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Registration number: 07687478

Right Surveyors Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Right Surveyors Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Right Surveyors Ltd

(Registration number: 07687478)
Statement of Financial Position as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

18,893

23,164

Current assets

 

Debtors

5

254,240

238,151

Cash at bank and in hand

 

4,948

28,412

 

259,188

266,563

Creditors: Amounts falling due within one year

6

(56,561)

(47,595)

Net current assets

 

202,627

218,968

Total assets less current liabilities

 

221,520

242,132

Creditors: Amounts falling due after more than one year

6

(13,361)

(20,002)

Provisions for liabilities

-

(478)

Net assets

 

208,159

221,652

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

208,158

221,651

Shareholders' funds

 

208,159

221,652

For the financial year ending 31 March 2023 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:
 

 

Right Surveyors Ltd

(Registration number: 07687478)
Statement of Financial Position as at 31 March 2023 (continued)


Mr L C Bunclark
Director

 

Right Surveyors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Landfall
Anstey Way
Instow
Bideford
Devon
EX39 4JF

Principal activity

The principal activity of the company is that of professional services to the surveying industry.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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

Going concern

The financial statements have been prepared on a going concern basis.

 

Right Surveyors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Motor vehicles

25% reducing balance

 

Right Surveyors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

2

Accounting policies (continued)

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

Right Surveyors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

38,671

51,343

90,014

At 31 March 2023

38,671

51,343

90,014

Depreciation

At 1 April 2022

23,468

43,382

66,850

Charge for the year

2,281

1,990

4,271

At 31 March 2023

25,749

45,372

71,121

Carrying amount

At 31 March 2023

12,922

5,971

18,893

At 31 March 2022

15,203

7,961

23,164

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

11,928

10,944

Amounts owed by related parties

239,209

223,854

Other debtors

 

848

847

Prepayments

 

1,000

1,251

Income tax asset

1,255

1,255

 

254,240

238,151

 

Right Surveyors Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

5,820

5,000

Trade creditors

 

14,042

7,617

Taxation and social security

 

7,780

6,742

Accruals and deferred income

 

1,525

1,475

Other creditors

 

27,394

26,761

 

56,561

47,595

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

13,361

20,002

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

13,361

20,002

2023
£

2022
£

Current loans and borrowings

Other borrowings

5,820

5,000