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REGISTERED NUMBER: 10765251 (England and Wales)












Financial Statements

for the Year Ended 31st May 2024

for

Red Rose Developments Ltd

Red Rose Developments Ltd (Registered number: 10765251)






Contents of the Financial Statements
for the Year Ended 31st May 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Red Rose Developments Ltd

Company Information
for the Year Ended 31st May 2024







DIRECTOR: W P Harrison





REGISTERED OFFICE: Elswick Manor
Lodge Lane
Elswick
Preston
PR4 3YH





REGISTERED NUMBER: 10765251 (England and Wales)





ACCOUNTANTS: Buffery & Co Ltd
2 West Street
Henley On Thames
Oxfordshire
RG9 2DU

Red Rose Developments Ltd (Registered number: 10765251)

Abridged Balance Sheet
31st May 2024

31.5.24 31.5.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 47,761 42,887

CURRENT ASSETS
Stocks 1,720,466 2,986,153
Debtors 15,846 213,623
Cash at bank 35,118 134,297
1,771,430 3,334,073
CREDITORS
Amounts falling due within one year 1,406,716 2,904,564
NET CURRENT ASSETS 364,714 429,509
TOTAL ASSETS LESS CURRENT
LIABILITIES

412,475

472,396

PROVISIONS FOR LIABILITIES 6,733 16,573
NET ASSETS 405,742 455,823

CAPITAL AND RESERVES
Called up share capital 5 1 1
Retained earnings 405,741 455,822
SHAREHOLDERS' FUNDS 405,742 455,823

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Red Rose Developments Ltd (Registered number: 10765251)

Abridged Balance Sheet - continued
31st May 2024


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

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20th February 2025 and were signed by:





W P Harrison - Director


Red Rose Developments Ltd (Registered number: 10765251)

Notes to the Financial Statements
for the Year Ended 31st May 2024

1. STATUTORY INFORMATION

Red Rose Developments Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Computer equipment - 33.33% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the weighted average cost method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Red Rose Developments Ltd (Registered number: 10765251)

Notes to the Financial Statements - continued
for the Year Ended 31st May 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st June 2023 52,491
Additions 13,500
At 31st May 2024 65,991
DEPRECIATION
At 1st June 2023 9,604
Charge for year 8,626
At 31st May 2024 18,230
NET BOOK VALUE
At 31st May 2024 47,761
At 31st May 2023 42,887

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.5.24 31.5.23
value: £    £   
100 Ordinary 1p 1 1

6. OTHER LOANS

Other loans consist entirely of loans from family members of the sole director. There are no pre-agreed repayment terms. Repayment will be agreed between the parties in such a way to ensure the company remains a going concern. As a result, the loan balances are presented on the Balance Sheet under "Creditors- Amounts falling due within one year".

At the year-end, the "Other Loans" balance consist of the following:

1. Loan 1- £655,322.86
2. Loan 2- £225,000.00

The Interest rates applicable to Loan 1 during the period was 4.50% per annum.

No interest rate is charged on Loan 2.

During the period, a further £569,000 was advanced from family members to the company and £2,100,040 has been repaid to family members from the company. Interest of £68,674.33 was charged on Loan 1 and has been recognised in the Trading and Profit and Loss Account as "Loan Interest".

During the current period to date, a further £921,000 has been advanced from family members.