Red Snapper Limited 31/07/2019 iXBRL

Red Snapper Limited 31/07/2019 iXBRL

RED SNAPPER LIMITED - Company Information

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Statement of consent to prepare abridged financial statements
All of the members of Red Snapper Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 July 2019 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number: 03078547
Red Snapper Limited
Unaudited filleted abridged financial statements
31 July 2019
Red Snapper Limited
Contents
Directors and other information
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Red Snapper Limited
Directors and other information
Directors Mr. David Laycock
Mr. Benedict Griffin
Secretary Benedict James Griffin
Company number 03078547
Registered office 72 Fielding Road
Chiswick
London
W4 1DB
Business address 17 Station Point
121 Sandycombe Road
Richmond
TW9 2AD
Accountants Spiers & Company
72 Fielding Road
Chiswick
London
W4 1DB
Red Snapper Limited
Abridged statement of financial position
31 July 2019
2019 2018
Note £ £ £ £
Fixed assets
Intangible assets 5 1 1
Tangible assets 6 21,545 27,793
_______ _______
21,546 27,794
Current assets
Debtors 566,289 559,753
_______ _______
566,289 559,753
Creditors: amounts falling due
within one year ( 40,683) ( 42,483)
_______ _______
Net current assets 525,606 517,270
_______ _______
Total assets less current liabilities 547,152 545,064
Provisions for liabilities ( 3,308) ( 4,322)
_______ _______
Net assets 543,844 540,742
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 543,744 540,642
_______ _______
Shareholders funds 543,844 540,742
_______ _______
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 30 July 2020 , and are signed on behalf of the board by:
Mr. David Laycock
Director
Company registration number: 03078547
Red Snapper Limited
Statement of changes in equity
Year ended 31 July 2019
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2017 100 554,331 554,431
Profit for the year 18,311 18,311
_______ _______ _______
Total comprehensive income for the year - 18,311 18,311
Dividends paid and payable ( 32,000) ( 32,000)
_______ _______ _______
Total investments by and distributions to owners - ( 32,000) ( 32,000)
_______ _______ _______
At 31 July 2018 and 1 August 2018 100 540,642 540,742
Profit for the year 35,102 35,102
_______ _______ _______
Total comprehensive income for the year - 35,102 35,102
Dividends paid and payable ( 32,000) ( 32,000)
_______ _______ _______
Total investments by and distributions to owners - ( 32,000) ( 32,000)
_______ _______ _______
At 31 July 2019 100 543,744 543,844
_______ _______ _______
Red Snapper Limited
Notes to the financial statements
Year ended 31 July 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Red Snapper Limited, 72 Fielding Road, Chiswick, London, W4 1DB.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - over 2/10 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2018: 9 ).
5. Intangible assets
£
Cost
At 1 August 2018 and 31 July 2019 12,000
_______
Amortisation
At 1 August 2018 and 31 July 2019 11,999
_______
Carrying amount
At 31 July 2019 1
_______
At 31 July 2018 1
_______
6. Tangible assets
£
Cost
At 1 August 2018 and 31 July 2019 316,042
_______
Depreciation
At 1 August 2018 288,249
Charge for the year 6,248
_______
At 31 July 2019 294,497
_______
Carrying amount
At 31 July 2019 21,545
_______
At 31 July 2018 27,793
_______
7. Controlling party
The controlling party is Mr David Laycock by virtue of his 100% ownership of the issued ordinary share capital of the company.