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COMPANY REGISTRATION NUMBER: 03159001
REDSTRIPE ENVIRONMENTAL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
REDSTRIPE ENVIRONMENTAL LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
11,405
20,794
CURRENT ASSETS
Debtors
6
55,116
135,723
Cash at bank and in hand
14,133
17,158
--------
---------
69,249
152,881
CREDITORS: amounts falling due within one year
7
273,243
319,780
---------
---------
NET CURRENT LIABILITIES
203,994
166,899
---------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
( 192,589)
( 146,105)
CREDITORS: amounts falling due after more than one year
8
1,937
PROVISIONS
933
---------
---------
NET LIABILITIES
( 192,589)
( 148,975)
---------
---------
CAPITAL AND RESERVES
Called up share capital
102
102
Profit and loss account
( 192,691)
( 149,077)
---------
---------
SHAREHOLDERS DEFICIT
( 192,589)
( 148,975)
---------
---------
These financial statements have been prepared and delivered 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'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
REDSTRIPE ENVIRONMENTAL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 September 2024 , and are signed on behalf of the board by:
Mr I Rhodes
Director
Company registration number: 03159001
REDSTRIPE ENVIRONMENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 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 Headlands House, 1 Kings Court, Kettering Parkway, Kettering, NN15 6WJ.
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.
Going concern
The company currently meets its daily working capital requirements through operating revenues, banking facilities and financial support from the director (Other Creditors). On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.
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 represents the amount derived from the provision of goods and services within the company's ordinary activities after deduction of value added tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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.
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:
Leasehold improvements
-
15% reducing balance
Plant and machinery
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2022: 4 ).
5. TANGIBLE ASSETS
Long leasehold property
Plant and machinery
Motor vehicles
Office equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
75,978
23,486
15,495
9,057
124,016
Disposals
( 17,585)
( 15,495)
( 33,080)
--------
--------
--------
-------
---------
At 31 December 2023
75,978
5,901
9,057
90,936
--------
--------
--------
-------
---------
Depreciation
At 1 January 2023
65,646
21,393
8,958
7,225
103,222
Charge for the year
1,548
417
458
2,423
Disposals
( 17,156)
( 8,958)
( 26,114)
--------
--------
--------
-------
---------
At 31 December 2023
67,194
4,654
7,683
79,531
--------
--------
--------
-------
---------
Carrying amount
At 31 December 2023
8,784
1,247
1,374
11,405
--------
--------
--------
-------
---------
At 31 December 2022
10,332
2,093
6,537
1,832
20,794
--------
--------
--------
-------
---------
6. DEBTORS
2023
2022
£
£
Trade debtors
40,790
73,461
Other debtors
14,326
62,262
--------
---------
55,116
135,723
--------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
39,071
79,605
Corporation tax
10,761
Social security and other taxes
19,564
24,377
Other creditors
214,608
205,037
---------
---------
273,243
319,780
---------
---------
Included within other creditors are hire purchase liabilities which are secured against the assets they relate to.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Other creditors
1,937
----
-------
Included within other creditors are hire purchase liabilities which are secured against the assets they relate to.
9. GOING CONCERN
The director has considered the period to 30 September 2025 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy it's liabilities as these become payable.