Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Mr D A Blatchford 02/10/2015 Mrs S Blatchford 02/10/2015 21 November 2024 The principal activity of the Company during the financial year was development of land. 09805874 2024-03-31 09805874 bus:Director1 2024-03-31 09805874 bus:Director2 2024-03-31 09805874 2023-03-31 09805874 core:CurrentFinancialInstruments 2024-03-31 09805874 core:CurrentFinancialInstruments 2023-03-31 09805874 core:ShareCapital 2024-03-31 09805874 core:ShareCapital 2023-03-31 09805874 core:RetainedEarningsAccumulatedLosses 2024-03-31 09805874 core:RetainedEarningsAccumulatedLosses 2023-03-31 09805874 bus:OrdinaryShareClass1 2024-03-31 09805874 bus:OrdinaryShareClass2 2024-03-31 09805874 2023-04-01 2024-03-31 09805874 bus:FilletedAccounts 2023-04-01 2024-03-31 09805874 bus:SmallEntities 2023-04-01 2024-03-31 09805874 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09805874 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09805874 bus:Director1 2023-04-01 2024-03-31 09805874 bus:Director2 2023-04-01 2024-03-31 09805874 2022-04-01 2023-03-31 09805874 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 09805874 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 09805874 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 09805874 bus:OrdinaryShareClass2 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09805874 (England and Wales)

RED SKYSAIL LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

RED SKYSAIL LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

RED SKYSAIL LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
RED SKYSAIL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
2024 2023
£ £
Current assets
Stocks 214,645 160,553
Debtors 3 1,180 2,456
Cash at bank and in hand 1,366 2,096
217,191 165,105
Creditors: amounts falling due within one year 4 ( 466,682) ( 407,373)
Net current liabilities (249,491) (242,268)
Total assets less current liabilities (249,491) (242,268)
Net liabilities ( 249,491) ( 242,268)
Capital and reserves
Called-up share capital 5 100 100
Profit and loss account ( 249,591 ) ( 242,368 )
Total shareholders' deficit ( 249,491) ( 242,268)

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Red Skysail Limited (registered number: 09805874) were approved and authorised for issue by the Board of Directors on 21 November 2024. They were signed on its behalf by:

Mr D A Blatchford
Director
RED SKYSAIL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
RED SKYSAIL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Red Skysail Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Bishop Fleming Llp, 10 Temple Back, Bristol, BS1 6FL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £249,491. The Company is supported through loans from an associated company. The directors have received assurances that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the associated company will continue to support the company. After making enquiries, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Debtors

2024 2023
£ £
Amounts owed by associates 0 2,356
Other debtors 1,180 100
1,180 2,456

4. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 243 215
Amounts owed to associates 464,788 405,508
Accruals 1,651 1,650
466,682 407,373

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
52 Ordinary A shares of £ 1.00 each 52 52
48 Ordinary B shares of £ 1.00 each 48 48
100 100

6. Related party transactions

At the period end, companies under common control were owed £464,788 (2023: £405,538) by the company.

At the period end, companies under common control owed £Nil (2023: £2,356) to the company.