Redshank IT Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07332063 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2022

for

Redshank IT Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

T M Carlton-King

REGISTERED OFFICE:

3 Palmerston Mansions

Palmerston Road

Southsea

Hampshire

PO5 3QJ

REGISTERED NUMBER:

07332063 (England and Wales)

ACCOUNTANTS:

Ency Associates

Chartered Certified Accountants

Printware Court

Cumberland Business Centre

Northumberland Road

Portsmouth

Hampshire

PO5 1DS

CURRENT ASSETS

Stocks

37,645

73,978

Debtors

4

347,683

162,119

Cash at bank

34,119

128

419,447

236,225

CREDITORS

Amounts falling due within one year

5

331,937

129,576

NET CURRENT ASSETS

87,510

106,649

TOTAL ASSETS LESS CURRENT LIABILITIES

87,510

106,649

CREDITORS

Amounts falling due after more than one year

6

56,667

76,667

NET ASSETS

30,843

29,982

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

30,743

29,882

SHAREHOLDERS' FUNDS

30,843

29,982

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2022 and were signed by:

T M Carlton-King - Director

1.	STATUTORY INFORMATION

Redshank IT Services Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Trade debtors

153,156

-

Amounts owed by group undertakings

193,859

161,655

Other debtors

668

464

347,683

162,119

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans and overdrafts

20,000

21,481

Trade creditors

68,285

8,035

Amounts owed to group undertakings

238,761

86,210

Taxation and social security

382

10,766

Other creditors

4,509

3,084

331,937

129,576

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.22

31.8.21

£

£

Bank loans

56,667

76,667

7.	RELATED PARTY DISCLOSURES

T M Carlton-King

Director

31.8.22

31.8.21

£

£

Amount due to related party at the balance sheet date

9

-

The Redshank Group Ltd

Parent company

31.8.22

31.8.21

£

£

Amount due (to)/from related party at the balance sheet date

(128,036

)

102,325

Redshank Online Ltd

Associated company

31.8.22

31.8.21

£

£

Amount due from related party at the balance sheet date

77,418

59,330

Redshank Managed Print Solutions Limited

Associated company

Redshank Managed Print Solutions Ltd ceased to be a member of the group on 25 May 2021.

Redshank Large Format Limited

Associated company

31.8.22

31.8.21

£

£

Amount due to related party at the balance sheet date

87,536

69,426

Redshank Office Supplies Limited

Associated company

31.8.22

31.8.21

£

£

Amount due from/(to) related party at the balance sheet date

116,441

(9,205

)

Redshank IT Support Limited

Associated company

31.8.22

31.8.21

£

£

Amount due to related party at the balance sheet date

23,189

7,579

8.	ULTIMATE CONTROLLING PARTY

The controlling party is T M Carlton-King.