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
The Red Seagull Limited
Company Information
for the year ended 31 October 2022
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
The Red Seagull Limited
Statement of financial position
as at 31 October 2022
Intangible assets
7,875
9,375
Tangible assets
141,891
168,921
Cash at bank and in hand
139,605
207,894
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
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
The Red Seagull Limited
Notes to the Accounts
for the year ended 31 October 2022
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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 (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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 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.
The Red Seagull Limited
Notes to the Accounts
for the year ended 31 October 2022
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.
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.
Basic financial instruments are recognised at amortised cost.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Plant & machinery
At 1 November 2021
269,730
At 31 October 2022
269,730
At 1 November 2021
100,809
Charge for the year
27,030
At 31 October 2022
127,839
At 31 October 2022
141,891
At 31 October 2021
168,921
The Red Seagull Limited
Notes to the Accounts
for the year ended 31 October 2022
Amounts falling due within one year
Other debtors
152,547
11,513
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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
Bank loans are secured by a fixed and floating charge over the company's assets.
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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.
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Interest free, repayable on demand
-
103,842
-
103,842
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Average number of employees
During the year the average number of employees was 27 (2021: 20).