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Company Registration No. SC594025 (Scotland)
RED SKY THINKING LTD Unaudited accounts for the year ended 30 April 2025
RED SKY THINKING LTD Unaudited accounts Contents
Page
Company information
3
Accountants' report
4
Statement of financial position
5
Notes to the accounts
6
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RED SKY THINKING LTD Company Information for the year ended 30 April 2025
Directors
MAXINE ELSBETH ANDERSON NELSON DRENNAN CONNELLY-SMITH
Company Number
SC594025 (Scotland)
Registered Office
C/O MCGOWAN & CO 1379 GALLOWGATE GLASGOW G31 4EX United Kingdom
Accountants
MCGOWAN & CO 1379 GALLOWGATE GLASGOW G31 4EX
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Chartered Certified Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of RED SKY THINKING LTD for the year ended 30 April 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of RED SKY THINKING LTD for the year ended 30 April 2025 as set out on pages 5 - 7 from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/uk/en/about-us/regulation/rulebook.html
This report is made solely to the Board of Directors of RED SKY THINKING LTD, as a body, in accordance with the terms of our engagement letter dated 1 January 2019. Our work has been undertaken solely to prepare for your approval the accounts of RED SKY THINKING LTD and state those matters that we have agreed to state to the Board of Directors of RED SKY THINKING LTD, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than RED SKY THINKING LTD and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that RED SKY THINKING LTD has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of RED SKY THINKING LTD. You consider that RED SKY THINKING LTD is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of RED SKY THINKING LTD. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
MCGOWAN & CO Chartered Certified Accountants 1379 GALLOWGATE GLASGOW G31 4EX 29 May 2025
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RED SKY THINKING LTD Statement of financial position as at 30 April 2025
2025
2024
Notes
£
£
Fixed assets
Investment property
4
-
193,492
Current assets
Cash at bank and in hand
61,603
23,986
Creditors: amounts falling due within one year
5
(1,295)
-
Net current assets
60,308
23,986
Total assets less current liabilities
60,308
217,478
Creditors: amounts falling due after more than one year
6
-
(221,001)
Net assets/(liabilities)
60,308
(3,523)
Capital and reserves
Profit and loss account
60,308
(3,523)
Shareholders' funds
60,308
(3,523)
For the year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by
NELSON DRENNAN CONNELLY-SMITH Director Company Registration No. SC594025
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RED SKY THINKING LTD Notes to the Accounts for the year ended 30 April 2025
1
Statutory information
RED SKY THINKING LTD is a private company, limited by shares, registered in Scotland, registration number SC594025. The registered office is C/O MCGOWAN & CO, 1379 GALLOWGATE, GLASGOW, G31 4EX, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
4
Investment property
2025
£
Fair value at 1 May 2024
193,492
Disposals
(193,492)
At 30 April 2025
-
Market Value Approach was applied & approved by the Directors which incorporated current prices on an active market for similar properties in the same location and condition. Directors appraisal is that the Investment Properties value has remained the same. No Qualified Independent Valuation used.
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
1,295
-
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RED SKY THINKING LTD Notes to the Accounts for the year ended 30 April 2025
6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
-
221,001
7
Average number of employees
During the year the average number of employees was 1 (2024: 1).
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