Registered number
03871964
Right Price (Wholesale) Limited
Unaudited Filleted Accounts
For the Year Ended
30 November 2023
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
Right Price (Wholesale) Limited
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Accounting convention
These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The accounts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these accounts are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings 2% on cost
Plant and machinery 25% on cost and 15% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
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
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