Registered number
05147514
Red Legends Ltd
Filleted Accounts
30 June 2023
Red Legends Ltd
Registered number: 05147514
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 8,100 8,100
Tangible assets 4 14,118 14,324
22,218 22,424
Current assets
Stocks 14,118 6,220
Debtors 5 - 12,495
Cash at bank and in hand 7,347 1,871
21,465 20,586
Creditors: amounts falling due within one year 6 (10,627) (6,852)
Net current assets 10,838 13,734
Net assets 33,056 36,158
Capital and reserves
Called up share capital 100 100
Profit and loss account 32,956 36,058
Shareholders' funds 33,056 36,158
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Angelos Agathaggelou
Director
Approved by the board on 14 November 2023
Red Legends Ltd
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 8,100
At 30 June 2023 8,100
Amortisation
At 30 June 2023 -
Net book value
At 30 June 2023 8,100
At 30 June 2022 8,100
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 13,290 5,204 1,200 19,694
At 30 June 2023 13,290 5,204 1,200 19,694
Depreciation
At 1 July 2022 - 4,291 1,079 5,370
Charge for the year - 182 24 206
At 30 June 2023 - 4,473 1,103 5,576
Net book value
At 30 June 2023 13,290 731 97 14,118
At 30 June 2022 13,290 913 121 14,324
5 Debtors 2023 2022
£ £
Other debtors - 12,495
6 Creditors: amounts falling due within one year 2023 2022
£ £
Director Loan 4,196 -
Corporation tax - 1,572
Other creditors 6,431 5,280
10,627 6,852
7 Other information
Red Legends Ltd is a private company limited by shares and incorporated in England. Its registered office is:
155 Ayres Road
Manchester
M16 9NS
2,022 2,021
£ £
Profit and Loss
At 1 July 2021 31,195 38,006
Profit for the year 4,863 (6,811)
36,058 31,195
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