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REGISTERED NUMBER: 06968293 (England and Wales)















Right Now Residential Ltd

Unaudited Financial Statements

for the Year Ended 31 July 2023






Right Now Residential Ltd (Registered number: 06968293)






Contents of the Financial Statements
for the Year Ended 31 July 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Right Now Residential Ltd

Company Information
for the Year Ended 31 July 2023







DIRECTOR: P D Murphy





SECRETARY: P D Murphy





REGISTERED OFFICE: Finchley Park
Emmett Hill Lane
Laddingford
Kent
ME18 6BG





REGISTERED NUMBER: 06968293 (England and Wales)





ACCOUNTANTS: VCS Accountancy Ltd
Finchley Park
Emmet Hill Lane
Laddingford
Kent
ME18 6BG

Right Now Residential Ltd (Registered number: 06968293)

Balance Sheet
31 July 2023

31/7/23 31/7/22
Notes £ £
FIXED ASSETS
Intangible assets 4 78,496 83,402
Tangible assets 5 12,441 19,356
90,937 102,758

CURRENT ASSETS
Debtors 6 630,533 642,586
Cash at bank 122,621 235,201
753,154 877,787
CREDITORS
Amounts falling due within one year 7 (274,204 ) (242,717 )
NET CURRENT ASSETS 478,950 635,070
TOTAL ASSETS LESS CURRENT
LIABILITIES

569,887

737,828

CAPITAL AND RESERVES
Called up share capital 9 200 200
Retained earnings 569,687 737,628
SHAREHOLDERS' FUNDS 569,887 737,828

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Right Now Residential Ltd (Registered number: 06968293)

Balance Sheet - continued
31 July 2023


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 director and authorised for issue on 4 April 2024 and were signed by:





P D Murphy - Director


Right Now Residential Ltd (Registered number: 06968293)

Notes to the Financial Statements
for the Year Ended 31 July 2023

1. STATUTORY INFORMATION

Right Now Residential Ltd 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of twenty years.

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.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

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.


Right Now Residential Ltd (Registered number: 06968293)

Notes to the Financial Statements - continued
for the Year Ended 31 July 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 23 (2022 - 21 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 August 2022
and 31 July 2023 98,120
AMORTISATION
At 1 August 2022 14,718
Amortisation for year 4,906
At 31 July 2023 19,624
NET BOOK VALUE
At 31 July 2023 78,496
At 31 July 2022 83,402

Right Now Residential Ltd (Registered number: 06968293)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£ £ £
COST
At 1 August 2022 32,776 18,411 51,187
Additions 821 3,436 4,257
At 31 July 2023 33,597 21,847 55,444
DEPRECIATION
At 1 August 2022 23,282 8,549 31,831
Charge for year 5,710 5,462 11,172
At 31 July 2023 28,992 14,011 43,003
NET BOOK VALUE
At 31 July 2023 4,605 7,836 12,441
At 31 July 2022 9,494 9,862 19,356

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£ £
Trade debtors 86,501 6,308
Amounts owed by group undertakings 513,828 595,982
Other debtors 4,660 7,998
Prepayments 25,544 32,298
630,533 642,586

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/7/23 31/7/22
£ £
Trade creditors 114,165 48,505
Tax 61,478 54,280
Social security and other taxes 28,664 31,574
Pension payable 1,643 2,860
VAT 48,339 57,937
Other creditors 4,617 10,617
Directors' current accounts 3,300 2,819
Accrued expenses 11,998 34,125
274,204 242,717

Right Now Residential Ltd (Registered number: 06968293)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2023

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31/7/23 31/7/22
£ £
Within one year 8,518 8,518
Between one and five years - 8,518
8,518 17,036

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/7/23 31/7/22
value: £ £
100 Ordinary A £1 100 100
100 Ordinary B £1 100 100
200 200

10. RELATED PARTY DISCLOSURES

During the year, the company lent £Nil (2022 : £242,974) to Bawnafinny Properties Ltd, a company of which P Murphy is a director and shareholder, and Bawnafinny Properties Ltd made payments on behalf of the company of £82,009 (2022 : £Nil). £513,829 (2022 : £595,838) is due to the company at the year end. The loan is repayable on demand and no interest is chargeable.

During the period, the company paid for expenses totalling £Nil (2022 : £144) on behalf of The Hound Runner Limited, a company owned by a shareholder of Right Now Residential Ltd. A balance of £144 owed to the company was written off, leaving £Nil (2022 : £144) due to the company at the year end.