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Company Registration No. 10997234 (England and Wales)
The Red Seagull Limited Unaudited accounts for the year ended 31 October 2022
The Red Seagull Limited Unaudited accounts Contents
Page
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The Red Seagull Limited Company Information for the year ended 31 October 2022
Director
Glen Drysdale
Company Number
10997234 (England and Wales)
Registered Office
36 UNION STREET RYDE ISLE OF WIGHT PO33 2LE ENGLAND
Accountants
Isle of Wight Accountants Ltd Suite 3, Cemoc House Rectory Drive Wootton Bridge Isle of Wight PO33 4QQ
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The Red Seagull Limited Statement of financial position as at 31 October 2022
2022 
2021 
Notes
£ 
£ 
Fixed assets
Intangible assets
7,875 
9,375 
Tangible assets
141,891 
168,921 
149,766 
178,296 
Current assets
Inventories
4,761 
- 
Debtors
173,916 
11,513 
Cash at bank and in hand
139,605 
207,894 
318,282 
219,407 
Creditors: amounts falling due within one year
(166,392)
(121,048)
Net current assets
151,890 
98,359 
Total assets less current liabilities
301,656 
276,655 
Creditors: amounts falling due after more than one year
(119,250)
(143,928)
Provisions for liabilities
Deferred tax
(29,461)
(6,081)
Net assets
152,945 
126,646 
Capital and reserves
Called up share capital
100 
100 
Profit and loss account
152,845 
126,546 
Shareholders' funds
152,945 
126,646 
For the year ending 31 October 2022 the company was entitled to exemption from audit 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 June 2023 and were signed on its behalf by
Glen Drysdale Director Company Registration No. 10997234
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The Red Seagull Limited Notes to the Accounts for the year ended 31 October 2022
1
Statutory information
The Red Seagull Limited is a private company, limited by shares, registered in England and Wales, registration number 10997234. The registered office is 36 UNION STREET, RYDE, ISLE OF WIGHT, PO33 2LE, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% on cost, 25% reducing balance
Intangible fixed assets
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
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The Red Seagull Limited Notes to the Accounts for the year ended 31 October 2022
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Financial instruments
Basic financial instruments are recognised at amortised cost.
4
Intangible fixed assets
Other 
£ 
Cost
At 1 November 2021
15,000 
At 31 October 2022
15,000 
Amortisation
At 1 November 2021
5,625 
Charge for the year
1,500 
At 31 October 2022
7,125 
Net book value
At 31 October 2022
7,875 
At 31 October 2021
9,375 
5
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 November 2021
269,730 
At 31 October 2022
269,730 
Depreciation
At 1 November 2021
100,809 
Charge for the year
27,030 
At 31 October 2022
127,839 
Net book value
At 31 October 2022
141,891 
At 31 October 2021
168,921 
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The Red Seagull Limited Notes to the Accounts for the year ended 31 October 2022
6
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Trade debtors
21,369 
- 
Other debtors
152,547 
11,513 
173,916 
11,513 
7
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Bank loans and overdrafts
26,500 
26,500 
Obligations under finance leases and hire purchase contracts
- 
572 
Trade creditors
21,302 
16,035 
Taxes and social security
93,664 
36,261 
Other creditors
24,926 
41,680 
166,392 
121,048 
Bank loans are secured by a fixed and floating charge over the company's assets.
8
Creditors: amounts falling due after more than one year
2022 
2021 
£ 
£ 
Bank loans
119,250 
143,928 
Aggregate of amounts that fall due for payment after five years
13,250 
26,500 
Bank loans are secured by a fixed and floating charge over the company's assets.
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Interest free, repayable on demand
- 
103,842 
- 
103,842 
- 
103,842 
- 
103,842 
10
Average number of employees
During the year the average number of employees was 27 (2021: 20).
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