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Registered number: 09422086










REDSPOKES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
REDSPOKES LIMITED
 
 
  
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REDSPOKES LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Redspokes Limited for the year ended 31 March 2024 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.

This report is made solely to the director of Redspokes Limited in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Redspokes Limited and state those matters that we have agreed to state to the director of Redspokes Limited in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Redspokes Limited and its director for our work or for this report. 

It is your duty to ensure that Redspokes Limited 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 Redspokes Limited. You consider that Redspokes Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Redspokes Limited. 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.

  



Xeinadin London Limited
 
Accountants
  
8th Floor, Becket House
36 Old Jewry
London
EC2R 8DD
12 February 2025
Page 1

 
REDSPOKES LIMITED
REGISTERED NUMBER: 09422086

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
58,500
33,426

  
58,500
33,426

Current assets
  

Debtors: amounts falling due within one year
 5 
74,160
74,743

Cash at bank and in hand
 6 
172,719
89,380

  
246,879
164,123

Creditors: amounts falling due within one year
 7 
(196,792)
(111,648)

Net current assets
  
 
 
50,087
 
 
52,475

Total assets less current liabilities
  
108,587
85,901

Provisions for liabilities
  

Deferred tax
 8 
(6,339)
(3,789)

  
 
 
(6,339)
 
 
(3,789)

Net assets
  
102,248
82,112


Capital and reserves
  

Called up share capital 
  
10,000
10,000

Profit and loss account
  
92,248
72,112

  
102,248
82,112


Page 2

 
REDSPOKES LIMITED
REGISTERED NUMBER: 09422086
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 February 2025.




D Macward
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
REDSPOKES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Redspokes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 8th Floor Becket House, 36 Old Jewry, London, England, EC2R 8DD.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

 
2.2

Revenue


Revenue is recognised to the extent that it is probable that the economic benefits will flow to the        Company and the revenue can be reliably measured. Revenue is measured as the fair value of the       consideration received or receivable, excluding discounts, rebates and other sales taxes.
Revenue and expenses relating to travel are taken to the profit and loss on a date of departure basis.

 
2.3

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
REDSPOKES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
REDSPOKES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Motor vehicles
-

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 6

 
REDSPOKES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

2024
2023
£
£

Wages and salaries
46,420
33,939

Cost of defined contribution scheme
2,575
1,560

48,995
35,499


The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
79,850
-
79,850


Additions
17,286
19,278
36,564


Disposals
(16,905)
-
(16,905)



At 31 March 2024

80,231
19,278
99,509



Depreciation


At 1 April 2023
46,424
-
46,424


Charge for the year on owned assets
11,088
402
11,490


Disposals
(16,905)
-
(16,905)



At 31 March 2024

40,607
402
41,009



Net book value



At 31 March 2024
39,624
18,876
58,500



At 31 March 2023
33,426
-
33,426

Page 7

 
REDSPOKES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
4,125
-

Other debtors
32,175
57,201

Prepayments and accrued income
26,579
-

Tax recoverable
11,281
17,542

74,160
74,743



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
172,719
89,380

172,719
89,380



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
26,601
11,110

Other taxation and social security
1,617
1,083

Other creditors
4,248
1,319

Accruals and deferred income
164,326
98,136

196,792
111,648



8.


Deferred taxation




2024


£






At beginning of year
(3,789)


Charged to profit or loss
(2,550)



At end of year
(6,339)

Page 8

 
REDSPOKES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
 
8.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(6,394)
(3,844)

Short term timing differences
55
55

(6,339)
(3,789)


9.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £2,575 (2023 - £1,560). Contributions totalling £315 (2023 - £312) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

During the year, the director D Macward had a loan account with the Company. The total amount advanced to him during the year was £43,986. Repayments of £80,087 were made by the director. Interest on the overdrawn loan of £809 was charged at 2.25%. At the year end, the company owed the  director D Macward £581 (2023 owed by the director: £34,711).


11.


Controlling party

The company is under the control of the director, D Macward by virtue of his shareholding.

 
Page 9