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Company No: 03887651 (England and Wales)

RIGHTSCOM LIMITED

Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

RIGHTSCOM LIMITED

Financial Statements

For the financial year ended 31 December 2023

Contents

RIGHTSCOM LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
RIGHTSCOM LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Mark Laurence Isherwood
Godfrey Rust
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 03887651 (England and Wales)
AUDITOR Dixon Wilson Audit Services LLP
22 Chancery Lane
London
WC2A 1LS
RIGHTSCOM LIMITED

BALANCE SHEET

As at 31 December 2023
RIGHTSCOM LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 0 1,610
Tangible assets 5 2,637 591
Investments 6 0 3,469
2,637 5,670
Current assets
Debtors 7 154,608 142,179
Cash at bank and in hand 120,098 179,768
274,706 321,947
Creditors: amounts falling due within one year 8 ( 36,510) ( 30,246)
Net current assets 238,196 291,701
Total assets less current liabilities 240,833 297,371
Net assets 240,833 297,371
Capital and reserves
Called-up share capital 183,540 183,540
Share premium account 661,059 661,059
Other reserves ( 12,737 ) ( 12,737 )
Profit and loss account ( 591,029 ) ( 534,491 )
Total shareholders' funds 240,833 297,371

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Rightscom Limited (registered number: 03887651) were approved and authorised for issue by the Board of Directors on 07 June 2024. They were signed on its behalf by:

Mark Laurence Isherwood
Director
RIGHTSCOM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
RIGHTSCOM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Rightscom Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the services are provided to the customer.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised 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 receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Prior year adjustment

The accounts have been restated to correct some balances in the comparative period. The loss for the year ended 31 December 2022, as previously stated, was £29,485 and the total effect of prior year adjustments was to reduce the loss by £93,679 to a profit of £64,194.

Pension costs decreased by £17,229, due to payroll being incorrectly created in the prior year. Sales increased £76,450, due to the correct recognition of sales invoices in the year that were previously recognised after the year end.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Pensions 28,464 (17,229) 11,235
Sales 697,119 76,450 773,569

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 4 4

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 January 2023 42,751 42,751
At 31 December 2023 42,751 42,751
Accumulated amortisation
At 01 January 2023 41,141 41,141
Charge for the financial year 1,610 1,610
At 31 December 2023 42,751 42,751
Net book value
At 31 December 2023 0 0
At 31 December 2022 1,610 1,610

5. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 January 2023 100,199 100,199
Additions 3,373 3,373
Disposals ( 1,299) ( 1,299)
At 31 December 2023 102,273 102,273
Accumulated depreciation
At 01 January 2023 99,608 99,608
Charge for the financial year 1,111 1,111
Disposals ( 1,083) ( 1,083)
At 31 December 2023 99,636 99,636
Net book value
At 31 December 2023 2,637 2,637
At 31 December 2022 591 591

6. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 3,469 3,469
Disposals ( 3,469) ( 3,469)
At 31 December 2023 0 0
Carrying value at 31 December 2023 0 0
Carrying value at 31 December 2022 3,469 3,469

7. Debtors

2023 2022
£ £
Trade debtors 139,882 130,130
Other debtors 14,726 12,049
154,608 142,179

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 0 870
Trade creditors 6,871 2,891
Other taxation and social security 1,539 11,754
Other creditors 28,100 14,731
36,510 30,246

9. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2023 was unqualified.

The audit report was signed by Steven Wakefield on behalf of Dixon Wilson Audit Services LLP.

10. Ultimate controlling party

There is no controlling party.