Company registration number 12973404 (England and Wales)
RIGHTSIDE PROPERTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RIGHTSIDE PROPERTY LIMITED
COMPANY INFORMATION
Directors
Miss L J Hoyland
Mr J H Lynch
Company number
12973404
Registered office
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Accountants
Property Tax People Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Starling Bank Limited
5th Floor
London Fruit and Wool Exchange
1 Duval Square
London
E1 6PW
RIGHTSIDE PROPERTY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
RIGHTSIDE PROPERTY LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RIGHTSIDE PROPERTY LIMITED FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rightside Property Limited for the year ended 31 March 2024 which comprise, the balance sheet 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 at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Rightside Property Limited, 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 Rightside Property Limited and state those matters that we have agreed to state to the board of directors of Rightside Property Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rightside Property Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Rightside Property Limited 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 Rightside Property Limited. You consider that Rightside Property Limited 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 Rightside Property Limited. 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.

Property Tax People Limited
23 July 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
RIGHTSIDE PROPERTY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,096
134
Investment property
4
1,770,863
933,195
1,771,959
933,329
Current assets
Debtors
5
32,124
67,124
Cash at bank and in hand
2,844
3,188
34,968
70,312
Creditors: amounts falling due within one year
6
(556,451)
(357,945)
Net current liabilities
(521,483)
(287,633)
Total assets less current liabilities
1,250,476
645,696
Creditors: amounts falling due after more than one year
7
(984,424)
(642,113)
Provisions for liabilities
9
(50,066)
(25)
Net assets
215,986
3,558
Capital and reserves
Called up share capital
10
20
20
Non-distributable profits reserve
13
221,889
-
0
Distributable profit and loss reserves
(5,923)
3,538
Total equity
215,986
3,558

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

RIGHTSIDE PROPERTY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 23 July 2024 and are signed on its behalf by:
Miss L J Hoyland
Mr J H Lynch
Director
Director
Company registration number 12973404 (England and Wales)
RIGHTSIDE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information

Rightside Property Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Oakley, Kidderminster Road, Droitwich, Worcestershire, WR9 9AY.

1.1
Accounting convention

These financial statements 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 financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.

Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% on cost
1.5
Investment property

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. Changes in fair value are recognised in profit or loss.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RIGHTSIDE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2023
201
Additions
1,543
At 31 March 2024
1,744
Depreciation and impairment
At 1 April 2023
67
Depreciation charged in the year
581
At 31 March 2024
648
Carrying amount
At 31 March 2024
1,096
At 31 March 2023
134
RIGHTSIDE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Investment property
2024
£
Fair value
At 1 April 2023
933,195
Additions
563,731
Revaluations
273,937
At 31 March 2024
1,770,863

The directors consider the revaluation as reflective of the market value at the year end.

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
32,124
67,124
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
75,896
-
0
Taxation and social security
240
2,465
Other creditors
480,315
355,480
556,451
357,945
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
856,452
642,113
Other creditors
127,972
-
0
984,424
642,113
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
856,452
642,113
Bank loans are secured over the property to which they relate.
RIGHTSIDE PROPERTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
50,066
25
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
10
10
10
10
Ordinary B of £1 each
10
10
10
10
20
20
20
20
11
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

12
Control

Ultimate parent company

The ultimate parent company is Rightside Group Limited, a company registered in England and Wales.

Ultimate controlling party

There is no ultimate controlling party, by virtue of there being no controlling interest in the ultimate parent company.

13
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
-
-
Non distributable profits in the year
221,889
-
At the end of the year
221,889
-
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