Red Miracle (Shrewsbury) Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 06283081 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOR

RED MIRACLE (SHREWSBURY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A Salariya

A Javed

Ms K Saini

P A Nicholls

REGISTERED OFFICE:

138 Wood Lane

Isleworth

Middlesex

TW7 5EQ

REGISTERED NUMBER:

06283081 (England and Wales)

ACCOUNTANTS:

Sage & Co

Chartered Accountants

38A High Street

Northwood

Middlesex

HA6 1BN

FIXED ASSETS

Tangible assets

4

66,680

78,868

CURRENT ASSETS

Stocks

7,629

4,567

Debtors

5

189,388

131,386

Cash at bank

19,143

108,932

216,160

244,885

CREDITORS

Amounts falling due within one year

6

175,493

186,109

NET CURRENT ASSETS

40,667

58,776

TOTAL ASSETS LESS CURRENT LIABILITIES

107,347

137,644

PROVISIONS FOR LIABILITIES

16,000

19,000

NET ASSETS

91,347

118,644

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

91,247

118,544

SHAREHOLDERS' FUNDS

91,347

118,644

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 31 December 2023 and were signed on its behalf by:

A Salariya - Director

1.	STATUTORY INFORMATION

Red Miracle (Shrewsbury) 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.	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.

Turnover

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

Tangible fixed assets

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

Short leasehold

-

10% on cost

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

20% on reducing balance

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.

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

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2022 - 28 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

and 31 March 2023

138,000

203,260

18,316

359,576

DEPRECIATION

At 1 April 2022

138,000

131,559

11,149

280,708

Charge for year

-

10,755

1,433

12,188

At 31 March 2023

138,000

142,314

12,582

292,896

NET BOOK VALUE

At 31 March 2023

-

60,946

5,734

66,680

At 31 March 2022

-

71,701

7,167

78,868

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

17,267

5,013

Other debtors

172,121

126,373

189,388

131,386

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

31,528

17,262

Taxation and social security

37,141

32,182

Other creditors

106,824

136,665

175,493

186,109

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

100

Ordinary

£1

100

100

8.	CONTINGENT LIABILITIES

The company has given a debenture over company assets in respect of the bank borrowings of Red Miracle Limited, a company under common ownership.

9.	OTHER FINANCIAL COMMITMENTS

At the year end, the company had total commitments under operating leases over the remaining life of those leases of approximately £35,801 (2022: £46,826).