Redstar (G B ) Ltd T/As Storm 28/02/2018 iXBRL

Statement of consent to prepare abridged financial statements

All of the members of Redstar (G B ) Ltd T/As Storm have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 28 February 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: 07387672

Redstar (G B ) Ltd T/As Storm

Trading as Storm

Unaudited filleted abridged financial statements

28 February 2018

Redstar (G B ) Ltd T/As Storm

Contents

Directors and other information

Accountants report

Abridged statement of financial position

Statement of changes in equity

Notes to the financial statements

Redstar (G B ) Ltd T/As Storm

Directors and other information


	Directors	Mr Lal Hussain
		MR Wahid Akhtar
		Mrs Asmat Akhtar
		Mr Tauseef Raza Hussain


	Company number	07387672


	Registered office	Emery House
		195 Fog Lane
		Manchester
		M20 6FJ


	Business address	156-158
		St Jhons Precinct
		Liverpool
		L1 1ND


	Accountants	Lee & Co
		Emery House
		195 Fog Lane
		Manchester
		M20 6FJ

Redstar (G B ) Ltd T/As Storm

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Redstar (G B ) Ltd T/As Storm

Year ended 28 February 2018

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 28 February 2018 which comprise the abridged statement of financial position, statement of changes in equity and related notes.

You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Lee & Co

Accountants

Emery House

195 Fog Lane

Manchester

M20 6FJ

23 October 2018

Redstar (G B ) Ltd T/As Storm

Abridged statement of financial position

28 February 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Intangible assets	5	500,000		500,000
Tangible assets	6	45,813		56,028
		_______		_______
			545,813		556,028

Current assets
Stocks		185,195		134,195
Cash at bank and in hand		15,152		40,974
		_______		_______
		200,347		175,169
Creditors: amounts falling due
within one year		( 312,139)		( 409,049)
		_______		_______
Net current liabilities			( 111,792)		( 233,880)
			_______		_______
Total assets less current liabilities			434,021		322,148

Creditors: amounts falling due
after more than one year			( 1,260)		( 1,260)
			_______		_______
Net assets			432,761		320,888
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			432,661		320,788
			_______		_______
Shareholders funds			432,761		320,888
			_______		_______

For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 23 October 2018 , and are signed on behalf of the board by:

Mr Lal Hussain

Director

Company registration number: 07387672

Redstar (G B ) Ltd T/As Storm

Statement of changes in equity

Year ended 28 February 2018

	Called up share capital	Profit and loss account	Total
	£	£	£


At 1 March 2016	100	254,714	254,814

Profit for the year		166,074	166,074
	_______	_______	_______
Total comprehensive income for the year	-	166,074	166,074

Dividends paid and payable		( 100,000)	( 100,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 100,000)	( 100,000)

	_______	_______	_______
At 28 February 2017 and 1 March 2017	100	320,788	320,888

Profit for the year		211,873	211,873
	_______	_______	_______
Total comprehensive income for the year	-	211,873	211,873

Dividends paid and payable		( 100,000)	( 100,000)
	_______	_______	_______
Total investments by and distributions to owners	-	( 100,000)	( 100,000)

	_______	_______	_______
At 28 February 2018	100	432,661	432,761
	_______	_______	_______

Redstar (G B ) Ltd T/As Storm

Notes to the financial statements

Year ended 28 February 2018

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Lee & Co, Emery House, 195 Fog Lane, Manchester, M20 6FJ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2017: Nil).

5. Intangible assets

£

Cost

At 1 March 2017 and 28 February 2018 500,000

_______ |

Amortisation

At 1 March 2017 and 28 February 2018 -

_______ |

Carrying amount

At 28 February 2018 500,000

_______ |

At 28 February 2017 500,000

_______ |

6. Tangible assets


		£
	Cost
	At 1 March 2017 and 28 February 2018	112,912
		_______
	Depreciation
	At 1 March 2017	56,884
	Charge for the year	10,215
		_______
	At 28 February 2018	67,099
		_______
	Carrying amount
	At 28 February 2018	45,813
		_______
	At 28 February 2017	56,028
		_______

7. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2018
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Lal Hussain	51,324	( 39,848)	11,476
	MR Wahid Akhtar	71,680	( 35,000)	36,680
	Mrs Asmat Akhtar	68,680	( 35,000)	33,680
	Mr Tauseef Raza Hussain	76,690	( 35,000)	41,690
		_______	_______	_______
		268,374	( 144,848)	123,526
		_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr Lal Hussain	72,395	( 21,070)	51,325
	MR Wahid Akhtar	86,780	( 15,100)	71,680
	Mrs Asmat Akhtar	73,680	( 5,000)	68,680
	Mr Tauseef Raza Hussain	91,690	( 15,000)	76,690
		_______	_______	_______
		324,545	( 56,170)	268,375
		_______	_______	_______