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Company No: 14926075 (England and Wales)

RIGHT THING RIGHT NOW TECHNOLOGIES LIMITED

Unaudited Financial Statements
For the financial period from 09 June 2023 to 31 March 2024
Pages for filing with the registrar

RIGHT THING RIGHT NOW TECHNOLOGIES LIMITED

Unaudited Financial Statements

For the financial period from 09 June 2023 to 31 March 2024

Contents

RIGHT THING RIGHT NOW TECHNOLOGIES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
RIGHT THING RIGHT NOW TECHNOLOGIES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024
£
Fixed assets
Tangible assets 3 44,178
44,178
Current assets
Debtors 4 15,652
Cash at bank and in hand 12,004
27,656
Creditors: amounts falling due within one year 5 ( 128,029)
Net current liabilities (100,373)
Total assets less current liabilities (56,195)
Net liabilities ( 56,195)
Capital and reserves
Called-up share capital 6 1,000
Profit and loss account ( 57,195 )
Total shareholders' deficit ( 56,195)

For the financial period 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Right Thing Right Now Technologies Limited (registered number: 14926075) were approved and authorised for issue by the Board of Directors on 10 December 2024. They were signed on its behalf by:

J Briggs
Director
RIGHT THING RIGHT NOW TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 09 June 2023 to 31 March 2024
RIGHT THING RIGHT NOW TECHNOLOGIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 09 June 2023 to 31 March 2024
1. Accounting policies

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

General information and basis of accounting

Right Thing Right Now Technologies 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 Holborn Studios, 49/50 Eagle Wharf Road, London, N1 7ED, 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 £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The company was incorporated on 9 June 2023. These accounts reflect the short period from incorporation through to 31 March 2024.

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.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial period. Differences between contributions payable in the financial period and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

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:

Computer equipment 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 Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

Period from
09.06.2023 to
31.03.2024
Number
Monthly average number of persons employed by the Company during the period, including directors 3

3. Tangible assets

Computer equipment Total
£ £
Cost
At 09 June 2023 0 0
Additions 54,200 54,200
At 31 March 2024 54,200 54,200
Accumulated depreciation
At 09 June 2023 0 0
Charge for the financial period 10,022 10,022
At 31 March 2024 10,022 10,022
Net book value
At 31 March 2024 44,178 44,178

4. Debtors

31.03.2024
£
Trade debtors 9,948
Other debtors 5,704
15,652

5. Creditors: amounts falling due within one year

31.03.2024
£
Trade creditors 9,156
Amounts owed to connected companies 105,331
Other taxation and social security 1,141
Other creditors 12,401
128,029

6. Called-up share capital

31.03.2024
£
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000

On incorporation, the company issued 1,000 Ordinary shares of £1 each at par, to provide initial working capital.