Registration number:
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Scarlett Projects Limited
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Scarlett Projects Limited
Contents
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Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Scarlett Projects Limited
Company Information
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Director |
A Young |
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Registered office |
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Accountants |
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Scarlett Projects Limited
Statement of Financial Position as at 31 March 2025
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Note |
2025 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
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Net current liabilities |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
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Provisions for liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
100 |
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Retained earnings |
(36,785) |
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Shareholders' deficit |
(36,685) |
For the financial period ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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 in accordance with the provisions applicable to companies subject to the small companies regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
Scarlett Projects Limited
Statement of Financial Position as at 31 March 2025
Approved and authorised by the
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A Young
Director
Company registration number: 15771812
Scarlett Projects Limited
Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal activity of the company is that of the sale and hire of media entertainment equipment
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
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.
Disclosure of long or short period
Going concern
The company made a loss for the period ended 31 March 2025 and had net liabilities of £36,685 at that date.
The director has considered the potential impact of the current economic climate and believes that the impact will be manageable. The company retains the support of the director and its parent company for working capital requirements until the point that it is no longer required.
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
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.
Scarlett Projects Limited
Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied: the company has transferred the significant risks and rewards of ownership to the buyer; the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably; it is probable that the company will receive the consideration due under the transaction; and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Lease income
Equipment lease income recognised in the year includes both the capital repayment and interest calculated on an actuarial basis under the term of the equipment lease arrangement with the customer. Amounts are recognised on a gross basis as the company act as the intermediate party and may recognise an income and expense in respect of the lease receivable.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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 statement of financial position 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:
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Asset class |
Depreciation method and rate |
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Hire equipment |
1-4 years straight line |
Scarlett Projects Limited
Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Finance leases and hire purchase
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.Where the company transfers substantially all the risks and rewards of ownership, the arrangement is classified as a finance lease and a receivable is recognised at an amount equal to the net investment in the lease. Recognition of finance income is based on a pattern reflecting a constant periodic rate of return on the lessor's net investment in the finance lease.
Assets held under hire purchase contracts are capitalised at the lesser of fair value or present value of minimum lease payments in the statement of financial position. The present value of the minimum lease payments is calculated using the interest rate implicit in the lease. A corresponding liability is recognised at the same value in the statement of financial position. The asset is then depreciated over its useful life.
The minimum lease payments are apportioned between the finance charge recognised in the income statement and the reduction of the outstanding liability using the effective interest method. The finance charge in each period is allocated so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
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Staff numbers |
The average number of persons employed by the company during the period, was
Scarlett Projects Limited
Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025
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Tangible assets |
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Hire Equipment |
Total |
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Cost or valuation |
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Additions |
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At 31 March 2025 |
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Depreciation |
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Charge for the period |
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At 31 March 2025 |
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Carrying amount |
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At 31 March 2025 |
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Debtors |
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2025 |
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Trade debtors |
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Other debtors |
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Net investment in finance leases |
91,668 |
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Scarlett Projects Limited
Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025
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Creditors |
Creditors: amounts falling due within one year
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Note |
2025 |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2025 |
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Loans and borrowings |
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Amounts owed to group undertakings |
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159,479 |
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Loans and borrowings |
Current loans and borrowings
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2025 |
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Finance lease liabilities |
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Non-current loans and borrowings
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2025 |
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Finance lease liabilities |
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Obligations under finance leases are secured on the assets involved.
Scarlett Projects Limited
Notes to the Unaudited Financial Statements
for the Period from 11 June 2024 to 31 March 2025
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Related party transactions |
In accordance with FRS 102 paragraph 1AC.35 exemption is taken not to disclose transactions in the period or amounts falling due between undertakings where 100% of voting rights are controlled within the group.