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2021-07-01
Sage Accounts Production Advanced 2021 - FRS102_2021
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xbrli:shares
iso4217:GBP
06926828
2021-07-01
2022-06-30
06926828
2022-06-30
06926828
2021-06-30
06926828
2021-06-30
06926828
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2021-07-01
2022-06-30
06926828
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2021-07-01
2022-06-30
06926828
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2021-07-01
2022-06-30
06926828
bus:Director1
2021-07-01
2022-06-30
06926828
core:FurnitureFittings
2021-06-30
06926828
core:FurnitureFittings
2022-06-30
06926828
core:WithinOneYear
2022-06-30
06926828
core:WithinOneYear
2021-06-30
06926828
core:ShareCapital
2022-06-30
06926828
core:ShareCapital
2021-06-30
06926828
core:RetainedEarningsAccumulatedLosses
2022-06-30
06926828
core:RetainedEarningsAccumulatedLosses
2021-06-30
06926828
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2021-06-30
06926828
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2021-07-01
2022-06-30
06926828
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2021-07-01
2022-06-30
06926828
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2021-07-01
2022-06-30
06926828
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2021-07-01
2022-06-30
06926828
bus:PrivateLimitedCompanyLtd
2021-07-01
2022-06-30
06926828
core:OfficeEquipment
2021-07-01
2022-06-30
06926828
core:OfficeEquipment
2022-06-30
06926828
core:OfficeEquipment
2021-06-30
06926828
core:KeyManagementIndividualGroup1
2021-07-01
2022-06-30
COMPANY REGISTRATION NUMBER:
06926828
|
Filleted Unaudited Financial Statements |
|
Year ended 30 June 2022
The director presents his report and the unaudited financial statements of the company for the year ended
30 June 2022
.
Director
The director who served the company during the year was as follows:
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
10 March 2023
and signed on behalf of the board by:
|
Registered office: |
|
Ty Uchaf |
|
Ffair Rhos |
|
Ceredigion |
|
SY25 6BP |
|
|
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Red Kite Cottages Ltd |
|
Year ended 30 June 2022
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 Kite Cottages Ltd for the year ended 30 June 2022, which comprise the statement of financial position and the 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Red Kite Cottages Ltd in accordance with the terms of our engagement letter dated 7 March 2011. Our work has been undertaken solely to prepare for your approval the financial statements of Red Kite Cottages Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Red Kite Cottages Ltd and its director for our work or for this report.
It is your duty to ensure that Red Kite Cottages Ltd 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 Kite Cottages Ltd. You consider that Red Kite Cottages Ltd 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 Kite Cottages Ltd. 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.
FRANCIS GRAY
Chartered accountants
Ty Madog
32 Queens Road
Aberystwyth
Ceredigion
SY23 2HN
10 March 2023
|
Statement of Financial Position |
|
30 June 2022
Fixed assets
|
Tangible assets |
4 |
|
659 |
880 |
|
|
|
|
|
Current assets
|
Debtors |
5 |
4,572 |
|
4,877 |
|
Cash at bank and in hand |
500 |
|
500 |
|
------- |
|
------- |
|
5,072 |
|
5,377 |
|
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
24,561 |
|
27,135 |
|
-------- |
|
-------- |
|
Net current liabilities |
|
19,489 |
21,758 |
|
|
-------- |
-------- |
|
Total assets less current liabilities |
|
(
18,830) |
(
20,878) |
|
|
|
|
|
Provisions
|
Taxation including deferred tax |
|
125 |
167 |
|
|
-------- |
-------- |
|
Net liabilities |
|
(
18,955) |
(
21,045) |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
|
Called up share capital |
|
2 |
2 |
|
Profit and loss account |
|
(
18,957) |
(
21,047) |
|
|
-------- |
-------- |
|
Shareholders deficit |
|
(
18,955) |
(
21,045) |
|
|
-------- |
-------- |
|
|
|
|
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 statement of income and retained earnings has not been delivered.
For the year ending 30 June 2022 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 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 financial statements
.
|
Statement of Financial Position (continued) |
|
30 June 2022
These financial statements were approved by the
board of directors
and authorised for issue on
10 March 2023
, and are signed on behalf of the board by:
Company registration number:
06926828
|
Notes to the Financial Statements |
|
Year ended 30 June 2022
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
These 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 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.
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
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.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:
|
Fixtures & Fittings |
- |
25% reducing balance |
|
Equipment |
- |
25% reducing balance |
|
|
|
|
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.
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 as a finance cost in profit or loss in the period it arises.
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 |
|
£ |
£ |
£ |
|
Cost |
|
|
|
|
At 1 July 2021 and 30 June 2022 |
14,199 |
698 |
14,897 |
|
-------- |
---- |
-------- |
|
Depreciation |
|
|
|
|
At 1 July 2021 |
13,712 |
305 |
14,017 |
|
Charge for the year |
122 |
99 |
221 |
|
-------- |
---- |
-------- |
|
At 30 June 2022 |
13,834 |
404 |
14,238 |
|
-------- |
---- |
-------- |
|
Carrying amount |
|
|
|
|
At 30 June 2022 |
365 |
294 |
659 |
|
-------- |
---- |
-------- |
|
At 30 June 2021 |
487 |
393 |
880 |
|
-------- |
---- |
-------- |
|
|
|
|
5.
Debtors
|
2022 |
2021 |
|
£ |
£ |
|
Trade debtors |
– |
(
248) |
|
Other debtors |
4,572 |
5,125 |
|
------- |
------- |
|
4,572 |
4,877 |
|
------- |
------- |
|
|
|
Trade debtors account for deposits received in advance of stay.
6.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
|
Other creditors |
24,561 |
27,135 |
|
-------- |
-------- |
|
|
|
Other creditors consist of:
|
|
2022 |
2021 |
|
|
£ |
£ |
|
Payments received on account |
443 |
– |
|
Director's loan account |
23,638 |
26,655 |
|
Accruals |
480 |
480 |
|
|
-------- |
-------- |
|
|
24,561 |
27,135 |
|
|
-------- |
-------- |
|
|
|
|
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
Amounts advanced to the company by the director are as follows: (a) Balance as at 30th June 2022 was £23,638 (2021: £26,655); (b) Interest rate charged nil %; (c) Repayable on demand; and (d) Repayments made during the year amounted to £3,017 (2021: £1,268).
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.
