Right Price (Wholesale) Limited |
Registered number: |
03871964 |
Statement of Financial Position |
as at 30 November 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
2,615,001 |
|
|
2,692,441 |
|
Current assets |
Stocks |
|
|
787,895 |
|
|
584,121 |
Debtors |
4 |
|
188,955 |
|
|
157,644 |
Investments held as current assets |
5 |
|
10,000 |
|
|
10,000 |
Cash at bank and in hand |
|
|
42,049 |
|
|
17,615 |
|
|
|
1,028,899 |
|
|
769,380 |
|
Creditors: amounts falling due within one year |
6 |
|
(1,197,890) |
|
|
(1,135,265) |
|
Net current liabilities |
|
|
|
(168,991) |
|
|
(365,885) |
|
Total assets less current liabilities |
|
|
|
2,446,010 |
|
|
2,326,556 |
|
Creditors: amounts falling due after more than one year |
7 |
|
|
(1,597,100) |
|
|
(1,625,399) |
|
Provisions for liabilities |
|
|
|
(87,305) |
|
|
(105,346) |
|
Net assets |
|
|
|
761,605 |
|
|
595,811 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Revaluation reserve |
9 |
|
|
682,029 |
|
|
691,050 |
Profit and loss account |
|
|
|
79,476 |
|
|
(95,339) |
|
Shareholders' funds |
|
|
|
761,605 |
|
|
595,811 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
Mr. H. J. Patel |
Director |
Approved by the board on 7 March 2024 |
|
|
|
Equity instruments |
|
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Leased assets |
|
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
35 |
|
33 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Fixtures, fittings and equipment |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 December 2022 |
2,770,000 |
|
436,340 |
|
3,206,340 |
|
At 30 November 2023 |
2,770,000 |
|
436,340 |
|
3,206,340 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 December 2022 |
124,000 |
|
389,899 |
|
513,899 |
|
Charge for the year |
31,000 |
|
46,440 |
|
77,440 |
|
At 30 November 2023 |
155,000 |
|
436,339 |
|
591,339 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 November 2023 |
2,615,000 |
|
1 |
|
2,615,001 |
|
At 30 November 2022 |
2,646,000 |
|
46,441 |
|
2,692,441 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2023 |
|
2022 |
£ |
£ |
|
Historical cost |
1,998,829 |
|
1,998,829 |
|
Cumulative depreciation based on historical cost |
175,830 |
|
153,851 |
|
|
|
|
|
|
1,822,999 |
|
1,844,978 |
|
|
Freehold land and building was professionally valued in September 2019 by Sanderson Weatherall, Charter Surveyors . The Company has retained the book values at their previously revalued amounts. |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
155,416 |
|
121,976 |
|
Other debtors |
33,539 |
|
35,668 |
|
|
|
|
|
|
188,955 |
|
157,644 |
|
|
|
|
|
|
|
|
|
|
5 |
Investments held as current assets |
2023 |
|
2022 |
£ |
£ |
|
Fair value |
|
Unlisted investments |
10,000 |
|
10,000 |
|
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
9,685 |
|
9,685 |
|
Obligations under finance lease and hire purchase contracts |
20,243 |
|
26,839 |
|
Trade creditors |
786,963 |
|
688,602 |
|
Taxation and social security costs |
141,255 |
|
76,306 |
|
Other creditors |
239,744 |
|
333,833 |
|
|
|
|
|
|
1,197,890 |
|
1,135,265 |
|
|
|
|
|
|
|
|
|
|
7 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
1,584,978 |
|
1,594,907 |
|
Finance lease and HP contracts |
|
|
|
|
12,122 |
|
30,492 |
|
|
|
|
|
|
1,597,100 |
|
1,625,399 |
|
|
|
|
|
|
|
|
|
|
8 |
Loans |
2023 |
|
2022 |
£ |
£ |
|
Creditors include: |
|
Instalments falling due for payment after more than five years |
1,573,250 |
|
1,573,250 |
|
|
|
|
|
|
|
|
|
|
|
Secured bank loans |
1,594,663 |
|
1,604,592 |
|
|
|
|
|
|
|
|
|
|
The bank loans under the creditors are secured by the company. |
|
|
9 |
Revaluation reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 December 2022 |
691,050 |
|
700,071 |
|
Deferred taxation arising on the revaluation of land and buildings |
(9,021) |
|
(9,021) |
|
|
At 30 November 2023 |
682,029 |
|
691,050 |
|
|
|
|
|
|
|
|
|