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Company registration number: 04643313
Red Ice Limited
Unaudited filleted financial statements
30 April 2024
Red Ice Limited
Contents
Statement of financial position
Notes to the financial statements
Red Ice Limited
Statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 - 63,095
Investments 7 - 100
_______ _______
- 63,195
Current assets
Stocks - 75,000
Debtors 8 - 178,776
Cash at bank and in hand 190,520 130,696
_______ _______
190,520 384,472
Creditors: amounts falling due
within one year 9 ( 190,420) ( 220,364)
_______ _______
Net current assets 100 164,108
_______ _______
Total assets less current liabilities 100 227,303
Provisions for liabilities - ( 4,000)
_______ _______
Net assets 100 223,303
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account - 223,203
_______ _______
Shareholders funds 100 223,303
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 15 January 2025 , and are signed on behalf of the board by:
B Bal P Bal
Director Director
Company registration number: 04643313
Red Ice Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 71 Trenoweth Road, Falmouth, TR11 5GH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any 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:
Short leasehold property - 5 % straight line
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 14 (2023: 14 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2023 and 30 April 2024 275,853 275,853
_______ _______
Amortisation
At 1 May 2023 and 30 April 2024 275,853 275,853
_______ _______
Carrying amount
At 30 April 2024 - -
_______ _______
At 30 April 2023 - -
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 May 2023 6,250 197,979 69,541 273,770
Disposals - - ( 69,541) ( 69,541)
_______ _______ _______ _______
At 30 April 2024 6,250 197,979 - 204,229
_______ _______ _______ _______
Depreciation
At 1 May 2023 6,250 174,001 30,424 210,675
Charge for the year - 23,978 - 23,978
Disposals - - ( 30,424) ( 30,424)
_______ _______ _______ _______
At 30 April 2024 6,250 197,979 - 204,229
_______ _______ _______ _______
Carrying amount
At 30 April 2024 - - - -
_______ _______ _______ _______
At 30 April 2023 - 23,978 39,117 63,095
_______ _______ _______ _______
7. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 May 2023 100 100
Disposals ( 100) ( 100)
_______ _______
At 30 April 2024 - -
_______ _______
Impairment
At 1 May 2023 and 30 April 2024 - -
_______ _______
Carrying amount
At 30 April 2024 - -
_______ _______
At 30 April 2023 100 100
_______ _______
8. Debtors
2024 2023
£ £
Trade debtors - 500
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 173,754
Other debtors - 4,522
_______ _______
- 178,776
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors - 108,583
Amounts owed to group undertakings and undertakings in which the company has a participating interest 87,524 -
Corporation tax 73,588 98,455
Social security and other taxes 3,961 -
Other creditors 25,347 13,326
_______ _______
190,420 220,364
_______ _______