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COMPANY REGISTRATION NUMBER: 09981537
Redbill Ltd
Unaudited Financial Statements
28 February 2023
Redbill Ltd
Financial Statements
Year ended 28 February 2023
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
11
Redbill Ltd
Directors' Report
Year ended 28 February 2023
The directors present their report and the unaudited financial statements of the company for the year ended 28 February 2023 .
Principal activities
The principal activity of the company during the year was that of a bar and restaurant.
Directors
The directors who served the company during the year were as follows:
Mrs C Lovell
Mr W G Lovell
Mrs J Gandy
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 22 November 2023 and signed on behalf of the board by:
Mr W G Lovell
Director
Registered office:
Prince of Wales House
18-19 Salmon Fields Business Village
Royton
Oldham
OL2 6HT
Redbill Ltd
Statement of Income and Retained Earnings
Year ended 28 February 2023
2023
2022
Note
£
£
Turnover
107,319
107,608
Cost of sales
71,771
79,391
---------
---------
Gross profit
35,548
28,217
Administrative expenses
44,997
68,068
Other operating income
21,487
--------
--------
Operating loss
( 9,449)
( 18,364)
Other interest receivable and similar income
2
Interest payable and similar expenses
1,052
882
--------
--------
Loss before taxation
5
( 10,499)
( 19,246)
Tax on loss
--------
--------
Loss for the financial year and total comprehensive income
( 10,499)
( 19,246)
--------
--------
Retained losses at the start of the year
( 48,510)
( 29,264)
--------
--------
Retained losses at the end of the year
( 59,009)
( 48,510)
--------
--------
All the activities of the company are from continuing operations.
Redbill Ltd
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
18,543
21,820
Current assets
Stocks
7,236
8,034
Debtors
7
7,856
5,136
Cash at bank and in hand
5,641
6,285
--------
--------
20,733
19,455
Creditors: amounts falling due within one year
8
75,685
57,185
--------
--------
Net current liabilities
54,952
37,730
--------
--------
Total assets less current liabilities
( 36,409)
( 15,910)
Creditors: amounts falling due after more than one year
9
22,500
32,500
--------
--------
Net liabilities
( 58,909)
( 48,410)
--------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 59,009)
( 48,510)
--------
--------
Shareholders deficit
( 58,909)
( 48,410)
--------
--------
These financial statements have been prepared 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'.
For the year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Redbill Ltd
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 22 November 2023 , and are signed on behalf of the board by:
Mr W G Lovell
Director
Company registration number: 09981537
Redbill Ltd
Notes to the Financial Statements
Year ended 28 February 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 Prince of Wales House, 18-19 Salmon Fields Business Village, Royton, Oldham, OL2 6HT.
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures and fittings
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 12 (2022: 15 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
3,277
3,851
-------
-------
6. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
28,010
14,748
42,758
--------
--------
--------
Depreciation
At 1 March 2022
12,746
8,192
20,938
Charge for the year
2,290
987
3,277
--------
--------
--------
At 28 February 2023
15,036
9,179
24,215
--------
--------
--------
Carrying amount
At 28 February 2023
12,974
5,569
18,543
--------
--------
--------
At 28 February 2022
15,264
6,556
21,820
--------
--------
--------
7. Debtors
2023
2022
£
£
Other debtors
7,856
5,136
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
10,000
10,000
Trade creditors
5,764
3,962
Social security and other taxes
1,887
Company credit card
( 1)
Other creditors
58,034
43,224
--------
--------
75,685
57,185
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
22,500
32,500
--------
--------
10. Directors' advances, credits and guarantees
Included within other creditors due within one year are loans from directors totalling £51,420 (2022: £35,008) on which no interest is charged. The loans are repayable in full or in part on demand. No dividends were paid in the year (2022: £ Nil) in respect of shares held by the company's directors.
11. Related party transactions
The company occupies premises owned by Mr W Lovell and Mrs J Gandy , two of the directors and shareholders of the company. Rent is charged at an arm's length rate. Mr W Lovell is also a director and 80% shareholder of Lovell Plumbing Services Ltd. Included within other debtors is an interest free loan of £6,051 (2022: £2,497) in relation to this company. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
Redbill Ltd
Management Information
Year ended 28 February 2023
The following pages do not form part of the financial statements.
Redbill Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Redbill Ltd
Year ended 28 February 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Redbill Ltd for the year ended 28 February 2023, which comprise the statement of income and retained earnings, statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation.
GATLEY READ Chartered Accountants
Prince of Wales House 18/19 Salmon Fields Business Village Salmon Fields Royton Oldham OL2 6HT
22 November 2023