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Registered number: 11284953
Right Time Paving Limited
Financial Statements
For The Year Ended 31 March 2024
Nijjer Accountants Ltd
Chartered Accountants
5-7 Station Road
Longfield
Kent
DA3 7QD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 11284953
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,632 6,504
5,632 6,504
CURRENT ASSETS
Debtors 5 5,143 6,906
Cash at bank and in hand 7,369 14,863
12,512 21,769
Creditors: Amounts Falling Due Within One Year 6 (9,975 ) (15,337 )
NET CURRENT ASSETS (LIABILITIES) 2,537 6,432
TOTAL ASSETS LESS CURRENT LIABILITIES 8,169 12,936
Creditors: Amounts Falling Due After More Than One Year 7 (6,541 ) (11,544 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,408 ) (1,236 )
NET ASSETS 220 156
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 219 155
SHAREHOLDERS' FUNDS 220 156
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Lee Wayne
Director
9 August 2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Right Time Paving Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11284953 . The registered office is Dartford Business Park, Victoria Road, Dartford, Kent, DA1 5FS.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% Reducing Balance Method
2.4. 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.
2.5. Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.6. Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.7. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
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4. Tangible Assets
Motor Vehicles
£
Cost
As at 1 April 2023 15,000
Additions 850
As at 31 March 2024 15,850
Depreciation
As at 1 April 2023 8,496
Provided during the period 1,722
As at 31 March 2024 10,218
Net Book Value
As at 31 March 2024 5,632
As at 1 April 2023 6,504
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 6,000
Other debtors 5,143 906
5,143 6,906
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 5,064 5,061
Other creditors 3,830 3,832
Taxation and social security 1,081 6,444
9,975 15,337
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 6,541 11,544
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
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