Red Mullet Limited
Unaudited Financial Statements
For the year ended 31 October 2023
Pages For Filing With Registrar
Company Registration No. 03257615 (England and Wales)
Red Mullet Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Red Mullet Limited
Balance Sheet
As at 31 October 2023
Page 1
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
475
Current assets
Debtors
4
11,900
14,345
Cash at bank and in hand
2,813
21,919
14,713
36,264
Creditors: amounts falling due within one year
5
(1,742)
(4,423)
Net current assets
12,971
31,841
Net assets
12,971
32,316
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
12,871
32,216
Total equity
12,971
32,316
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 April 2024
M L Figgis
Director
Company Registration No. 03257615
Red Mullet Limited
Notes to the Financial Statements
For the year ended 31 October 2023
Page 2
1
Accounting policies
Company information
Red Mullet Limited is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte Building, 17 Gresse Street, London, W1T 1QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33% straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Red Mullet Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
1
Accounting policies
(Continued)
Page 3
1.6
Financial instruments
The company has only basic financial instruments measured at amortised cost, with no financial instruments classified as other, or basic financial instruments measured at fair value.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
Red Mullet Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
Page 4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
1,424
Depreciation and impairment
At 1 November 2022
949
Depreciation charged in the year
475
At 31 October 2023
1,424
Carrying amount
At 31 October 2023
At 31 October 2022
475
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
245
Other debtors
11,900
14,100
11,900
14,345
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,600
Corporation tax
1,378
Other creditors
364
823
1,742
4,423
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
Red Mullet Limited
Notes to the Financial Statements (Continued)
For the year ended 31 October 2023
Page 5
7
Related party transactions
At the year end, the company owed £364 (2022: £823) to Michael Figgis, a director of the company.
During the year, the company paid dividends of £24,500 (2022: £nil) to Michael Figgis. During the year, the directors provided services of £nil (2022 £67,500) to the company.
8
Controlling party
The company is controlled by the director, Michael Figgis.