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Registration number: 10637863

Redstone Risk Limited

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Redstone Risk Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 11

 

Redstone Risk Limited

Company Information

Directors

Mr William Foulds

Mrs Clare Foulds

Registered office

High Rydd
Seaway Lane
Torquay
Devon
TQ2 6PN

Accountants

Neil Wilson Accountancy Limited
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Redstone Risk Limited

(Registration number: 10637863)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

51,081

12,923

Current assets

 

Stocks

5

16,936

-

Debtors

6

52,682

25,557

Cash at bank and in hand

 

289,921

272,424

 

359,539

297,981

Creditors: Amounts falling due within one year

7

(158,956)

(130,223)

Net current assets

 

200,583

167,758

Total assets less current liabilities

 

251,664

180,681

Provisions for liabilities

(13,792)

(564)

Net assets

 

237,872

180,117

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

236,872

179,117

Shareholders' funds

 

237,872

180,117

For the financial year ending 29 February 2024 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 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 July 2024 and signed on its behalf by:
 

.........................................
Mr William Foulds
Director

 

Redstone Risk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 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:
High Rydd
Seaway Lane
Torquay
Devon
TQ2 6PN

These financial statements were authorised for issue by the Board on 17 July 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.

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 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 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 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.

 

Redstone Risk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Office equipment

25% reducing balance basis

Fixtures & Fittings

25% reducing balance basis

Motor vehicles

25% reducing balance 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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 inventories 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.

 

Redstone Risk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Redstone Risk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 5).

 

Redstone Risk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

22,293

-

22,293

Additions

4,897

50,289

55,186

At 29 February 2024

27,190

50,289

77,479

Depreciation

At 1 March 2023

9,370

-

9,370

Charge for the year

4,456

12,572

17,028

At 29 February 2024

13,826

12,572

26,398

Carrying amount

At 29 February 2024

13,364

37,717

51,081

At 28 February 2023

12,923

-

12,923

5

Stocks

2024
£

2023
£

Work in progress

16,936

-

6

Debtors

Current

2024
£

2023
£

Trade debtors

-

2,115

Other debtors

52,682

23,442

 

52,682

25,557

7

Creditors

Creditors: amounts falling due within one year

 

Redstone Risk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

60,200

32,451

Taxation and social security

 

50,816

51,417

Accruals and deferred income

 

6,940

3,100

Other creditors

 

41,000

43,255

 

158,956

130,223

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary A shares of £1 each

900

900

900

900

Ordinary B shares of £1 each

100

100

100

100

 

1,000

1,000

1,000

1,000

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

22,429

32,451

Hire purchase contracts

37,771

-

60,200

32,451

10

Dividends

   

2024

 

2023

   

£

 

£

Final dividend of £Nil (2023 - £Nil) per ordinary share

 

-

 

-

Interim dividend of £71.30 (2023 - £61.70) per ordinary share

 

68,000

 

61,700

   

68,000

 

91,700

         

Recommended final dividends paid and not recognised in the accounts

The directors are recommending the following final dividends:

£33.33 per each Ordinary A shares share totalling £30,000.00 (2023 - £30,000.00)

These dividends have not been accrued in the balance sheet.

 

Redstone Risk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

11

Related party transactions

 

Redstone Risk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Transactions with directors

2024

At 1 March 2023
£

Advances to director
£

Repayments by director
£

At 29 February 2024
£

Mr William Foulds

Mr William Foulds

23,442

59,240

(42,500)

40,182

         
       

 

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mr William Foulds

Mr William Foulds

26,026

82,116

(84,700)

23,442

         
       

 

 

Redstone Risk Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,140

24,645

Contributions paid to money purchase schemes

22,400

4,800

47,540

29,445

Dividends paid to directors

   

2024
£

 

2023
£

Mr William Foulds

       

Mr William Foulds

 

32,500

 

32,700

         

Mrs Clare Foulds

       

Mrs Clare Foulds

 

32,500

 

27,000