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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2019 |
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REDWOLF AIRSOFT UK LTD |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2019 |
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FOR |
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REDWOLF AIRSOFT UK LTD |
REDWOLF AIRSOFT UK LTD (REGISTERED NUMBER: 04562514) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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REDWOLF AIRSOFT UK LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 5 APRIL 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Chargrove House |
Shurdington Road |
Cheltenham |
Gloucestershire |
GL51 4GA |
REDWOLF AIRSOFT UK LTD (REGISTERED NUMBER: 04562514) |
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BALANCE SHEET |
5 APRIL 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
REDWOLF AIRSOFT UK LTD (REGISTERED NUMBER: 04562514) |
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BALANCE SHEET - continued |
5 APRIL 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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REDWOLF AIRSOFT UK LTD (REGISTERED NUMBER: 04562514) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 APRIL 2019 |
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1. | STATUTORY INFORMATION |
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Redwolf Airsoft UK Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Invoices are raised when the goods are despatched to the customer. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Fixtures and fittings -100% on cost in year of purchase and 20% on reducing balance |
Computer equipment - 33% on cost |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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Financial instruments |
Financial Instruments are classified by the directors as basic or advanced following the conditions in FRS 102 |
Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and |
Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or |
directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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REDWOLF AIRSOFT UK LTD (REGISTERED NUMBER: 04562514) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2019 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the |
balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling |
at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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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. |
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Pension costs and other post-retirement benefits |
The company pays contributions into the directors' individual defined contribution pension schemes. |
Contributions payable are charged to the profit and loss account in the period to which they relate. |
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Going concern |
There are no material uncertainties that may cast significant doubt about the company’s ability to continue as a |
going concern. |
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Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the |
balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where |
material, provisions are calculated on a discounted basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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REDWOLF AIRSOFT UK LTD (REGISTERED NUMBER: 04562514) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
Additions |
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At 5 April 2019 |
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DEPRECIATION |
Charge for year |
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At 5 April 2019 |
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NET BOOK VALUE |
At 5 April 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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Directors' loan accounts | 26,078 | 24,734 |
S455 CTA 2010 Tax recoverable | 6,927 | 6,490 |
Prepayments |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Corporation Tax |
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Social security and other taxes |
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Pension | 128 | - |
VAT | 5,879 | 1,106 |
Redwolf Airsoft Specialist Ltd | 12,030 | 12,030 |
Accrued expenses |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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REDWOLF AIRSOFT UK LTD (REGISTERED NUMBER: 04562514) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2019 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 5 April 2019 and 5 April 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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There are no set repayment terms on the above loans. Interest is being applied, where applicable, at the official |
HM Revenue & Customs rate. |