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Registration number: 11021289

Redstreak Products Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2024

 

Redstreak Products Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Redstreak Products Ltd

Company Information

Director

Mr A Rowswell

Registered office

1 Cornhill
Ilminster
Somerset
TA19 0AD

Accountants

Mitchams Chartered Accountants 1 Cornhill
Ilminster
Somerset
TA19 0AD

 

Redstreak Products Ltd

(Registration number: 11021289)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

2,635

5,270

Tangible assets

5

21,140

26,425

 

23,775

31,695

Current assets

 

Debtors

6

65,870

45,943

Cash at bank and in hand

 

11,941

24,582

 

77,811

70,525

Creditors: Amounts falling due within one year

7

(10,956)

(24,695)

Net current assets

 

66,855

45,830

Net assets

 

90,630

77,525

Capital and reserves

 

Called up share capital

2

2

Retained earnings

90,628

77,523

Shareholders' funds

 

90,630

77,525

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

Director's 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 director acknowledges his 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 and 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 25 February 2025
 

.........................................
Mr A Rowswell
Director

 

Redstreak Products Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Cornhill
Ilminster
Somerset
TA19 0AD

These financial statements were authorised for issue by the director on 25 February 2025.

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.

Tax

The tax expense for the period comprises current 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.

 

Redstreak Products Ltd

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

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

Short leasehold land and buildings

Over remaining lease term

Plant and machinery

25% reducing balance basis

Development costs

Development costs have been capitalised as intangible assets because it is anticipated they will generate future economic benefits. Development costs are stated in the balance sheet at cost, less any subsequent accumulated amortisation and less any subsequent accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

5 years straight line basis

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.

 

Redstreak Products Ltd

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

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.

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 the director) during the year, was 2 (2023 - 1).

 

Redstreak Products Ltd

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

4

Intangible assets

Development costs
£

Total
£

Cost or valuation

At 1 November 2023

13,175

13,175

At 31 October 2024

13,175

13,175

Amortisation

At 1 November 2023

7,905

7,905

Amortisation charge

2,635

2,635

At 31 October 2024

10,540

10,540

Carrying amount

At 31 October 2024

2,635

2,635

At 31 October 2023

5,270

5,270

5

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 November 2023

2,412

65,860

68,272

At 31 October 2024

2,412

65,860

68,272

Depreciation

At 1 November 2023

2,412

39,435

41,847

Charge for the year

-

5,285

5,285

At 31 October 2024

2,412

44,720

47,132

Carrying amount

At 31 October 2024

-

21,140

21,140

At 31 October 2023

-

26,425

26,425

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

 

Redstreak Products Ltd

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

62,798

39,598

Prepayments

542

542

Other debtors

2,530

5,803

 

65,870

45,943

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,363

1,488

Taxation and social security

3,843

22,457

Other creditors

5,750

750

10,956

24,695

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £6,500 (2023 - £6,500). Of this figure, £6,500 (2023 - £6,500) will fall due within one year.