REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31st May 2024 |
for |
Red Rose Developments Ltd |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 5 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Plant and machinery | - |
Computer equipment | - |
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 |
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 |
Additions |
At 31st May 2024 |
DEPRECIATION |
At 1st June 2023 |
Charge for year |
At 31st May 2024 |
NET BOOK VALUE |
At 31st May 2024 |
At 31st May 2023 |
5. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
value: | £ | £ |
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. |