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COMPANY REGISTRATION NUMBER: 12415568
Red Silk Capital Limited
Filleted Unaudited Abridged Financial Statements
31 January 2024
Red Silk Capital Limited
Abridged Financial Statements
Year Ended 31 January 2024
Contents
Pages
Officers and professional advisers
1
Abridged statement of financial position
2 to 3
Notes to the abridged financial statements
4 to 6
Red Silk Capital Limited
Officers and Professional Advisers
Director
Mr X Liu
Registered office
Flat 605
2 Principal Place
Worship Street
London
EC2A 2FB
Accountants
SR Howell & Co
Chartered Certified Accountants
88 High Street
Ramsey
Huntingdon
Cambs
PE26 1BS
Red Silk Capital Limited
Abridged Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
1,647,606
1,647,606
Current assets
Debtors
12,307
18,650
Cash at bank and in hand
131,357
110,927
---------
---------
143,664
129,577
Creditors: amounts falling due within one year
1,768,624
1,769,574
------------
------------
Net current liabilities
1,624,960
1,639,997
------------
------------
Total assets less current liabilities
22,646
7,609
--------
-------
Net assets
22,646
7,609
--------
-------
Capital and reserves
Called up share capital
100
100
Profit and loss account
22,546
7,509
--------
-------
Shareholder funds
22,646
7,609
--------
-------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its abridged 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 abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 January 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Red Silk Capital Limited
Abridged Statement of Financial Position (continued)
31 January 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 5 March 2024 , and are signed on behalf of the board by:
Mr X Liu
Director
Company registration number: 12415568
Red Silk Capital Limited
Notes to the Abridged Financial Statements
Year Ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Flat 605, 2 Principal Place, Worship Street, London, EC2A 2FB.
2. Statement of compliance
These abridged 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 abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measured on an on-going basis.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
£
Cost
At 1 February 2023 and 31 January 2024
1,647,606
------------
Depreciation
At 1 February 2023 and 31 January 2024
------------
Carrying amount
At 31 January 2024
1,647,606
------------
At 31 January 2023
1,647,606
------------
The director believes that at 31 January 2024 the open market value is similar to the cost price of the assets and so the assets have not been revalued.
6. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr X Liu
( 1,763,099)
14,427
( 1,748,672)
------------
--------
------------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr X Liu
( 1,741,339)
( 21,760)
( 1,763,099)
------------
--------
------------