Red Knuckles Ltd - Filleted accounts

Red Knuckles Ltd - Filleted accounts


Red Knuckles Ltd
Registered number: 08375025
Balance Sheet
as at 31 January 2019
Notes 2019 2018
£ £
Fixed assets
Tangible assets 2 6,040 8,053
Current assets
Debtors 3 63,363 2,173
Cash at bank and in hand 240,821 166,866
304,184 169,039
Creditors: amounts falling due within one year 4 (126,683) (97,822)
Net current assets 177,501 71,217
Total assets less current liabilities 183,541 79,270
Creditors: amounts falling due after more than one year 5 - (26,704)
Net assets 183,541 52,566
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 182,541 51,566
Shareholders' funds 183,541 52,566
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ricardo Thiele Mario Ucci Netto
Director Director
Approved by the board on 31 October 2019
Red Knuckles Ltd
Notes to the Accounts
for the year ended 31 January 2019
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2018 25,112
At 31 January 2019 25,112
Depreciation
At 1 February 2018 17,059
Charge for the year 2,013
At 31 January 2019 19,072
Net book value
At 31 January 2019 6,040
At 31 January 2018 8,053
3 Debtors 2019 2018
£ £
Trade debtors 63,363 -
Other debtors - 2,173
63,363 2,173
4 Creditors: amounts falling due within one year 2019 2018
£ £
Bank loans and overdrafts 22,986 -
Trade creditors 19,093 18,923
Taxation and social security costs 77,024 39,581
Other creditors 7,580 39,318
126,683 97,822
5 Creditors: amounts falling due after one year 2019 2018
£ £
Bank loans - 26,704
6 Other information
Red Knuckles Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Studio 4, King House
5-11 Westbourne Grove
London
United Kingdom
W2 4UA
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