Rednotch Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 10507422

Rednotch Limited

Filleted Unaudited Abridged Financial Statements

31 December 2021

Rednotch Limited

Abridged Statement of Financial Position

31 December 2021

	2021	2020
Note	£	£

FIXED ASSETS

Tangible assets	5	24,162	50,894

CURRENT ASSETS

Stocks	4,362	9,131
Debtors	159,788	36,069
Cash at bank and in hand	4,471	985
	---------	--------
	168,621	46,185

CREDITORS: amounts falling due within one year	( 652,382)	( 339,908)
	---------	---------
NET CURRENT LIABILITIES	( 483,761)	( 293,723)
	---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES	( 459,599)	( 242,829)

CREDITORS: amounts falling due after more than one year	( 45,562)	( 50,000)
	---------	---------
NET LIABILITIES	( 505,161)	( 292,829)
	---------	---------

CAPITAL AND RESERVES

Called up share capital	1	1
Profit and loss account	( 505,162)	( 292,830)
	---------	---------
SHAREHOLDERS DEFICIT	( 505,161)	( 292,829)
	---------	---------

These abridged 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 income and retained earnings has not been delivered.

For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 December 2021 in accordance with Section 444(2A) of the Companies Act 2006.

Rednotch Limited

Abridged Statement of Financial Position (continued)

31 December 2021

These abridged financial statements were approved by the board of directors and authorised for issue on 30 December 2022 , and are signed on behalf of the board by:

AJ Thomas
Director

Company registration number: 10507422

Rednotch Limited

Notes to the Abridged Financial Statements

Year ended 31 December 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 74 Malham Road, London, SE23 1AG.

2. STATEMENT OF COMPLIANCE

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company has the ongoing support of its director in order that it can meet its working capital requirements for the foreseeable future. For this reason the director considers that the accounts should be prepared using the going concern basis.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Revenue recognition

Revenue is recognised to the extent that it is probably that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Revenue from the sale of goods is recognised when all of the following conditions are satisfied: - the Company has transferred the significant risks and rewards of ownership to the buyer; - the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; - the amount of revenue can be measured reliably; - it is probable that the Company will receive the consideration due under the transactions; and - the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Tangible assets

Tangible assets are initially recorded at cost, and 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.

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:

Short-term leasehold property	-	20% straight line
Fixtures, fittings and equipment	-	20% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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 are 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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 11 (2020: 7 ).

5. TANGIBLE ASSETS

	£
Cost
At 1 January 2021	145,475
Additions	2,656
	---------
At 31 December 2021	148,131
	---------
Depreciation
At 1 January 2021	94,581
Charge for the year	29,388
	---------
At 31 December 2021	123,969
	---------
Carrying amount
At 31 December 2021	24,162
	---------
At 31 December 2020	50,894
	---------

6. OTHER FINANCIAL COMMITMENTS

At 31 December 2021 the company had total leasing commitments over the next 12 years not included on the balance sheet of £570,000.