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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 |
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REDWOLF AIRSOFT UK LTD |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2022 |
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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 2022 |
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Page |
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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 2022 |
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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 2022 |
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2022 | 2021 |
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 ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET ASSETS |
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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 2022 |
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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 and authorised for issue on
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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 2022 |
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1. | STATUTORY INFORMATION |
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Redwolf Airsoft UK Ltd is a
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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 |
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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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. |
REDWOLF AIRSOFT UK LTD (REGISTERED NUMBER: 04562514) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2022 |
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2. | ACCOUNTING POLICIES - continued |
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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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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 6 April 2021 |
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Additions |
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At 5 April 2022 |
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DEPRECIATION |
At 6 April 2021 |
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Charge for year |
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At 5 April 2022 |
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NET BOOK VALUE |
At 5 April 2022 |
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At 5 April 2021 |
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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 2022 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Directors' loan accounts | - | 12,003 |
S455 CTA 2010 Tax recoverable | 7,424 | 7,424 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
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 | - | 202 |
VAT | 7,108 | 11,763 |
Other creditors |
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Directors' loan accounts | 2,105 | - |
Accrued expenses |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
£ | £ |
Bank loan - 1-2 years |
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Bank loan - 2-5 years |
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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 2022 and 5 April 2021: |
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2022 | 2021 |
£ | £ |
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Balance outstanding at start of year |
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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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REDWOLF AIRSOFT UK LTD (REGISTERED NUMBER: 04562514) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 APRIL 2022 |
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8. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
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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. |