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Registered number: 08583603
Red Carpet Ready Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Astar Certified Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08583603
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 31,394 39,065
31,394 39,065
CURRENT ASSETS
Stocks 5 358,480 175,000
Debtors 6 25,460 22,703
Cash at bank and in hand 215,706 290,134
599,646 487,837
Creditors: Amounts Falling Due Within One Year 7 (125,434 ) (82,073 )
NET CURRENT ASSETS (LIABILITIES) 474,212 405,764
TOTAL ASSETS LESS CURRENT LIABILITIES 505,606 444,829
Creditors: Amounts Falling Due After More Than One Year 8 (10,488 ) (19,873 )
NET ASSETS 495,118 424,956
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 495,116 424,954
SHAREHOLDERS' FUNDS 495,118 424,956
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs K Gale
Director
27/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Red Carpet Ready Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08583603 . The registered office is 40 Hall Lane , Branston, Lincoln, LN4 1PY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% RB
Fixtures & Fittings 20% RB
Computer Equipment 33% SL
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 35 (2023: 28)
35 28
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 July 2023 23,036 72,000 13,085 108,121
Additions - - 4,379 4,379
As at 30 June 2024 23,036 72,000 17,464 112,500
Depreciation
As at 1 July 2023 20,337 38,926 9,793 69,056
Provided during the period 675 8,269 3,106 12,050
As at 30 June 2024 21,012 47,195 12,899 81,106
Net Book Value
As at 30 June 2024 2,024 24,805 4,565 31,394
As at 1 July 2023 2,699 33,074 3,292 39,065
5. Stocks
2024 2023
£ £
Stock 358,480 175,000
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 11,735 14,056
Other debtors 13,725 8,647
25,460 22,703
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors - 5,030
Bank loans and overdrafts 10,648 10,648
Other creditors 31,791 -
Taxation and social security 82,995 66,395
125,434 82,073
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,488 19,873
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9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 July 2023 Amounts advanced Amounts repaid Amounts written off As at 30 June 2024
£ £ £ £ £
Mrs Kirsty Gale 8,647 - 5,866 - 2,781
The above loan is unsecured, interest free and repayable on demand.
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