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REGISTERED NUMBER: 03278412 (England and Wales)















REDSKYE TECHNOLOGY LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2023






REDSKYE TECHNOLOGY LIMITED (REGISTERED NUMBER: 03278412)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 8


REDSKYE TECHNOLOGY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST DECEMBER 2023







DIRECTORS: I M McLeod
Mrs W McLeod
A McLeod
Mrs. A S D McLeod





SECRETARY: Mrs W McLeod





REGISTERED OFFICE: Unit 3 Huntley Business Park
Ross Road
Huntley
Gloucestershire
GL19 3FF





REGISTERED NUMBER: 03278412 (England and Wales)





ACCOUNTANTS: Johns Jones & Lo Limited
Chartered Accountants & Registered Auditors
16 Lambourne Crescent
Cardiff Business Park
Llanishen
Cardiff
CF14 5GF

REDSKYE TECHNOLOGY LIMITED (REGISTERED NUMBER: 03278412)

BALANCE SHEET
31ST DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,000 -
Tangible assets 5 332,784 310,185
336,784 310,185

CURRENT ASSETS
Stocks 666,704 383,146
Debtors 6 292,584 487,324
Cash at bank 584,711 402,370
1,543,999 1,272,840
CREDITORS
Amounts falling due within one year 7 516,086 310,644
NET CURRENT ASSETS 1,027,913 962,196
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,364,697

1,272,381

PROVISIONS FOR LIABILITIES 8 4,072 8,772
NET ASSETS 1,360,625 1,263,609

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,360,525 1,263,509
SHAREHOLDERS' FUNDS 1,360,625 1,263,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

REDSKYE TECHNOLOGY LIMITED (REGISTERED NUMBER: 03278412)

BALANCE SHEET - continued
31ST DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25th September 2024 and were signed on its behalf by:





I M McLeod - Director


REDSKYE TECHNOLOGY LIMITED (REGISTERED NUMBER: 03278412)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2023

1. STATUTORY INFORMATION

Redskye Technology Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

Recoverability of debtors
Estimation is involved in the assessment of the recoverability of debtors and the calculation of the associated
bad debt provision. Factors such as the age of the debt, prior experience and recoverability statistics are included in management's assessment.

Useful economic lives of tangible fixed assets
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the assets' useful economic lives. Changes in assets' useful economic lives can have a significant impact on depreciation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision for impairments
Tangible fixed assets are reviewed for signs of impairment each year and written down accordingly. All tangible fixed assets are reviewed by management in conjunction with market data and other relevant information. Changes in any of the factors considered for impairments can affect the value reported in the financial
statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of three years.

Depreciation will be charged when the asset is complete and available for use.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold Property - 2% Straight Line
Plant & Machinery - 25% Reducing Balance
Computer Equipment - 40% Reducing Balance
Fixtures and Fittings - 25% Reducing Balance

REDSKYE TECHNOLOGY LIMITED (REGISTERED NUMBER: 03278412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled or, substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party or when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer. A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.

Debtors
Debtors include trade debtors and certain other financial instruments, prepayments and deferred tax assets.
Prepayments are payments made for goods or services that will be received in the future.

Creditors
Creditors include trade creditors, accruals and certain other short term financial instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

REDSKYE TECHNOLOGY LIMITED (REGISTERED NUMBER: 03278412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
Additions 4,000
At 31st December 2023 4,000
NET BOOK VALUE
At 31st December 2023 4,000

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st January 2023 254,199 163,155 417,354
Additions 4,803 59,139 63,942
Disposals - (36,835 ) (36,835 )
At 31st December 2023 259,002 185,459 444,461
DEPRECIATION
At 1st January 2023 5,084 102,085 107,169
Charge for year 5,180 33,090 38,270
Eliminated on disposal - (33,762 ) (33,762 )
At 31st December 2023 10,264 101,413 111,677
NET BOOK VALUE
At 31st December 2023 248,738 84,046 332,784
At 31st December 2022 249,115 61,070 310,185

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 288,965 484,555
Other debtors 3,619 2,769
292,584 487,324

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 5,789 4,043
Trade creditors 142,400 31,640
Taxation and social security 151,042 104,019
Other creditors 216,855 170,942
516,086 310,644

REDSKYE TECHNOLOGY LIMITED (REGISTERED NUMBER: 03278412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances (4,700 ) -
Deferred tax 8,772 8,772
4,072 8,772

Deferred
tax
£   
Balance at 1st January 2023 8,772
Provided during year (4,700 )
Excess taxation allowances
over depreciation
Balance at 31st December 2023 4,072

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31st December 2023 and 31st December 2022:

2023 2022
£    £   
I M McLeod
Balance outstanding at start of year (44,188 ) (6,555 )
Amounts advanced 21,728 (37,633 )
Amounts repaid (56,464 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (78,924 ) (44,188 )

Mrs W McLeod
Balance outstanding at start of year (58,052 ) (24,560 )
Amounts advanced 57,498 (33,492 )
Amounts repaid (52,800 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (53,354 ) (58,052 )

A McLeod
Balance outstanding at start of year (33,060 ) -
Amounts advanced 55,000 (33,060 )
Amounts repaid (52,800 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (30,860 ) (33,060 )

REDSKYE TECHNOLOGY LIMITED (REGISTERED NUMBER: 03278412)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2023

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

Mrs. A S D McLeod
Balance outstanding at start of year (32,900 ) -
Amounts advanced 35,000 (32,900 )
Amounts repaid (52,800 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (50,700 ) (32,900 )

The company paid in aggregate the following amount into a company pension for the directors:

£123,500 (£82,500 2022)

The amounts owing to directors are interest free with no fixed terms for repayment.

10. ULTIMATE CONTROLLING PARTY

The controlling party is I M McLeod.