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COMPANY REGISTRATION NUMBER: 08848989
Scarlet Ribbon Merino Ltd
Filleted Unaudited Financial Statements
31 January 2023
Scarlet Ribbon Merino Ltd
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Current assets
Stocks
10,227
10,846
Debtors
5
468
542
Cash at bank and in hand
3,728
4,051
--------
--------
14,423
15,439
Creditors: amounts falling due within one year
6
66,857
65,873
--------
--------
Net current liabilities
52,434
50,434
--------
--------
Total assets less current liabilities
( 52,434)
( 50,434)
--------
--------
Net liabilities
( 52,434)
( 50,434)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 52,435)
( 50,435)
--------
--------
Shareholder deficit
( 52,434)
( 50,434)
--------
--------
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 Section 1A of 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 income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 October 2023 , and are signed on behalf of the board by:
Mrs S L Eynon
Director
Company registration number: 08848989
Scarlet Ribbon Merino Ltd
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Picton Lane, Swansea, SA1 4AF.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Tangible assets
Equipment
Total
£
£
Cost
At 1 February 2022 and 31 January 2023
817
817
----
----
Depreciation
At 1 February 2022 and 31 January 2023
817
817
----
----
Carrying amount
At 31 January 2023
----
----
At 31 January 2022
----
----
5. Debtors
2023
2022
£
£
Other debtors
468
542
----
----
6. Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
66,857
65,873
--------
--------
7. Related party transactions
MJE Properties Ltd, a related UK company , has provided a loan in previous years totalling £58,500 that is repayable upon demand. As at the 31 January 2023 the balance outstanding was £58,500 (2022 £58,500).