest cost |
|
Change in demographic assumptions |
( |
Contributions by scheme participants |
|
Experience loss / (gain) on defined benefit obligation |
|
Change in financial assumptions |
( |
Transfer to parent entity |
( |
Present value at end of year |
- |
Fair value of scheme assets
Changes in the fair value of scheme assets are as follows:
2023 |
|
Fair value at start of year |
|
Interest income |
|
Return on plan assets, excluding amounts included in interest income/(expense) |
( |
Actuarial gains and losses |
|
Employer contributions |
|
Contributions by scheme participants |
|
Transfer to parent entity |
( |
Fair value at end of year |
- |
Red One Ltd
Notes to the Financial Statements
for the Year Ended 30 March 2023
Analysis of assets
The major categories of scheme assets are as follows:
2023 |
2022 |
|
Cash and cash equivalents |
|
|
Equity instruments |
|
|
Property and infrastructure |
|
|
Investment funds |
25,000 |
15,000 |
Transfer to parent entity |
(212,000) |
- |
- |
|
The pension scheme has not invested in any of the company's own financial instruments or in properties or other assets used by the company.
Audit Report |