Redinc Tattoo Limited |
Notes to the Accounts |
for the year ended 31 October 2023 |
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1 |
Accounting policies |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
5 |
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5 |
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3 |
Tangible fixed assets |
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Equipment, Plant and machinery are being written off over 3 years |
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Plant and machinery etc |
£ |
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Cost |
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Additions |
957 |
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At 31 October 2023 |
957 |
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Depreciation |
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Charge for the year |
319 |
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At 31 October 2023 |
319 |
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Net book value |
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At 31 October 2023 |
638 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Prepayments |
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3,959 |
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- |
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Other debtors |
48,882 |
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41,936 |
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52,841 |
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41,936 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Accruals |
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1,800 |
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- |
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Taxation and social security costs |
7,075 |
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6,034 |
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Other creditors |
4,687 |
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2,122 |
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13,562 |
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8,156 |
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6 |
Related party transactions |
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Redlite Laser Limited is included in other debtors in the amount of £30,598 (2022: £14,501) Rivergate Tatoo Partnership is included in other debtors in the amount of £18,284 (2022: £5,000) Pulse Holdings Limited is included in other creditors in the amount of £2,117 (2022: £2,000) |
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7 |
Other information |
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Redinc Tattoo Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Devonshire House |
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582 Honeypot Lane |
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Stanmore |
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HA7 1JS |