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2022-11-30
COMPANY REGISTRATION NUMBER:
12310424
Red Line Designs Yorkshire Ltd |
|
Filleted Unaudited Financial Statements |
|
Red Line Designs Yorkshire Ltd |
|
Year ended 30 November 2023
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements |
1 |
|
|
Statement of financial position |
2 to 3 |
|
|
Notes to the financial statements |
4 to 6 |
|
|
Red Line Designs Yorkshire Ltd |
|
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Red Line Designs Yorkshire Ltd |
|
Year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Red Line Designs Yorkshire Ltd for the year ended 30 November 2023, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Red Line Designs Yorkshire Ltd in accordance with the terms of our engagement letter dated 6 November 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Red Line Designs Yorkshire Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Red Line Designs Yorkshire Ltd and its director for our work or for this report.
It is your duty to ensure that Red Line Designs Yorkshire Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Red Line Designs Yorkshire Ltd. You consider that Red Line Designs Yorkshire Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Red Line Designs Yorkshire Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES
Chartered Accountants
2 Westbrook Court
Sharrow Vale Road
Sheffield
S11 8YZ
27 November 2024
Red Line Designs Yorkshire Ltd |
|
Statement of Financial Position |
|
30 November 2023
Fixed assets
Tangible assets |
4 |
1,930 |
2,973 |
|
|
|
|
Current assets
Debtors |
5 |
15,823 |
7,049 |
Cash at bank and in hand |
6,536 |
220 |
|
-------- |
------- |
|
22,359 |
7,269 |
|
|
|
|
Creditors: amounts falling due within one year |
6 |
22,533 |
8,575 |
|
-------- |
------- |
Net current liabilities |
174 |
1,306 |
|
------- |
------- |
Total assets less current liabilities |
1,756 |
1,667 |
|
|
|
|
Provisions |
365 |
804 |
|
------- |
------- |
Net assets |
1,391 |
863 |
|
------- |
------- |
|
|
|
Capital and reserves
Called up share capital |
2 |
1 |
Profit and loss account |
1,389 |
862 |
|
------- |
---- |
Shareholder funds |
1,391 |
863 |
|
------- |
---- |
|
|
|
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 comprehensive income has not been delivered.
For the year ending 30 November 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 member has 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
.
Red Line Designs Yorkshire Ltd |
|
Statement of Financial Position (continued) |
|
30 November 2023
These financial statements were approved by the
board of directors
and authorised for issue on
7 November 2024
, and are signed on behalf of the board by:
Company registration number:
12310424
Red Line Designs Yorkshire Ltd |
|
Notes to the Financial Statements |
|
Year ended 30 November 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 Hebblethwaites, 2 Westbrook court, Sharrow Vale Road, Sheffield, South Yorkshire, S11 8YZ.
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.
Revenue recognition
Turnover from the sale of goods and services is measured at the fair value of the consideration received or receivable state net of any discounts allowed and reflective of the work undertaken.
Taxation
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:
|
Motor vehicles |
- |
25% reducing balance |
|
Computer equipment |
- |
25% straight line |
|
|
|
|
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.
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tangible assets
|
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 December 2022 and 30 November 2023 |
6,100 |
1,600 |
7,700 |
|
------- |
------- |
------- |
Depreciation |
|
|
|
At 1 December 2022 |
3,527 |
1,200 |
4,727 |
Charge for the year |
643 |
400 |
1,043 |
|
------- |
------- |
------- |
At 30 November 2023 |
4,170 |
1,600 |
5,770 |
|
------- |
------- |
------- |
Carrying amount |
|
|
|
At 30 November 2023 |
1,930 |
– |
1,930 |
|
------- |
------- |
------- |
At 30 November 2022 |
2,573 |
400 |
2,973 |
|
------- |
------- |
------- |
|
|
|
|
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Other debtors |
15,823 |
7,049 |
|
-------- |
------- |
|
|
|
Included within total debtors of £15,823 is a tax component in the sum of £3,993 which will not be recovered until at least twelve months after the accounting reference date.
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
1,440 |
1,722 |
Corporation tax |
19,533 |
5,353 |
Other creditors |
1,560 |
1,500 |
|
-------- |
------- |
|
22,533 |
8,575 |
|
-------- |
------- |
|
|
|
7.
Director's advances, credits and guarantees
A loan account exists as between the company and the director. As a result of transactions entered into during the year with net advances to the director, there is a balance of loan monies owing to the company, by the director, at the year end date, of £11,830 (2022: £7,049), which sum is to be repaid to the company post the year end date. There are no formal terms applying to this loan and interest is not being paid.