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COMPANY REGISTRATION NUMBER: 08545044
RIGHT TRADE LIMITED
Filleted Unaudited Financial Statements
For the year ended
31 March 2024
RIGHT TRADE LIMITED
Financial Statements
Year ended 31 March 2024
CONTENTS
PAGES
Balance Sheet
1 to 2
Notes to the Financial Statements
3 to 6
RIGHT TRADE LIMITED
Balance Sheet
31 March 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
4
1,400,623
1,400,779
Current assets
Debtors
5
378
358
Cash at bank and in hand
6,640
4,091
-------
-------
7,018
4,449
Creditors: amounts falling due within one year
6
( 555,152)
( 560,110)
----------
----------
Net current liabilities
( 548,134)
( 555,661)
-------------
-------------
Total assets less current liabilities
852,489
845,118
Creditors: amounts falling due after more than one year
7
( 473,674)
( 473,692)
Provisions
Deferred tax
( 68,535)
( 68,535)
----------
----------
Net assets
310,280
302,891
----------
----------
RIGHT TRADE LIMITED
Balance Sheet (continued)
31 March 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
310,278
302,889
----------
----------
Shareholders funds
310,280
302,891
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year 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:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr S Berger
Director
Company registration number: 08545044
RIGHT TRADE LIMITED
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is New Burlington House, 1075 Finchley Road, London, NW11 0PU.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The Directors do not consider there are any critical judgements or sources of estimation uncertainty requiring disclosure beyond the accounting policies listed below.
Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. 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.
Investment properties
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition - - Investment properties whose fair value can be measured reliably are held at fair value. Any gains or losses arising from changes in the fair value are recognised in the profit and loss account in the period that they arise; and - No depreciation is provided in respect of investment properties applying the fair value model. Investment property fair value is determined by the Directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. Acquisitions and disposals of properties Acquisitions and disposals are considered to have taken place at the date of legal completion and are included in the financial statements accordingly.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Financial instruments
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as either 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. The company has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
4. Tangible assets
Freehold investment properties
Fixtures and fittings
Total
£
£
£
Fair value or cost
At 1 April 2023 and 31 March 2024
1,400,000
6,500
1,406,500
-------------
-------
-------------
Depreciation
At 1 April 2023
5,721
5,721
Charge for the year
156
156
-------------
-------
-------------
At 31 March 2024
5,877
5,877
-------------
-------
-------------
Carrying amount
At 31 March 2024
1,400,000
623
1,400,623
-------------
-------
-------------
At 31 March 2023
1,400,000
779
1,400,779
-------------
-------
-------------
The Company's investment properties were valued by the Directors based on their understanding of property market conditions and the specific property concerned, using a sales valuation approach, derived from recent comparable transactions on the market, adjusted by applying discounts to reflect status of occupation and condition. The historical cost of the properties is £1,033,402.
5. Debtors
2024
2023
£
£
Other debtors
378
358
----
----
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,817
1,015
Other creditors
552,335
559,095
----------
----------
555,152
560,110
----------
----------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
473,674
473,692
----------
----------
The bank loan is secured by a legal charge over the Company's investment property. The loan is due for repayment after more than five years from the balance sheet date.
The Directors have provided a guarantee in respect of the bank borrowings of the Company.
8. Related party transactions
Included in Other creditors are loans aggregating £548,975 due to companies connected with the directors and shareholders. The loans are interest-free and repayable on demand.