REGISTERED NUMBER: 09423540 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements for the Year Ended 31 August 2024 |
for |
The Redshank Group Ltd |
REGISTERED NUMBER: 09423540 (England and Wales) |
Report of the Director and |
Unaudited Consolidated Financial Statements for the Year Ended 31 August 2024 |
for |
The Redshank Group Ltd |
The Redshank Group Ltd (Registered number: 09423540) |
Contents of the Consolidated Financial Statements |
for the Year Ended 31 August 2024 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 8 |
The Redshank Group Ltd |
Company Information |
for the Year Ended 31 August 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Printware Court |
Cumberland Business Centre |
Northumberland Road |
Portsmouth |
Hampshire |
PO5 1DS |
The Redshank Group Ltd (Registered number: 09423540) |
Report of the Director |
for the Year Ended 31 August 2024 |
The director presents his report with the financial statements of the company and the group for the year ended 31 August 2024. |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
The Redshank Group Ltd (Registered number: 09423540) |
Consolidated Income Statement |
for the Year Ended 31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ |
TURNOVER | 3,932,471 | 3,803,660 |
Cost of sales | 3,168,010 | 3,083,244 |
GROSS PROFIT | 764,461 | 720,416 |
Administrative expenses | 639,783 | 613,802 |
124,678 | 106,614 |
Other operating income | 6,848 | 6,645 |
OPERATING PROFIT | 131,526 | 113,259 |
Interest receivable and similar income | 3,029 | 6 |
134,555 | 113,265 |
Interest payable and similar expenses | 605 | 3,449 |
PROFIT BEFORE TAXATION | 133,950 | 109,816 |
Tax on profit | 31,730 | 25,421 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 102,220 | 84,395 |
The Redshank Group Ltd (Registered number: 09423540) |
Consolidated Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 | 32,757 | 3,791 |
Investments | 7 | - | - |
32,757 | 3,791 |
CURRENT ASSETS |
Stocks | 132,533 | 184,317 |
Debtors | 8 | 509,493 | 536,596 |
Cash at bank | 111,719 | 38,652 |
753,745 | 759,565 |
CREDITORS |
Amounts falling due within one year | 9 | 501,252 | 512,197 |
NET CURRENT ASSETS | 252,493 | 247,368 |
TOTAL ASSETS LESS CURRENT LIABILITIES |
285,250 |
251,159 |
CREDITORS |
Amounts falling due after more than one year |
10 |
(23,250 |
) |
- |
PROVISIONS FOR LIABILITIES | (2,474 | ) | (1,504 | ) |
NET ASSETS | 259,526 | 249,655 |
The Redshank Group Ltd (Registered number: 09423540) |
Consolidated Balance Sheet - continued |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 100 | 100 |
Retained earnings | 259,426 | 249,555 |
SHAREHOLDERS' FUNDS | 259,526 | 249,655 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006. |
The director acknowledges his responsibilities for: |
(a) | ensuring that the group 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 and the group as at the end of each financial year and of the group's 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 and the group. |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the director and authorised for issue on 18 December 2024 and were signed by: |
T M Carlton-King - Director |
The Redshank Group Ltd (Registered number: 09423540) |
Company Balance Sheet |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
Investments | 7 |
CURRENT ASSETS |
Stocks |
Debtors | 8 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
The Redshank Group Ltd (Registered number: 09423540) |
Company Balance Sheet - continued |
31 August 2024 |
31.8.24 | 31.8.23 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 47,217 | 145,618 |
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. |
The financial statements were approved by the director and authorised for issue on |
The Redshank Group Ltd (Registered number: 09423540) |
Notes to the Consolidated Financial Statements |
for the Year Ended 31 August 2024 |
1. | STATUTORY INFORMATION |
The Redshank Group Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within 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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
The Redshank Group Ltd (Registered number: 09423540) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
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 |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
5. | DIVIDENDS |
31.8.24 | 31.8.23 |
£ | £ |
Ordinary shares of £1 each |
Interim | 38,930 | 38,912 |
Further dividends of £51,484 (2023 £44,801) were paid on the non-voting shares in Redshank Online Ltd. |
The Redshank Group Ltd (Registered number: 09423540) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | TANGIBLE FIXED ASSETS |
Group |
Fixtures | Motor | Computer |
& fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 | 2,579 | 19,684 | 20,039 | 42,302 |
Additions | 714 | 31,000 | 4,751 | 36,465 |
Disposals | - | (19,684 | ) | - | (19,684 | ) |
At 31 August 2024 | 3,293 | 31,000 | 24,790 | 59,083 |
DEPRECIATION |
At 1 September 2023 | 2,579 | 17,169 | 18,763 | 38,511 |
Charge for year | 179 | 4,383 | 2,222 | 6,784 |
Eliminated on disposal | - | (18,969 | ) | - | (18,969 | ) |
At 31 August 2024 | 2,758 | 2,583 | 20,985 | 26,326 |
NET BOOK VALUE |
At 31 August 2024 | 535 | 28,417 | 3,805 | 32,757 |
At 31 August 2023 | - | 2,515 | 1,276 | 3,791 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions | 31,000 |
At 31 August 2024 | 31,000 |
DEPRECIATION |
Charge for year | 2,583 |
At 31 August 2024 | 2,583 |
NET BOOK VALUE |
At 31 August 2024 | 28,417 |
The Redshank Group Ltd (Registered number: 09423540) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2024 |
6. | TANGIBLE FIXED ASSETS - continued |
Company |
Fixtures | Motor | Computer |
& fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 August 2024 |
DEPRECIATION |
At 1 September 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
At 31 August 2024 |
DEPRECIATION |
Charge for year |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
The Redshank Group Ltd (Registered number: 09423540) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2024 |
7. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 September 2023 |
Disposals | ( |
) |
At 31 August 2024 |
NET BOOK VALUE |
At 31 August 2024 |
At 31 August 2023 |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
£ | £ | £ | £ |
Trade debtors | 488,414 | 525,559 |
Amounts owed by group undertakings | - | - |
Other debtors | 21,079 | 11,037 |
509,493 | 536,596 |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
£ | £ | £ | £ |
Hire purchase contracts | 6,200 | - |
Trade creditors | 346,770 | 357,949 |
Amounts owed to group undertakings | - | - |
Taxation and social security | 55,548 | 55,238 |
Other creditors | 92,734 | 99,010 |
501,252 | 512,197 |
The Redshank Group Ltd (Registered number: 09423540) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
31.8.24 | 31.8.23 | 31.8.24 | 31.8.23 |
£ | £ | £ | £ |
Hire purchase contracts | 23,250 | - |
11. | RELATED PARTY DISCLOSURES |
Redshank IT Services Ltd |
Subsidiary |
31.8.24 | 31.8.23 |
£ | £ |
Amount due from related party at the balance sheet date | 84,443 | 492,302 |
Redshank Online Ltd |
Subsidiary |
31.8.24 | 31.8.23 |
£ | £ |
Amount due to related party at the balance sheet date | 20,653 | 265,938 |
Redshank Large Format Ltd |
Subsidiary |
31.8.24 | 31.8.23 |
£ | £ |
Amount due from/(to) related party at the balance sheet date | 458 | (36,946 | ) |
Redshank Office Supplies Ltd |
Subsidiary |
31.8.24 | 31.8.23 |
£ | £ |
Amount due from/(to) related party at the balance sheet date | 2,267 | (115,787 | ) |
Redshank IT Support Ltd |
Subsidiary |
31.8.24 | 31.8.23 |
£ | £ |
Amount due to related party at the balance sheet date | 101 | 101 |
The Redshank Group Ltd (Registered number: 09423540) |
Notes to the Consolidated Financial Statements - continued |
for the Year Ended 31 August 2024 |
11. | RELATED PARTY DISCLOSURES - continued |
T M Carlton-King |
Director |
31.8.24 | 31.8.23 |
£ | £ |
Amount due to related party at the balance sheet date | 120 | - |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is T M Carlton-King. |