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Company No: 11437120 (England and Wales)

RIGHTBUILD RESIDENTIAL LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

RIGHTBUILD RESIDENTIAL LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

RIGHTBUILD RESIDENTIAL LIMITED

COMPANY INFORMATION

For the financial year ended 30 June 2023
RIGHTBUILD RESIDENTIAL LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 30 June 2023
DIRECTORS A C Snook
G C Snook
REGISTERED OFFICE Kenwyn Villa
Hendra Road
Truro
TR1 3TR
United Kingdom
COMPANY NUMBER 11437120 (England and Wales)
ACCOUNTANT Francis Clark LLP
Lowin House
Tregolls Road
Truro
Cornwall
TR1 2NA
RIGHTBUILD RESIDENTIAL LIMITED

BALANCE SHEET

As at 30 June 2023
RIGHTBUILD RESIDENTIAL LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 27,930 570
Investment property 4 675,000 675,000
702,930 675,570
Current assets
Debtors 5 156 1,948
Cash at bank and in hand 25,940 32,484
26,096 34,432
Creditors: amounts falling due within one year 6 ( 286,221) ( 290,616)
Net current liabilities (260,125) (256,184)
Total assets less current liabilities 442,805 419,386
Creditors: amounts falling due after more than one year 7 ( 753) 0
Provision for liabilities ( 99,052) ( 94,747)
Net assets 343,000 324,639
Capital and reserves
Called-up share capital 100 100
Undistributable reserve 283,815 283,815
Profit and loss account 59,085 40,724
Total shareholder's funds 343,000 324,639

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Rightbuild Residential Limited (registered number: 11437120) were approved and authorised for issue by the Board of Directors on 08 February 2024. They were signed on its behalf by:

A C Snook
Director
G C Snook
Director
RIGHTBUILD RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
RIGHTBUILD RESIDENTIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rightbuild Residential Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Kenwyn Villa, Hendra Road, Truro, TR1 3TR, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 20 % reducing balance
Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2022 600 0 0 600
Additions 414 29,340 3,283 33,037
At 30 June 2023 1,014 29,340 3,283 33,637
Accumulated depreciation
At 01 July 2022 30 0 0 30
Charge for the financial year 130 4,890 657 5,677
At 30 June 2023 160 4,890 657 5,707
Net book value
At 30 June 2023 854 24,450 2,626 27,930
At 30 June 2022 570 0 0 570

4. Investment property

Investment property
£
Valuation
As at 01 July 2022 675,000
As at 30 June 2023 675,000

5. Debtors

2023 2022
£ £
Corporation tax 0 1,800
Other debtors 156 148
156 1,948

6. Creditors: amounts falling due within one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 821 0
Other creditors 285,400 290,616
286,221 290,616

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 753 0

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 7,054 7,054
between one and five years 12,344 19,398
19,398 26,452