Company Registration No. 07267670 (England and Wales)
Eright Limited
Unaudited Financial Statements
for the year ended 31 May 2024
Eright Limited
Unaudited Financial Statements
Contents
Eright Limited
Company Information
for the year ended 31 May 2024
Directors
A J Meade
S Wright
G E Morris
Company Number
07267670 (England and Wales)
Registered Office
Eright Centre
Carlton Forest, Red Lane
Worksop
Nottinghamshire
S81 8BP
United Kingdom
Eright Limited
Statement of financial position
as at 31 May 2024
Tangible assets
39,978
45,781
Cash at bank and in hand
60,741
15,129
Creditors: amounts falling due within one year
(124,997)
(139,775)
Net current assets
81,185
100,124
Total assets less current liabilities
121,163
145,905
Creditors: amounts falling due after more than one year
(12,458)
(19,208)
Provisions for liabilities
Deferred tax
(9,715)
(9,032)
Called up share capital
100
100
Profit and loss account
98,890
117,565
Shareholders' funds
98,990
117,665
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 20 February 2025 and were signed on its behalf by
A J Meade
Director
Company Registration No. 07267670
Eright Limited
Notes to the Accounts
for the year ended 31 May 2024
Eright Limited is a private company, limited by shares, registered in England and Wales, registration number 07267670. The registered office is Eright Centre, Carlton Forest, Red Lane, Worksop, Nottinghamshire, S81 8BP, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared under the historical cost convention in accordance with the Financial Reporting Standard 102 Section 1A Small Entities 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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 to equity.
The current income tax charged is calculated on the basis of the tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that 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 income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Unrelieved tax losses and other deferred tax assets shall be 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.
Eright Limited
Notes to the Accounts
for the year ended 31 May 2024
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
Monetary 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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Tangible assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
25% Straight Line
Fixtures & fittings
20% Straight Line
Computer equipment
33% Straight Line
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Eright Limited
Notes to the Accounts
for the year ended 31 May 2024
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 June 2023
2,107
49,595
7,537
21,519
80,758
Additions
1,227
-
2,894
6,487
10,608
At 31 May 2024
3,334
49,595
10,431
28,006
91,366
At 1 June 2023
220
19,887
4,265
10,605
34,977
Charge for the year
584
7,750
1,390
6,687
16,411
At 31 May 2024
804
27,637
5,655
17,292
51,388
At 31 May 2024
2,530
21,958
4,776
10,714
39,978
At 31 May 2023
1,887
29,708
3,272
10,914
45,781
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
21,958
29,708
Amounts falling due within one year
Trade debtors
135,334
215,711
6
Creditors: amounts falling due within one year
2024
2023
Trade creditors
36,505
53,108
Taxes and social security
64,495
37,037
Other creditors
23,997
49,630
7
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
12,458
19,208
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
Eright Limited
Notes to the Accounts
for the year ended 31 May 2024
9
Average number of employees
During the year the average number of employees was 6 (2023: 5).