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Company registration number: 05834562
Right on Investments Limited
Unaudited filleted financial statements
31 March 2024
Right on Investments Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Right on Investments Limited
Directors and other information
Directors Mr Kerry Michael
Mrs Lynda Michael
Ms Michelle Michael
Secretary Miss M Michael
Company number 05834562
Registered office The Grand Pier
Marine Parade
Weston-Super-Mare
North Somerset
BS23 1AL
Accountants Arcadia Chartered Tax Advisers and Accountants
9 Elborough Gardens
Elborough
Weston-Super-Mare
North Somerset
BS24 8PL
Right on Investments Limited
Accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Right on Investments Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Right on Investments Limited for the year ended 31 March 2024 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Institute of Taxation , we are subject to its ethical and other professional requirements which are detailed at https://www.tax.org.uk/professional-standards.
This report is made solely to the board of directors of Right on Investments Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Right on Investments Limited and state those matters that we have agreed to state to the board of directors of Right on Investments Limited as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Right on Investments Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Right on Investments 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 Right on Investments Limited. You consider that Right on Investments 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 Right on Investments 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.
Arcadia Chartered Tax Advisers and Accountants
9 Elborough Gardens
Elborough
Weston-Super-Mare
North Somerset
BS24 8PL
26 November 2024
Right on Investments Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Investments 4 490 490
_______ _______
490 490
Creditors: amounts falling due
within one year 5 ( 488) ( 488)
_______ _______
Net current liabilities ( 488) ( 488)
_______ _______
Total assets less current liabilities 2 2
_______ _______
Net assets 2 2
_______ _______
Capital and reserves
Called up share capital 2 2
_______ _______
Shareholders funds 2 2
_______ _______
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.
Directors responsibilities:
- 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;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 26 November 2024 , and are signed on behalf of the board by:
Mr Kerry Michael
Director
Company registration number: 05834562
Right on Investments Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Total
£ £
At 1 April 2022 2 2
Profit for the year -
_______ _______
Total comprehensive income for the year - -
_______ _______
At 31 March 2023 and 1 April 2023 2 2
Profit for the year -
_______ _______
Total comprehensive income for the year - -
_______ _______
At 31 March 2024 2 2
_______ _______
Right on Investments Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Grand Pier, Marine Parade, Weston-Super-Mare, North Somerset, BS23 1AL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
No liability to UK corporation tax arose on ordinary activities for the year ended 31 March 2024 or for the year ended 31 March 2023.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Preparation of consoldiated financial statements
The financial statements contain information about Right On Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken the option under section 398 of Companies Act 2006 not to prepare consolidated financial statements.
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 April 2023 and 31 March 2024 490 490
_______ _______
Impairment
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 490 490
_______ _______
At 31 March 2023 490 490
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Subsidiary undertakings
Northwoods Limited C/O Global Tax and Estate Counsel LLP 29557 Gleneden Lane Evergreen Co 80439 USA Common Stock 100
The results and capital and reserves for the period of the trading companies are as follows:
Capital and Profit/(loss)
reserves for the
period
2024 2023 2024 2023
£ £ £ £
Subsidiary undertakings
Northwoods Limited (578,210) (587,469) 9,259 ( 46,573)
5. Creditors: amounts falling due within one year
2024 2023
£ £
Other creditors 488 488
_______ _______
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2024 2023 2024 2023
£ £ £ £
Kerry Michael Children's Trust - - 488 488
_______ _______ _______ _______
7. Controlling party
All of the company's shares are held by the Trustees of the Kerry Michael Children's Trust.
At 31 March 2024 £488 net was payable to the Kerry Michael Children's Trust, the Trustees are shareholders of the company, in respect of a loan of £490 made to enable the company to invest in the shares of Northwoods Limited from which £2 has been deducted in respect of the Trust's investment in the company.