Red Snapper Limited 31/07/2021 iXBRL

Red Snapper Limited 31/07/2021 iXBRL

RED SNAPPER LIMITED - Company Information

Print Friendly Version

8 31/07/2021 2021-07-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2020-08-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 03078547 2020-08-01 2021-07-31 03078547 2021-07-31 03078547 2020-07-31 03078547 2019-08-01 2020-07-31 03078547 2020-07-31 03078547 2019-07-31 03078547 core:NetGoodwill 2020-08-01 2021-07-31 03078547 bus:RegisteredOffice 2020-08-01 2021-07-31 03078547 bus:LeadAgentIfApplicable 2020-08-01 2021-07-31 03078547 bus:Director1 2020-08-01 2021-07-31 03078547 bus:Director2 2020-08-01 2021-07-31 03078547 bus:CompanySecretary1 2020-08-01 2021-07-31 03078547 core:RetainedEarningsAccumulatedLosses 2019-08-01 2020-07-31 03078547 core:RetainedEarningsAccumulatedLosses 2020-08-01 2021-07-31 03078547 core:WithinOneYear 2021-07-31 03078547 core:WithinOneYear 2020-07-31 03078547 core:AfterOneYear 2021-07-31 03078547 core:AfterOneYear 2020-07-31 03078547 core:ShareCapital 2021-07-31 03078547 core:ShareCapital 2020-07-31 03078547 core:RetainedEarningsAccumulatedLosses 2021-07-31 03078547 core:RetainedEarningsAccumulatedLosses 2020-07-31 03078547 core:ShareCapital 2019-07-31 03078547 core:RetainedEarningsAccumulatedLosses 2019-07-31 03078547 core:CostValuation core:Non-currentFinancialInstruments 2021-07-31 03078547 core:Non-currentFinancialInstruments 2021-07-31 03078547 core:Non-currentFinancialInstruments 2020-07-31 03078547 bus:SmallEntities 2020-08-01 2021-07-31 03078547 bus:AuditExemptWithAccountantsReport 2020-08-01 2021-07-31 03078547 bus:AbridgedAccounts 2020-08-01 2021-07-31 03078547 bus:SmallCompaniesRegimeForAccounts 2020-08-01 2021-07-31 03078547 bus:PrivateLimitedCompanyLtd 2020-08-01 2021-07-31 03078547 core:FurnitureFittingsToolsEquipment 2020-08-01 2021-07-31 03078547 1 2020-08-01 2021-07-31
Company registration number: 03078547
Red Snapper Limited
Unaudited filleted abridged financial statements
31 July 2021
Red Snapper Limited
Contents
Directors and other information
Accountants report
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
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Red Snapper Limited
Year ended 31 July 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Red Snapper Limited for the year ended 31 July 2021 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Red Snapper Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Red Snapper Limited and state those matters that we have agreed to state to the board of directors of Red Snapper Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Red Snapper Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Red Snapper Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Red Snapper Limited. You consider that Red Snapper Limited 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 financial statements of Red Snapper Limited. 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 financial statements.
Spiers & Company
Chartered Accountants
72 Fielding Road
Chiswick
London
W4 1DB
28 July 2022
Red Snapper Limited
Abridged statement of financial position
31 July 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 1 1
Tangible assets 6 16,156 15,297
Investments 7 403,679 403,679
_______ _______
419,836 418,977
Current assets
Debtors 171,001 156,380
Cash at bank and in hand 234,595 109,718
_______ _______
405,596 266,098
Creditors: amounts falling due
within one year ( 85,786) ( 39,828)
_______ _______
Net current assets 319,810 226,270
_______ _______
Total assets less current liabilities 739,646 645,247
Creditors: amounts falling due
after more than one year ( 50,000) ( 50,000)
Provisions for liabilities ( 2,541) ( 2,262)
_______ _______
Net assets 687,105 592,985
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 687,005 592,885
_______ _______
Shareholders funds 687,105 592,985
_______ _______
For the year ending 31 July 2021 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 Section 1A of 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.
All of the members 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 2021 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 28 July 2022 , 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 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 August 2019 100 543,744 543,844
Profit for the year 81,141 81,141
_______ _______ _______
Total comprehensive income for the year - 81,141 81,141
Dividends paid and payable ( 32,000) ( 32,000)
_______ _______ _______
Total investments by and distributions to owners - ( 32,000) ( 32,000)
_______ _______ _______
At 31 July 2020 and 1 August 2020 100 592,885 592,985
Profit for the year 126,120 126,120
_______ _______ _______
Total comprehensive income for the year - 126,120 126,120
Dividends paid and payable ( 32,000) ( 32,000)
_______ _______ _______
Total investments by and distributions to owners - ( 32,000) ( 32,000)
_______ _______ _______
At 31 July 2021 100 687,005 687,105
_______ _______ _______
Red Snapper Limited
Notes to the financial statements
Year ended 31 July 2021
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:
Goodwill - over 3 years
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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 8 (2020: 8 ).
5. Intangible assets
£
Cost
At 1 August 2020 and 31 July 2021 12,000
_______
Amortisation
At 1 August 2020 and 31 July 2021 11,999
_______
Carrying amount
At 31 July 2021 1
_______
At 31 July 2020 1
_______
6. Tangible assets
£
Cost
At 1 August 2020 316,042
Additions 11,553
_______
At 31 July 2021 327,595
_______
Depreciation
At 1 August 2020 300,745
Charge for the year 10,694
_______
At 31 July 2021 311,439
_______
Carrying amount
At 31 July 2021 16,156
_______
At 31 July 2020 15,297
_______
7. Investments
£
Cost
At 1 August 2020 and 31 July 2021 403,679
_______
Impairment
At 1 August 2020 and 31 July 2021 -
_______
Carrying amount
At 31 July 2021 403,679
_______
At 31 July 2020 403,679
_______
8. Controlling party
The controlling party is Mr David Laycock by virtue of his 100% ownership of the issued ordinary share capital of the company.