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Registered Number: 07419596
England and Wales

 

 

 

RIGHTWORX LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 November 2023

End date: 31 October 2024
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 3 67,392    80,492 
67,392    80,492 
Current assets      
Stocks 4 556,618    164,043 
Debtors 5 146,221    193,680 
Cash at bank and in hand 1,880,051    1,649,099 
2,582,890    2,006,822 
Creditors: amount falling due within one year 6 (1,858,648)   (1,458,639)
Net current assets 724,242    548,183 
 
Total assets less current liabilities 791,634    628,675 
Provisions for liabilities 7 (15,163)   (18,110)
Net assets 776,471    610,565 
 

Capital and reserves
     
Called up share capital 3    3 
Profit and loss account 776,468    610,562 
Shareholders' funds 776,471    610,565 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These 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 to the Registrar of Companies.
The financial statements were approved by the board of directors on 29 January 2025 and were signed on its behalf by:


-------------------------------
Karl Utley
Director
1
General Information
Rightworx Ltd is a private company, limited by shares, registered in England and Wales, registration number 07419596, registration address Unit 5, Harvey Court, Low Willington Ind Estate, DL15 0FB.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102(1A) The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the going concern and the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Revenue from the sale of goods is recognised on delivery of the goods to the the customer. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes.
Website cost
Planning and operating costs for the company's website are charged to the income statement as incurred.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Straight Line
Fixtures and Fittings 15% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 23 (2023 : 26).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Total
  £   £   £
At 01 November 2023 77,431    87,459    164,890 
Additions 1,008    899    1,907 
Disposals    
At 31 October 2024 78,439    88,358    166,797 
Depreciation
At 01 November 2023 47,673    36,725    84,398 
Charge for year 7,323    7,684    15,007 
On disposals    
At 31 October 2024 54,996    44,409    99,405 
Net book values
Closing balance as at 31 October 2024 23,443    43,949    67,392 
Opening balance as at 01 November 2023 29,758    50,734    80,492 


4.

Stocks

2024
£
  2023
£
Work in Progress 556,618    164,043 
556,618    164,043 

5.

Debtors: amounts falling due within one year

2024
£
  2023
£
Trade Debtors 45,448    40,538 
Prepayments & Accrued Income 13,739    29,534 
RMA - Stock awaiting return from customer 82,810    41,209 
VRMA - Stock awaiting credit note from supplier 4,224    3,270 
Director 1 current account   49,062 
Director 2 current account   776 
Director 3 current account   29,291 
146,221    193,680 

6.

Creditors: amount falling due within one year

2024
£
  2023
£
Trade Creditors 1,490,415    1,181,217 
Corporation Tax 145,698    46,429 
PAYE & Social Security 9,323    9,522 
Pension control   1,553 
Accrued Expenses 1,450    79,543 
Deferred Revenue 4,676    19,869 
Balance of customer deposits 163    1,031 
Director 1 current account 3,671   
Director 2 current account 3,367   
Director 3 current account 3,753   
VAT 196,132    119,475 
1,858,648    1,458,639 

7.

Provisions for liabilities

2024
£
  2023
£
Deferred Tax 18,110    15,866 
Deferred tax - charge against provision (2,947)   2,244 
15,163    18,110 

8.

Directors advances, credits and guarantees

Included in creditors: amounts falling due within one year are amounts owed to the Directors from Company of £10,791 (2023 - £79,129 debit balance).
9.

Controlling party

For the whole of the period under review the company was under the control of Karl Utley, Robert Hall and Paul Smith.
2