Red Squirrel Retail Limited 13174073 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is the retail sale of footwear. Digita Accounts Production Advanced 6.30.9574.0 true true 13174073 2023-05-01 2024-04-30 13174073 2024-04-30 13174073 core:RetainedEarningsAccumulatedLosses 2024-04-30 13174073 core:ShareCapital 2024-04-30 13174073 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 13174073 bus:SmallEntities 2023-05-01 2024-04-30 13174073 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 13174073 bus:FullAccounts 2023-05-01 2024-04-30 13174073 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 13174073 bus:RegisteredOffice 2023-05-01 2024-04-30 13174073 bus:Director1 2023-05-01 2024-04-30 13174073 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 13174073 core:Goodwill 2023-05-01 2024-04-30 13174073 core:FurnitureFittings 2023-05-01 2024-04-30 13174073 countries:EnglandWales 2023-05-01 2024-04-30 13174073 2023-04-30 13174073 2022-05-01 2023-04-30 13174073 2023-04-30 13174073 core:RetainedEarningsAccumulatedLosses 2023-04-30 13174073 core:ShareCapital 2023-04-30 13174073 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 13174073

Red Squirrel Retail Limited

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 April 2024

 

Red Squirrel Retail Limited

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

Red Squirrel Retail Limited

(Registration number: 13174073)
Abridged Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

12,000

18,000

Tangible assets

5

917

950

 

12,917

18,950

Current assets

 

Stocks

129,992

135,769

Debtors

3,505

5,021

Cash at bank and in hand

 

3,464

435

 

136,961

141,225

Creditors: Amounts falling due within one year

(133,698)

(136,193)

Net current assets

 

3,263

5,032

Net assets

 

16,180

23,982

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

16,080

23,882

Total equity

 

16,180

23,982

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 15 August 2024 and signed on its behalf by:
 

Mr Steve Ryrie

Director

 

Red Squirrel Retail Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

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:
Calyx House
South Road
Taunton
Somerset
TA1 3DU

These financial statements were authorised for issue by the Board on 15 August 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company activities.

Tax

The tax expense for the period comprises current and deferred 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 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.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Fixtures and Fittings

25% Straight line basis

 

Red Squirrel Retail Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the Company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

20% Straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 4).

 

Red Squirrel Retail Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Total
£

Cost or valuation

At 1 May 2023

30,000

At 30 April 2024

30,000

Amortisation

At 1 May 2023

12,000

Amortisation charge

6,000

At 30 April 2024

18,000

Carrying amount

At 30 April 2024

12,000

At 30 April 2023

18,000

5

Tangible assets

Total
£

Cost or valuation

At 1 May 2023

1,266

Additions

378

At 30 April 2024

1,644

Depreciation

At 1 May 2023

316

Charge for the year

411

At 30 April 2024

727

Carrying amount

At 30 April 2024

917

At 30 April 2023

950

6

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 £58,000 (2023 - £87,000).