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Company Registration No. 09575662 (England and Wales)
Rightway Electrical Limited Unaudited accounts for the year ended 31 May 2024
Rightway Electrical Limited Unaudited accounts Contents
Page
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Rightway Electrical Limited Company Information for the year ended 31 May 2024
Directors
Mr Jamie Browning Mr Connor Lane
Company Number
09575662 (England and Wales)
Registered Office
63-66 Hatton Gardens London EC1N 8LE
Accountants
Beckett Taylor Limited 63-66 Hatton Garden London EC1N 8LE
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Rightway Electrical Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
65,452 
75,208 
Current assets
Debtors
225,945 
142,659 
Cash at bank and in hand
340,878 
178,311 
566,823 
320,970 
Creditors: amounts falling due within one year
(345,658)
(95,203)
Net current assets
221,165 
225,767 
Total assets less current liabilities
286,617 
300,975 
Creditors: amounts falling due after more than one year
(33,168)
(64,548)
Provisions for liabilities
Deferred tax
(12,882)
(14,289)
Net assets
240,567 
222,138 
Capital and reserves
Called up share capital
2 
2 
Profit and loss account
240,565 
222,136 
Shareholders' funds
240,567 
222,138 
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 31 July 2024 and were signed on its behalf by
Mr Jamie Browning Director Company Registration No. 09575662
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Rightway Electrical Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Rightway Electrical Limited is a private company, limited by shares, registered in England and Wales, registration number 09575662. The registered office is 63-66 Hatton Gardens, London, EC1N 8LE.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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 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.
Tangible fixed 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:
Plant & machinery
25% Reducing Balance
Motor vehicles
25% Reducing Balance
Computer equipment
25% Reducing Balance
Deferred taxation
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
Leased assets
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.
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Rightway Electrical Limited Notes to the Accounts for the year ended 31 May 2024
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Pension costs
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.
4
Tangible fixed assets
Plant & machinery 
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 June 2023
93,388 
45,058 
4,047 
142,493 
Additions
737 
7,875 
1,869 
10,481 
At 31 May 2024
94,125 
52,933 
5,916 
152,974 
Depreciation
At 1 June 2023
53,359 
11,264 
2,662 
67,285 
Charge for the year
10,099 
9,430 
708 
20,237 
At 31 May 2024
63,458 
20,694 
3,370 
87,522 
Net book value
At 31 May 2024
30,667 
32,239 
2,546 
65,452 
At 31 May 2023
40,029 
33,794 
1,385 
75,208 
2024 
2023 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Plant & machinery
- 
9,203 
- Motor vehicles
- 
33,793 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
64,753 
- 
Trade debtors
157,152 
139,659 
Other debtors
4,040 
3,000 
225,945 
142,659 
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Rightway Electrical Limited Notes to the Accounts for the year ended 31 May 2024
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
20,833 
10,000 
VAT
- 
5,424 
Obligations under finance leases and hire purchase contracts
2,559 
5,978 
Trade creditors
277,270 
61,483 
Taxes and social security
36,749 
9,867 
Other creditors
1,240 
- 
Loans from directors
6,071 
1,515 
Accruals
936 
936 
345,658 
95,203 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
- 
20,843 
Obligations under finance leases and hire purchase contracts
33,168 
43,705 
33,168 
64,548 
8
Average number of employees
During the year the average number of employees was 5 (2023: 5).
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