REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023 |
FOR |
RIGHTWAY ASSET MANAGEMENT LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANT: |
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 |
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: |
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. |
233 London Road |
Balderton |
Newark |
Nottinghamshire |
NG24 3HA |
RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789) |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Administrative expenses |
(15,463 | ) | (5,264 | ) |
Gain/(loss) on revaluation of |
investment property | 43,000 | (1,000 | ) |
OPERATING PROFIT/(LOSS) | ( |
) |
Interest payable and similar expenses |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 4 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789) |
BALANCE SHEET |
31 MAY 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the director and authorised for issue on |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Disposals | ( |
) |
Revaluations | 19,566 |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
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 |
Current portion of loans |
Tax |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Current portion of |
shareholder loans |
Current portion of loans | 4,200 | 4,082 |
Accrued expenses |
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 |
Other loans | 27,880 | 32,104 |
10. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 30,855 | 23,448 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Movement | 7,407 |
Balance at 31 May 2023 |
11. | RETAINED EARNINGS |
Profit and loss account (distributable) | (75,941 | ) | (83,040 | ) |
Revaluation reserve (non-distributable) | 180,924 | 168,575 |
------------ | ------------ |
104,983 | 85,725 |
------------ | ------------ |