Red Kite Cottages Ltd Filleted accounts for Companies House (small and micro)
Red Kite Cottages Ltd Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
06926828
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Director's Report |
Year ended 30 June 2020
The director presents his report and the unaudited financial statements of the company for the year ended
30 June 2020
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Director
The director who served the company during the year was as follows:
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Small company provisions
This report was approved by the board of directors on
29 March 2021
and signed on behalf of the board by:
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Director |
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Registered office: |
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Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
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Year ended 30 June 2020
Ty Madog
32 Queens Road
Aberystwyth
Ceredigion
SY23 2HN
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Statement of Financial Position |
2020 |
2019 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
4 |
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Current assets
Debtors |
5 |
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Cash at bank and in hand |
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------- |
------- |
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Creditors: amounts falling due within one year |
6 |
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Net current liabilities |
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Total assets less current liabilities |
(
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(
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Provisions
Taxation including deferred tax |
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Net liabilities |
(
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(
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Capital and reserves
Called up share capital |
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Profit and loss account |
(
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(
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-------- |
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Shareholders deficit |
(
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(
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Director's responsibilities:
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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
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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 financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
29 March 2021
, and are signed on behalf of the board by:
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Director |
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Company registration number:
06926828
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Notes to the Financial Statements |
Year ended 30 June 2020
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Ty Uchaf, Ffair Rhos, Ceredigion, SY25 6BP.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 Section 1A. Advantage has been taken of the following disclosure exemptions available: No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Income tax
Tangible assets
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:
Fixtures & Fittings |
- |
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Impairment of fixed assets
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. For the purposes of impairment testing, 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 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.
Government grants
Provisions
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4.
Tangible assets
Fixtures and fittings |
Equipment |
Total |
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£ |
£ |
£ |
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Cost |
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At 1 July 2019 |
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– |
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Additions |
– |
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At 30 June 2020 |
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Depreciation |
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At 1 July 2019 |
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– |
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Charge for the year |
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At 30 June 2020 |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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– |
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5.
Debtors
2020 |
2019 |
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£ |
£ |
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Trade debtors |
(
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(
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Other debtors |
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------- |
------- |
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Trade debtors account for deposits received in advance of stay.
6.
Creditors:
amounts falling due within one year
2020 |
2019 |
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£ |
£ |
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Other creditors |
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7.
Financial instruments
For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.
8.
Director's advances, credits and guarantees
During the year the directors loan account balance :(a) £27,923 (2019 - £34,094); (b) no interest is payable on the balance; (c) repayable on demand; and (d) movement in the year due to personal receipts/payment on behalf of the company.
9.
Related party transactions
The company was under the control of
Mr C Harris
throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under FRS102. The loss to date has been funded primarily by the Director's injection of funds and so is able to meet its liabilities as they fall due. The Director will continue to inject his own funds as necessary until such time as the company generates sustainable profits. Accordingly the financial statements have been prepared on the Going Concern Basis.