Red Sky Management Limited SC252119 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is the provision of event management, sales promotion, training and sports agents. Digita Accounts Production Advanced 6.30.9574.0 true SC252119 2023-08-01 2024-07-31 SC252119 2024-07-31 SC252119 core:CurrentFinancialInstruments 2024-07-31 SC252119 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 SC252119 core:FurnitureFittingsToolsEquipment 2024-07-31 SC252119 core:OtherPropertyPlantEquipment 2024-07-31 SC252119 bus:SmallEntities 2023-08-01 2024-07-31 SC252119 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 SC252119 bus:FilletedAccounts 2023-08-01 2024-07-31 SC252119 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 SC252119 bus:RegisteredOffice 2023-08-01 2024-07-31 SC252119 bus:Director2 2023-08-01 2024-07-31 SC252119 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 SC252119 core:ComputerEquipment 2023-08-01 2024-07-31 SC252119 core:FurnitureFittingsToolsEquipment 2023-08-01 2024-07-31 SC252119 core:OfficeEquipment 2023-08-01 2024-07-31 SC252119 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 SC252119 countries:Scotland 2023-08-01 2024-07-31 SC252119 2023-07-31 SC252119 core:FurnitureFittingsToolsEquipment 2023-07-31 SC252119 core:OtherPropertyPlantEquipment 2023-07-31 SC252119 2022-08-01 2023-07-31 SC252119 2023-07-31 SC252119 core:CurrentFinancialInstruments 2023-07-31 SC252119 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 SC252119 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-07-31 SC252119 core:FurnitureFittingsToolsEquipment 2023-07-31 SC252119 core:OtherPropertyPlantEquipment 2023-07-31 SC252119 core:PreviouslyStatedAmount 2023-07-31 iso4217:GBP xbrli:pure

Registration number: SC252119

Red Sky Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Red Sky Management Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Red Sky Management Limited

(Registration number: SC252119)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,387

5,644

Current assets

 

Debtors

5

42,950

68,340

Cash at bank and in hand

 

157,991

162,201

 

200,941

230,541

Creditors: Amounts falling due within one year

6

(114,790)

(161,468)

Net current assets

 

86,151

69,073

Total assets less current liabilities

 

89,538

74,717

Provisions for liabilities

(847)

(1,411)

Net assets

 

88,691

73,306

Capital and reserves

 

Called up share capital

2

2

Retained earnings

88,689

73,304

Shareholders' funds

 

88,691

73,306

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 April 2025 and signed on its behalf by:
 

.........................................
Mr R J S Shepherd
Director

 

Red Sky Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

The address of its registered office is:
44 Whitehouse Road
Edinburgh
Scotland
EH4 6PH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

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

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 taxable income.

 

Red Sky Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

33.3% straight line

Office equipment

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Red Sky Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2023 - 4).

4

Tangible assets

Furniture, fittings and equipment
 £

Computer equipment
 £

Total
£

Cost or valuation

At 1 August 2023

25,301

39,125

64,426

Additions

-

999

999

At 31 July 2024

25,301

40,124

65,425

Depreciation

At 1 August 2023

22,088

36,694

58,782

Charge for the year

1,062

2,194

3,256

At 31 July 2024

23,150

38,888

62,038

Carrying amount

At 31 July 2024

2,151

1,236

3,387

At 31 July 2023

3,213

2,431

5,644

5

Debtors

Current

2024
£

2023
£

Trade debtors

20,400

47,573

Other debtors

22,550

20,767

 

42,950

68,340

 

Red Sky Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

32,437

63,316

Directors loans

1,602

1,432

Taxation and social security

 

13,699

31,162

Other creditors

 

67,052

65,558

 

114,790

161,468