Red Zone Technology Limited - Accounts

Red Zone Technology Limited - Accounts

RED ZONE TECHNOLOGY LIMITED - Company Information

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Registered Number: 13292460
England and Wales

 

 

 

RED ZONE TECHNOLOGY LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 January 2023

End date: 31 December 2023

Red Zone Technology Limited
Contents Page
For the year ended 31 December 2023
Directors Michael Hughes
Matthew Powell
Registered Number 13292460
Registered Office 32 New Road
Porthcawl
Wales
CF36 5DN
Accountants GD Matthews Chartered Certified Accountants
Shortwood Mead
Whitehouse Lane
Litton
BA3 4PS
1
Report to the directors on the preparation of the unaudited statutory accounts of Red Zone Technology Limited for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Red Zone Technology Limited for the year ended 31 December 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
This report is made solely to the Board of Directors of Red Zone Technology Limited, as a body, in accordance with the terms of our engagement letter dated 25 March 2024 Our work has been undertaken solely to prepare for your approval the accounts of Red Zone Technology Limited and state those matters that we have agreed to state to the Board of Directors of Red Zone Technology Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Red Zone Technology Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Red Zone Technology Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Red Zone Technology Limited. You consider that Red Zone Technology Limited 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 accounts of Red Zone Technology Limited. 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 accounts
31 December 2023



....................................................
GD Matthews Chartered Certified Accountants
Shortwood Mead
Whitehouse Lane
Litton
BA3 4PS
25 March 2024
2
 
 		 Notes
 		 2023
£		   2022
£
Fixed assets      
Tangible fixed assets 3 2,988    2,199 
2,988    2,199 
Current assets      
Stocks 4 38,512    13,472 
Debtors: amounts falling due within one year 5 31,726    224,690 
Debtors: amounts falling due after one year 6 0    68,500 
Cash at bank and in hand 441,901    64,890 
512,139    371,552 
Creditors: amount falling due within one year 7 (268,027)   (171,574)
Net current assets 244,112    199,978 
 
Total assets less current liabilities 247,100    202,177 
Provisions for liabilities 8 (747)   0 
Net assets 246,353    202,177 
 

Capital and reserves 		     
Called up share capital 10    10 
Profit and loss account 246,343    202,167 
Shareholder's funds 246,353    202,177 
 


For the year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 25 March 2024 and were signed on its behalf by:


-------------------------------
Michael Hughes
Director
3
General Information
Red Zone Technology Limited is a private company, limited by shares, registered in England and Wales, registration number 13292460, registration address 32 New Road, Porthcawl, Wales, CF36 5DN.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Straight Line
Computer Equipment 25% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 2 (2022 : 2).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Computer Equipment   Total
  £   £   £
At 01 January 2023 739    1,547    2,286 
Additions 415    1,291    1,706 
Disposals -    -    - 
At 31 December 2023 1,154    2,838    3,992 
Depreciation
At 01 January 2023 31    56    87 
Charge for year 288    629    917 
On disposals -    -    - 
At 31 December 2023 319    685    1,004 
Net book values
Closing balance as at 31 December 2023 835    2,153    2,988 
Opening balance as at 01 January 2023 708    1,491    2,199 


4.

Stocks

2023
£		   2022
£
Stocks 38,512    13,472 
38,512    13,472 

5.

Debtors: amounts falling due within one year

2023
£		   2022
£
Trade Debtors 31,726    224,690 
31,726    224,690 

6.

Debtors: amounts falling due after one year

2023
£		   2022
£
Other Debtors 0    68,500 
0    68,500 

7.

Creditors: amount falling due within one year

2023
£		   2022
£
Trade Creditors 59,686    81,457 
Corporation Tax 99,656    14,729 
Accrued Expenses 1,018    750 
Deferred Income 64,000    51,815 
Other Creditors 2,580    3,791 
VAT 41,087    19,032 
268,027    171,574 

8.

Provisions for liabilities

2023
£		   2022
£
Deferred Tax 747    0 
747    0 

4