Red Iris Limited - Period Ending 2016-04-30

Registration number: 08468529

Red Iris Limited
 
  and Unaudited Abbreviated Accounts
 
  for the Year Ended 30 April 2016
 

Longley Consulting Limited
16 Highfield Drive
Kingsbridge
Devon
TQ7 1JR

Red Iris Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Red Iris Limited
for the Year Ended 30 April 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Red Iris Limited for the year ended 30 April 2016 set out on pages 2 to 6 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 icaew.com/membershandbook.

This report is made solely to the Board of Directors of Red Iris Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Red Iris Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Red Iris Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Red Iris 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 Iris Limited. You consider that Red Iris 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 Iris 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.

......................................

Longley Consulting Limited
16 Highfield Drive
Kingsbridge
Devon
TQ7 1JR

5 September 2016

Page 1

Red Iris Limited
(Registration number: 08468529)
Abbreviated Balance Sheet at 30 April 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets					£11,374			£5,447
Current assets
Debtors					15,835			15,906
Cash at bank and in hand					£39,988			£58,154
					55,823			74,060
Creditors: Amounts falling due within one year					(£24,063)			(£24,732)
Net current assets					£31,760			£49,328
Net assets					43,134			54,775
Capital and reserves
Called up share capital		3			10			10
Profit and loss account					£43,124			£54,765
Shareholders' funds					43,134			54,775

For the year ending 30 April 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 5 September 2016

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

Red Iris Limited
(Registration number: 08468529)
Abbreviated Balance Sheet at 30 April 2016
......... continued

.........................................
Ben Gancz
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

Red Iris Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	20% reducing balance

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Red Iris Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 May 2015		6,939			6,939
Additions		£7,727			£7,727
At 30 April 2016		£14,666			£14,666
Depreciation
At 1 May 2015		1,492			1,492
Charge for the year		£1,800			£1,800
At 30 April 2016		£3,292			£3,292
Net book value
At 30 April 2016		11,374			11,374
At 30 April 2015		5,447			5,447

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary of £1 each		10			10			10			10

Page 5

Red Iris Limited
Notes to the Abbreviated Accounts for the Year Ended 30 April 2016
......... continued

4	Related party transactions

Director's advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Ben Gancz
Interest free loan	7,082	9,654	9,654	-

Page 6