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REGISTERED NUMBER: 10171789 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

RIGHTWAY ASSET MANAGEMENT LIMITED

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RIGHTWAY ASSET MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: A Snell





SECRETARY: A Snell





REGISTERED OFFICE: 68 London Road
New Balderton
Newark
Nottinghamshire
NG24 3AH





REGISTERED NUMBER: 10171789 (England and Wales)





ACCOUNTANT: David Pattinson
233 London Road
Balderton
Newark
Nottinghamshire
NG24 3HA

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investments 4 1,650 3,750
Investment property 5 315,000 415,000
316,650 418,750

CURRENT ASSETS
Debtors 6 4,893 5,347
Cash at bank 336,999 285,169
341,892 290,516
CREDITORS
Amounts falling due within one year 7 35,881 36,305
NET CURRENT ASSETS 306,011 254,211
TOTAL ASSETS LESS CURRENT
LIABILITIES

622,661

672,961

CREDITORS
Amounts falling due after more than one
year

8

(483,873

)

(537,023

)

PROVISIONS FOR LIABILITIES 9 (29,796 ) (30,855 )
NET ASSETS 108,992 105,083

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 108,892 104,983
SHAREHOLDERS' FUNDS 108,992 105,083

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

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 18 February 2025 and were signed by:




A Snell - Director


RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Rightway Asset Management Limited is a private company, limited by shares , registered in England and Wales. 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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts and rebates.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

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

4. FIXED ASSET INVESTMENTS

Fixed asset investments are made up as follows:

2023 2022
£ £
Unsecured loans 3,750 5,250
------------ ------------

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023 415,000
Disposals (57,290 )
Revaluations (42,710 )
At 31 May 2024 315,000
NET BOOK VALUE
At 31 May 2024 315,000
At 31 May 2023 415,000

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2024 315,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 145,931 203,221

Investment property was valued on an open market basis on 31 May 2024 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,793 3,247
Current portion of loans 2,100 2,100
4,893 5,347

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Current portion of
shareholder loans 30,000 30,000
Current portion of loans 4,317 4,200
Accrued expenses 1,564 2,105
35,881 36,305

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Shareholders' loan accounts 460,323 509,143
Other loans 23,550 27,880
483,873 537,023

9. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 29,796 30,855

RIGHTWAY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 10171789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

9. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 June 2023 30,855
Movement (1,059 )
Balance at 31 May 2024 29,796

10. RETAINED EARNINGS

Profit and loss account (distributable) (30,381 ) (75,941 )
Revaluation reserve (non-distributable) 139,273 180,924
------------ ------------
108,892 104,983
------------ ------------