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Registration number: 11021289

Redstreak Products Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

Redstreak Products Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Redstreak Products Ltd

Company Information

Director

Mr A Rowswell

Registered office

1 Cornhill
Ilminster
Somerset
TA19 0AD

Accountants

Mitchams Chartered Accountants
1 Cornhill
Ilminster
Somerset
TA19 0AD

 

Redstreak Products Ltd

(Registration number: 11021289)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,270

7,905

Tangible assets

5

26,425

33,031

 

31,695

40,936

Current assets

 

Debtors

6

45,943

42,830

Cash at bank and in hand

 

24,582

3,576

 

70,525

46,406

Creditors: Amounts falling due within one year

7

(24,695)

(89,894)

Net current assets/(liabilities)

 

45,830

(43,488)

Net assets/(liabilities)

 

77,525

(2,552)

Capital and reserves

 

Called up share capital

2

2

Retained earnings

77,523

(2,554)

Shareholders' funds/(deficit)

 

77,525

(2,552)

For the financial year ending 31 October 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Redstreak Products Ltd

(Registration number: 11021289)
Balance Sheet as at 31 October 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 May 2024
 

.........................................
Mr A Rowswell
Director

 

Redstreak Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Cornhill
Ilminster
Somerset
TA19 0AD

These financial statements were authorised for issue by the director on 23 May 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Redstreak Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Short leasehold land and buildings

Over remaining lease term

Plant and machinery

25% reducing balance basis

Development costs

Development costs have been capitalised as intangible assets because it is anticipated they will generate future economic benefits. Development costs are stated in the balance sheet at cost, less any subsequent accumulated amortisation and less any subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

5 years straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Redstreak Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Redstreak Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 November 2022

13,175

13,175

At 31 October 2023

13,175

13,175

Amortisation

At 1 November 2022

5,270

5,270

Amortisation charge

2,635

2,635

At 31 October 2023

7,905

7,905

Carrying amount

At 31 October 2023

5,270

5,270

At 31 October 2022

7,905

7,905

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2022

2,412

65,860

68,272

At 31 October 2023

2,412

65,860

68,272

Depreciation

At 1 November 2022

2,412

32,829

35,241

Charge for the year

-

6,606

6,606

At 31 October 2023

2,412

39,435

41,847

Carrying amount

At 31 October 2023

-

26,425

26,425

At 31 October 2022

-

33,031

33,031

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of short leasehold land and buildings.
 

 

Redstreak Products Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

39,598

39,808

Prepayments

542

542

Other debtors

5,803

2,480

 

45,943

42,830

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

1,488

2,380

Other creditors

23,207

87,514

24,695

89,894

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,500 (2022 - £6,500). Of this figure, £6,500 (2022 - £6,500) will fall due within one year.