PTP Accounts Production v23.1.5.20 10171789 director 1.6.22 31.5.23 31.5.23 0 0 false true false false true false Fair value model 0 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh101717892022-05-31101717892023-05-31101717892022-06-012023-05-31101717892021-05-31101717892021-06-012022-05-31101717892022-05-3110171789ns15:EnglandWales2022-06-012023-05-3110171789ns14:PoundSterling2022-06-012023-05-3110171789ns10:Director12022-06-012023-05-3110171789ns10:PrivateLimitedCompanyLtd2022-06-012023-05-3110171789ns10:SmallEntities2022-06-012023-05-3110171789ns10:AuditExemptWithAccountantsReport2022-06-012023-05-3110171789ns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3110171789ns10:SmallCompaniesRegimeForAccounts2022-06-012023-05-3110171789ns10:FullAccounts2022-06-012023-05-3110171789ns10:CompanySecretary12022-06-012023-05-3110171789ns10:RegisteredOffice2022-06-012023-05-3110171789ns5:CurrentFinancialInstruments2023-05-3110171789ns5:CurrentFinancialInstruments2022-05-3110171789ns5:Non-currentFinancialInstruments2023-05-3110171789ns5:Non-currentFinancialInstruments2022-05-3110171789ns5:ShareCapital2023-05-3110171789ns5:ShareCapital2022-05-3110171789ns5:RetainedEarningsAccumulatedLosses2023-05-3110171789ns5:RetainedEarningsAccumulatedLosses2022-05-3110171789ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-05-3110171789ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-05-3110171789ns5:DeferredTaxation2022-05-3110171789ns5:DeferredTaxation2023-05-31
REGISTERED NUMBER: 10171789 (England and Wales)















REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

RIGHTWAY ASSET MANAGEMENT LIMITED

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023




Page

Company Information 1

Report of the Director 2

Chartered Accountant's Report 3

Income Statement 4

Balance Sheet 5

Notes to the Financial Statements 6


RIGHTWAY ASSET MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DIRECTOR: A Snell





SECRETARY: A Snell





REGISTERED OFFICE: 68 London Road
New Balderton
Newark
Nottinghamshire
NG24 3AH





REGISTERED NUMBER: 10171789 (England and Wales)





ACCOUNTANT: David Pattinson
233 London Road
Balderton
Newark
Nottinghamshire
NG24 3HA

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MAY 2023

The director presents his report with the financial statements of the company for the year ended 31 May 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of asset management.

DIRECTOR
A Snell held office during the whole of the period from 1 June 2022 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





A Snell - Director


15 February 2024

CHARTERED ACCOUNTANT'S REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
RIGHTWAY ASSET MANAGEMENT LIMITED


In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of the company, comprising profit and loss account, balance sheet and notes, which are set out on pages 4 to 8 from the accounting records and information and explanations you have given to me.

As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW) I am subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made to the directors in accordance with the terms of my engagement letter dated 16 June 2016. My work has been undertaken solely to compile the accounts and report to the directors in accordance with AAF 2/10 as described at icaew.com/compilation. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's board of directors, as a body, for my work or for this report.

You have acknowledged on the balance sheet your duty to ensure that the company has kept adequate accounting records and to prepare statutory accounts which give a true and fair view of the assets, liabilities, financial position and profit and loss of the company. You consider that the company is exempt from the statutory audit requirement for the year.

I have not been instructed to carry out an audit of the accounts. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the accounts.






David Pattinson
233 London Road
Balderton
Newark
Nottinghamshire
NG24 3HA


19 February 2024

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2023

2023 2022
Notes £    £   

TURNOVER 7,776 15,061

Administrative expenses 23,239 20,325
(15,463 ) (5,264 )

Gain/(loss) on revaluation of
investment property 43,000 (1,000 )
OPERATING PROFIT/(LOSS) 27,537 (6,264 )


Interest payable and similar expenses 872 750
PROFIT/(LOSS) BEFORE TAXATION 26,665 (7,014 )

Tax on profit/(loss) 4 7,407 (190 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

19,258

(6,824

)

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investments 5 3,750 5,250
Investment property 6 415,000 454,000
418,750 459,250

CURRENT ASSETS
Debtors 7 5,347 36,033
Cash at bank 285,169 228,120
290,516 264,153
CREDITORS
Amounts falling due within one year 8 36,305 53,862
NET CURRENT ASSETS 254,211 210,291
TOTAL ASSETS LESS CURRENT
LIABILITIES

672,961

669,541

CREDITORS
Amounts falling due after more than one
year

9

(537,023

)

(560,268

)

PROVISIONS FOR LIABILITIES 10 (30,855 ) (23,448 )
NET ASSETS 105,083 85,825

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 104,983 85,725
SHAREHOLDERS' FUNDS 105,083 85,825

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 15 February 2024 and were signed by:




A Snell - Director


RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023

1. STATUTORY INFORMATION

Rightway Asset Management 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

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

4. TAXATION

The company has unrelieved trading losses of £22,701 (2022 £6,019).

The company has unrelieved losses from non-trading loan relationships carried forward of £120,989 (2022 - £120,642).

The company has unrelieved capital losses of £43,977 carried forward (2022 - £63,394).

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

5. FIXED ASSET INVESTMENTS

Fixed asset investments are made up as follows:

2023 2022
£ £
Unsecured loans 3,750 5,250
------------ ------------

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2022 454,000
Disposals (58,566 )
Revaluations 19,566
At 31 May 2023 415,000
NET BOOK VALUE
At 31 May 2023 415,000
At 31 May 2022 454,000

Fair value at 31 May 2023 is represented by:
£   
Valuation in 2023 415,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 203,221 261,787

Investment property was valued on an open market basis on 31 May 2023 by the director .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,247 5,747
Current portion of loans 2,100 3,000
Tax - 25,063
Prepayments - 2,223
5,347 36,033

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Current portion of
shareholder loans 30,000 48,000
Current portion of loans 4,200 4,082
Accrued expenses 2,105 1,780
36,305 53,862

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Shareholders' loan accounts 509,143 528,164
Other loans 27,880 32,104
537,023 560,268

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 30,855 23,448

Deferred
tax
£   
Balance at 1 June 2022 23,448
Movement 7,407
Balance at 31 May 2023 30,855

11. RETAINED EARNINGS

Profit and loss account (distributable) (75,941 ) (83,040 )
Revaluation reserve (non-distributable) 180,924 168,575
------------ ------------
104,983 85,725
------------ ------------