Company Registration No. 06347781 (England and Wales)
RED APPLE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
PAGES FOR FILING WITH REGISTRAR
RED APPLE DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
RED APPLE DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2020
31 August 2020
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Debtors
3
305
-
Cash at bank and in hand
943
943
1,248
943
Creditors: amounts falling due within one year
4
(61,187)
(45,090)
Net current liabilities
(59,939)
(44,147)
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
(59,940)
(44,148)
Total equity
(59,939)
(44,147)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 August 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 May 2021
V Pankhania
Director
Company Registration No. 06347781
RED APPLE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2020
- 2 -
1
Accounting policies
Company information
Red Apple Developments Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The director has considered the effect of the Covid-9 outbreak. The director considers that the outbreak has caused some disruption to the company's business and that a prolonged outbreak is likely to cause further disruption. The company is supported by a loan from the director who has confirmed that such support will be continued in the future. Accordingly, the director has a
true
reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand and deposits held at call with banks.
1.4
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
RED APPLE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and loans from
companies
under common control are initially recognised at tra
n
saction
price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
2
Employees
The company had no employees during the current or the previous year.
2020
2019
Number
Number
Total
-
-
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Prepayments and accrued income
305
-
4
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
52,211
41,176
Accruals and deferred income
8,976
3,914
61,187
45,090
5
Called up share capital
2020
2019
2020
2019
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Share of £1 each
1
1
1
1
6
Related party transactions
RED APPLE DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
6
Related party transactions
(Continued)
- 4 -
During last year, the company restructured its debt and wrote off a sum of £245,980 which was considered irrecoverable from a connected company.
7
Directors' transactions
During the year, the director's partnership business charged management fees of £7,071 (2019: £nil) to the company.