Company registration number SC673326 (Scotland)
REDFOX HOSPITALITY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
REDFOX HOSPITALITY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
REDFOX HOSPITALITY LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,495
1,994
Current assets
Debtors
6
1,601
748
Cash at bank and in hand
18,163
10,134
19,764
10,882
Creditors: amounts falling due within one year
5
(25,962)
(24,068)
Net current liabilities
(6,198)
(13,186)
Net liabilities
(4,703)
(11,192)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(4,704)
(11,193)
Total equity
(4,703)
(11,192)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 March 2025
Mr S M Jamieson
Director
Company Registration No. SC673326
REDFOX HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
RedFox Hospitality Limited is a private company limited by shares incorporated in Scotland. The registered office is Glensheiling House, Hatton Road, Rattray, Blairgowrie, Perthshire, United Kingdom, PH10 7HZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been prepared on a going concern basis. The director is aware of the net liability and net current liability position of the company and will continue to provide financial support to allow the company to meet its liabilities.true
1.3
Turnover
Turnover consists of the sales value, excluding VAT, of work in the period under contracts to supply services to third parties. It includes the relevant proportion of the contract value for performance up to the period end.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% straight line
Computers
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
REDFOX HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
REDFOX HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 October 2023 and 30 September 2024
3,100
429
3,529
Depreciation and impairment
At 1 October 2023
1,413
122
1,535
Depreciation charged in the year
422
77
499
At 30 September 2024
1,835
199
2,034
Carrying amount
At 30 September 2024
1,265
230
1,495
At 30 September 2023
1,687
307
1,994
5
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
1,720
36
Other creditors
24,242
24,032
25,962
24,068
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1,601
748
7
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Key management personnel
21,632
21,632
Other information
Included in other creditors is a balance due to the director.
The loan is unsecured, interest free and repayable on demand.
REDFOX HOSPITALITY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
8
Prior period adjustment
Reconciliation of changes in equity
1 October
30 September
2022
2023
£
£
Adjustments to prior year
Restatement of director expenses
-
22,509
Tax adjustment
-
(36)
Total adjustments
-
22,473
Equity as previously reported
(9,375)
(33,665)
Equity as adjusted
(9,375)
(11,192)
Analysis of the effect upon equity
Profit and loss reserves
-
22,473
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Restatement of director expenses
22,509
Tax adjustment
(36)
Total adjustments
22,473
Loss as previously reported
(24,290)
Loss as adjusted
(1,817)