REGISTERED NUMBER: 08767844 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

RIGHT FORMULA PROPERTY LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr R B Fenwick

REGISTERED OFFICE:

5 Riverlight Quay

Nine Elms Lane

London

SW11 8DX

REGISTERED NUMBER:

08767844 (England and Wales)

SENIOR STATUTORY AUDITOR:

Thurairatnam Sudarshan FCCA

AUDITORS:

Xeinadin Audit Limited, Statutory Auditor

8th Floor, Becket House

36 Old Jewry

London

EC2R 8DD

FIXED ASSETS

Tangible assets

4

142,487

167,011

Investment property

5

4,074,477

3,907,365

4,216,964

4,074,376

CURRENT ASSETS

Debtors

6

68,054

98,306

Cash at bank and in hand

177,418

148,140

245,472

246,446

CREDITORS

Amounts falling due within one year

1,496,934

1,492,189

NET CURRENT LIABILITIES

(1,251,462

)

(1,245,743

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,965,502

2,828,633

CREDITORS

Amounts falling due after more than one year

7

(1,171,917

)

(1,217,290

)

PROVISIONS FOR LIABILITIES

(299,555

)

(261,671

)

NET ASSETS

1,494,030

1,349,672

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

885,639

-

Retained earnings

608,390

1,349,671

SHAREHOLDERS' FUNDS

1,494,030

1,349,672

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.

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 31 July 2025 and were signed by:

Mr R B Fenwick - Director

1.	STATUTORY INFORMATION

Right Formula Property Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The accounts have been prepared on the going concern basis as the director is of the opinion that the company will meet its liabilities as and when due, due to the continued support of the director.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Changes in accounting policies

During the year, the company elected to change its accounting policy in relation to property rented to fellow group undertakings. Previously, the property was classified as property, plant and equipment (PPE) and measured using the cost model in accordance with FRS 102 Section 17.

The company has has now elected to reclassify the property as investment property and applied FRS 102 Section 16 with the property measured at fair value through profit or loss.

In accordance with FRS 102 Section 10, this change in policy has been applied retrospectively to enhance comparability and reliability. As a result, the property was reclassified to investment property at the start of the comparative year.

Turnover

Turnover comprises rental income, excluding Value Added Tax, which is recognised in the period which it is earned. Amounts invoiced in excess of the amounts earned during the period are recognised as deferred income in creditors.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

15% on reducing balance

Investment property

Investment properties are properties held to earn rentals and for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise.

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.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

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

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2024

435,731

Additions

594

At 31 December 2024

436,325

DEPRECIATION

At 1 January 2024

268,720

Charge for year

25,118

At 31 December 2024

293,838

NET BOOK VALUE

At 31 December 2024

142,487

At 31 December 2023

167,011

5.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 January 2024

3,907,365

Revaluations

167,112

At 31 December 2024

4,074,477

NET BOOK VALUE

At 31 December 2024

4,074,477

At 31 December 2023

3,907,365

At 31 December 2024, the fair value of the investment property was assessed to be £4,074,477. The fair value was determined by an independent surveyor based on available market data and comparable property transactions. Whilst an independent valuation was not carried out specifically for this property, the director considered relevant valuation reports for similar properties in the same locality during 2023 and adjusted for estimated changes in market prices between 2023 and 31 December 2024 using publicly available property market data.

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as restated

£

£

Other debtors

13,120

13,440

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

2024

2023

as restated

£

£

Repayable by instalments

Bank loans

833,288

878,661

8.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

as restated

£

£

Bank loans

1,256,574

1,301,947

Bank loans comprises property mortgages which are secured by way of a fixed and floating charge over the assets held by the company.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Thurairatnam Sudarshan FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited, Statutory Auditor

10.	CONTINGENT LIABILITIES

There were no contingent liabilities at the current or previous balance sheet date.

11.	CAPITAL COMMITMENTS

The company had no capital commitments at 31 December 2024 or 31 December 2023.

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

At the balance sheet date, the company was owed £26 (2023 - £26) by Roam Property Limited, a company connected by virtue of common control.