Red Rose Windscreens Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03984562 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

FOR

RED ROSE WINDSCREENS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Taylor

Mrs D J Taylor

SECRETARY:

P Taylor

REGISTERED OFFICE:

Unit 1

Club Street

Bamber Bridge

Preston

Lancashire

PR5 6FN

REGISTERED NUMBER:

03984562 (England and Wales)

ACCOUNTANTS:

Studholme-Bell Limited

Chartered Accountants

& Business Advisors

Vantage House Euxton Lane

Euxton

Chorley

Lancashire

PR7 6TB

FIXED ASSETS

Tangible assets

5

77,079

62,422

CURRENT ASSETS

Stocks

23,891

23,423

Debtors

6

138,821

76,483

Cash at bank and in hand

133,585

108,680

296,297

208,586

CREDITORS

Amounts falling due within one year

7

61,024

50,273

NET CURRENT ASSETS

235,273

158,313

TOTAL ASSETS LESS CURRENT LIABILITIES

312,352

220,735

CREDITORS

Amounts falling due after more than one year

8

(45,000

)

-

PROVISIONS FOR LIABILITIES

(12,040

)

(11,148

)

NET ASSETS

255,312

209,587

CAPITAL AND RESERVES

Called up share capital

669

669

Capital redemption reserve

334

334

Retained earnings

254,309

208,584

SHAREHOLDERS' FUNDS

255,312

209,587

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 28 July 2021 and were signed on its behalf by:

P Taylor - Director

1.	STATUTORY INFORMATION

Red Rose Windscreens Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

The accounts have been prepared in accordance with the provisions of FRS102 Section 1A small entities. There were no material departures from that standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The principle accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year/period and have also been consistently applied within the same accounts.

The financial statements have been prepared under the historical cost convention.

Income recognition

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them, exclusive of Value Added Tax and Trade Discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on cost, 25% on reducing balance and 20% on reducing balance

Government grants

COVID -19 business support grants received in the year are credited to the accounts when the corresponding expenditure has been charged to the profit and loss account.

Stocks

Stocks have been valued at the lower of cost and estimated selling price, less costs to sell. In respect of finished goods, cost included a relevant proportion of overheads according to the stage of manufacture/completion.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.

Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and retained earnings.

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 provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

Tax deferred or accelerated is accounted for in respect of all material timing differences.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

Short term employee benefits, including holiday pay, are recognised as an expense in the income statement in the period in which they are incurred.

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the income statement when due.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2020 - 7 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2020

109,621

Additions

41,304

Disposals

(23,847

)

At 31 January 2021

127,078

DEPRECIATION

At 1 February 2020

47,199

Charge for year

16,542

Eliminated on disposal

(13,742

)

At 31 January 2021

49,999

NET BOOK VALUE

At 31 January 2021

77,079

At 31 January 2020

62,422

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Trade debtors

81,543

67,956

Amounts owed by group undertakings

50,000

-

Other debtors

7,278

8,527

138,821

76,483

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans and overdrafts

5,000

-

Trade creditors

4,353

2,948

Taxation and social security

46,957

45,296

Other creditors

4,714

2,029

61,024

50,273

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans

45,000

-

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

5,000

-

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.21

31.1.20

£

£

Within one year

-

22,500

Between one and five years

-

5,625

-

28,125