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REGISTERED NUMBER: 08032267 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2023

FOR

R & I WRIGHT LIMITED

R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


R & I WRIGHT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH APRIL 2023







DIRECTORS: Mrs R Z Wright
Mr I P Wright





REGISTERED OFFICE: 17 Moor Park Avenue
Preston
Lancashire
PR1 6AS





REGISTERED NUMBER: 08032267 (England and Wales)





ACCOUNTANTS: SBCA Chartered Accountants
17 Moor Park Avenue
Preston
Lancashire
PR1 6AS

R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

BALANCE SHEET
30TH APRIL 2023

30.4.23 30.4.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - 3,425
Tangible assets 5 15,090 19,017
15,090 22,442

CURRENT ASSETS
Stocks 6 39,642 35,641
Debtors 7 892,169 730,331
Cash at bank and in hand 3,325 377
935,136 766,349
CREDITORS
Amounts falling due within one year 8 (171,739 ) (167,899 )
NET CURRENT ASSETS 763,397 598,450
TOTAL ASSETS LESS CURRENT LIABILITIES 778,487 620,892

CREDITORS
Amounts falling due after more than
one year

9

(7,349

)

(12,248

)

PROVISIONS FOR LIABILITIES 12 (3,773 ) (3,613 )
NET ASSETS 767,365 605,031

CAPITAL AND RESERVES
Called up share capital 13 100 100
Retained earnings 14 767,265 604,931
SHAREHOLDERS' FUNDS 767,365 605,031

R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

BALANCE SHEET - continued
30TH APRIL 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th October 2023 and were signed on its behalf by:





Mrs R Z Wright - Director


R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH APRIL 2023


1. STATUTORY INFORMATION

R & I Wright Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


2. ACCOUNTING POLICIES - continued

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.

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 cash flows 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.

Basic financial liabilities:
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.


R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


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.

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.

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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2022
and 30th April 2023 137,000
AMORTISATION
At 1st May 2022 133,575
Charge for year 3,425
At 30th April 2023 137,000
NET BOOK VALUE
At 30th April 2023 -
At 30th April 2022 3,425

R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1st May 2022 5,153 66,756 15,677 11,376 98,962
Additions - 1,840 520 1,541 3,901
At 30th April 2023 5,153 68,596 16,197 12,917 102,863
DEPRECIATION
At 1st May 2022 5,153 51,274 13,429 10,089 79,945
Charge for year - 6,696 616 516 7,828
At 30th April 2023 5,153 57,970 14,045 10,605 87,773
NET BOOK VALUE
At 30th April 2023 - 10,626 2,152 2,312 15,090
At 30th April 2022 - 15,482 2,248 1,287 19,017

6. STOCKS
30.4.23 30.4.22
£    £   
Stocks 39,642 35,641

7. DEBTORS
30.4.23 30.4.22
£    £   
Amounts falling due within one year:
Trade debtors 28,755 26,862
Other debtors 121,321 66,736
150,076 93,598

Amounts falling due after more than one year:
Amounts owed by group undertakings 742,093 636,733

Aggregate amounts 892,169 730,331

R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.23 30.4.22
£    £   
Bank loans and overdrafts 19,671 6,963
Hire purchase contracts (see note 10)
4,899

4,899
Trade creditors 16,473 13,725
Taxation and social security 123,422 119,120
Other creditors 7,274 23,192
171,739 167,899

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.23 30.4.22
£    £   
Hire purchase contracts (see note 10)
7,349

12,248

10. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

30.4.23 30.4.22
£    £   
Net obligations repayable:
Within one year 4,899 4,899
Between one and five years 7,349 12,248
12,248 17,147

11. SECURED DEBTS

The following secured debts are included within creditors:

30.4.23 30.4.22
£    £   
Bank overdrafts 19,671 3,180
Bank loans - 3,783
19,671 6,963

National Westminster Bank PLC

All monies due or to become due from the company to the chargee on any account whatsoever.
Fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, uncalled capital, buildings, fixtures, fixed plant & machinery.

R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


12. PROVISIONS FOR LIABILITIES
30.4.23 30.4.22
£    £   
Deferred tax 3,773 3,613

Deferred
tax
£   
Balance at 1st May 2022 3,613
Charge to Statement of Income and Retained Earnings
during year

160
Balance at 30th April 2023 3,773

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.23 30.4.22
value: £    £   
50 A Ordinary £1 50 50
50 B Ordinary £1 50 50
100 100

14. RESERVES
Retained
earnings
£   

At 1st May 2022 604,931
Profit for the year 234,854
Dividends (72,520 )
At 30th April 2023 767,265

R & I WRIGHT LIMITED (REGISTERED NUMBER: 08032267)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30TH APRIL 2023


15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th April 2023 and 30th April 2022:

30.4.23 30.4.22
£    £   
Mrs R Z Wright
Balance outstanding at start of year 60,045 30,689
Amounts advanced 147,370 113,922
Amounts repaid (105,360 ) (84,566 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 102,055 60,045

At the balance sheet date amounts owed from directors amounted to £102,055 (2022; £60,045). Amounts are repayable on demand.

16. RELATED PARTY DISCLOSURES

Included within the intercompany balances at the balance sheet date is an amount owed from Sew Hot Ltd of £659,558 (2021; 555,096), a company under the common control of the directors Ian Wright and Rebecca Wright. The balance is interest free with any remainder repayable on demand.

Included within the intercompany balances at the balance sheet date is an amount owed from Wasserman & Wright Ltd of £82,535 (2022; 81,637), a company under the common control of the directors Ian Wright and Rebecca Wright. The balance is interest free with any remainder repayable on demand.

17. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Wasserman & Wright Ltd. The registered office address is 17 Moor Park Avenue, Preston, England, PR1 6AS.