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REGISTERED NUMBER: 09955844 (England and Wales)














Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Right Angle Finishing Ltd

Right Angle Finishing Ltd (Registered number: 09955844)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 9

Right Angle Finishing Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: T Sylvester
Mrs K Hemming





REGISTERED OFFICE: 5 Barnfield Crescent
Exeter
Devon
EX1 1QT





REGISTERED NUMBER: 09955844 (England and Wales)





ACCOUNTANTS: Kirk Hills Business Advisors
a trading name of RT Marke and
Co Chartered Accountants Ltd
5 Barnfield Crescent
Exeter
Devon
EX1 1QT

Right Angle Finishing Ltd (Registered number: 09955844)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 51,659 75,500
Tangible assets 5 221,665 112,153
Investments 6 - 2
273,324 187,655

CURRENT ASSETS
Stocks 84,367 83,361
Debtors 7 269,190 261,969
Cash at bank and in hand 169,952 757,062
523,509 1,102,392
CREDITORS
Amounts falling due within one year 8 316,267 302,760
NET CURRENT ASSETS 207,242 799,632
TOTAL ASSETS LESS CURRENT
LIABILITIES

480,566

987,287

CREDITORS
Amounts falling due after more than one
year

9

(83,600

)

(1

)

PROVISIONS FOR LIABILITIES (46,705 ) (14,638 )
NET ASSETS 350,261 972,648

CAPITAL AND RESERVES
Called up share capital 101 101
Retained earnings 350,160 972,547
SHAREHOLDERS' FUNDS 350,261 972,648

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

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

The directors acknowledge their 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 Angle Finishing Ltd (Registered number: 09955844)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 July 2024 and were signed on its behalf by:





T Sylvester - Director


Right Angle Finishing Ltd (Registered number: 09955844)

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


1. STATUTORY INFORMATION

Right Angle Finishing 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.

The presentation currency of the financial statements is the Pound Sterling (£).


Right Angle Industrial Finishing 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. The company trades from Units 1-3, The Acre, Hatherleigh Industrial Estate, Hatherleigh, Devon. EX20 3LP.

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 2016, is being amortised evenly over its estimated useful life of ten 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Post acquisition dividends are offset against the cost of the investment.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Right Angle Finishing Ltd (Registered number: 09955844)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
(i) Financial assets
Basic financial assets, including trade and other debtors are initially recognised at the transaction price and therefore stated at amortisation cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, bank loans and other loans are initially recognised at transaction price, unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortisation cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 21 (2022 - 21 ) .

Right Angle Finishing Ltd (Registered number: 09955844)

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


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 238,414
AMORTISATION
At 1 January 2023 162,914
Charge for year 23,841
At 31 December 2023 186,755
NET BOOK VALUE
At 31 December 2023 51,659
At 31 December 2022 75,500

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 33,641 103,744 4,006
Additions - 8,809 17,653
At 31 December 2023 33,641 112,553 21,659
DEPRECIATION
At 1 January 2023 - 43,931 2,995
Charge for year - 16,614 2,541
At 31 December 2023 - 60,545 5,536
NET BOOK VALUE
At 31 December 2023 33,641 52,008 16,123
At 31 December 2022 33,641 59,813 1,011

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 25,883 34,100 201,374
Additions 108,000 963 135,425
At 31 December 2023 133,883 35,063 336,799
DEPRECIATION
At 1 January 2023 19,484 22,811 89,221
Charge for year 3,850 2,908 25,913
At 31 December 2023 23,334 25,719 115,134
NET BOOK VALUE
At 31 December 2023 110,549 9,344 221,665
At 31 December 2022 6,399 11,289 112,153

Right Angle Finishing Ltd (Registered number: 09955844)

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


5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 108,000
At 31 December 2023 108,000
DEPRECIATION
Charge for year 2,250
At 31 December 2023 2,250
NET BOOK VALUE
At 31 December 2023 105,750

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 2
Disposals (2 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 2

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 254,143 252,526
Other debtors 15,047 9,443
269,190 261,969

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 16,401 -
Trade creditors 29,111 27,385
Taxation and social security 144,299 142,864
Other creditors 126,456 132,511
316,267 302,760

Right Angle Finishing Ltd (Registered number: 09955844)

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


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 83,599 -
Other creditors 1 1
83,600 1

10. RELATED PARTY DISCLOSURES

During the year, the company paid the director Mr Toby Sylvester a commercial rent for £60,000 for the industrial units which he personally owns.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Right Angle Finishing Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Right Angle Finishing Ltd for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Right Angle Finishing Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Right Angle Finishing Ltd and state those matters that we have agreed to state to the Board of Directors of Right Angle Finishing Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Right Angle Finishing Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Right Angle Finishing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Right Angle Finishing Ltd. You consider that Right Angle Finishing Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Right Angle Finishing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Kirk Hills Business Advisors
a trading name of RT Marke and
Co Chartered Accountants Ltd
5 Barnfield Crescent
Exeter
Devon
EX1 1QT


31 July 2024