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REGISTERED NUMBER: SC484908 (Scotland)














Financial Statements for the Year Ended 31 August 2024

for

Right-Spec Ltd

Right-Spec Ltd (Registered number: SC484908)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Accountants' Report 7

Right-Spec Ltd

Company Information
for the Year Ended 31 August 2024







DIRECTOR: Mr T Gordon





REGISTERED OFFICE: 4 Newfield Terrace
Bishopmill
Elgin
Morayshire
IV30 4DF





REGISTERED NUMBER: SC484908 (Scotland)





ACCOUNTANTS: Nordens
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY

Right-Spec Ltd (Registered number: SC484908)

Statement of Financial Position
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,209 10,746

CURRENT ASSETS
Debtors 5 45,095 21,007
Cash at bank and in hand 21,349 7,692
66,444 28,699
CREDITORS
Amounts falling due within one year 6 58,554 17,070
NET CURRENT ASSETS 7,890 11,629
TOTAL ASSETS LESS CURRENT LIABILITIES 18,099 22,375

CREDITORS
Amounts falling due after more than one year 7 17,894 22,003
NET ASSETS 205 372

CAPITAL AND RESERVES
Called up share capital 3 3
Retained earnings 202 369
SHAREHOLDERS' FUNDS 205 372

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Right-Spec Ltd (Registered number: SC484908)

Statement of Financial Position - continued
31 August 2024


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 2 December 2024 and were signed by:





Mr T Gordon - Director


Right-Spec Ltd (Registered number: SC484908)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Right-Spec Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Computer equipment - 25% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

Right-Spec Ltd (Registered number: SC484908)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 September 2023 11,495 85 5,949 17,529
Additions - 776 787 1,563
At 31 August 2024 11,495 861 6,736 19,092
DEPRECIATION
At 1 September 2023 1,724 85 4,974 6,783
Charge for year 1,466 194 440 2,100
At 31 August 2024 3,190 279 5,414 8,883
NET BOOK VALUE
At 31 August 2024 8,305 582 1,322 10,209
At 31 August 2023 9,771 - 975 10,746

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£   
COST
At 1 September 2023
and 31 August 2024 11,495
DEPRECIATION
At 1 September 2023
and 31 August 2024 1,724
NET BOOK VALUE
At 31 August 2024 9,771
At 31 August 2023 9,771

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 4,080 4,200
Other debtors 41,015 16,807
45,095 21,007

Right-Spec Ltd (Registered number: SC484908)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 2,296 3,189
Hire purchase contracts 2,500 2,500
Trade creditors 1,584 -
Taxation and social security 52,174 9,950
Other creditors - 1,431
58,554 17,070

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans 13,102 14,711
Hire purchase contracts 4,792 7,292
17,894 22,003

8. RELATED PARTY DISCLOSURES

The Director Mr T Gordon is considered to be key management personnel.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Right-Spec Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

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-Spec Ltd for the year ended 31 August 2024 which comprise the Income Statement, Statement of Financial Position 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Right-Spec Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Right-Spec Ltd and state those matters that we have agreed to state to the director of Right-Spec Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Right-Spec Ltd and its director for our work or for this report.

It is your duty to ensure that Right-Spec Ltd 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-Spec Ltd. You consider that Right-Spec Ltd 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-Spec Ltd. 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.






Nordens
The Retreat
406 Roding Lane South
Woodford Green
Essex
IG8 8EY


2 December 2024