RIGHTMARTS LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02412190 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2018

FOR

RIGHTMARTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M Patel

Mrs R Patel

P Patel

SECRETARY:

P Patel

REGISTERED OFFICE:

10 South Cottage Drive

Chorletwood

Hertfordshire

WD3 5EB

REGISTERED NUMBER:

02412190 (England and Wales)

ACCOUNTANTS:

Y P Associates

Chartered Certified Accountants

6 The Fairway

Wembley

Middlesex

HA0 3LH

CURRENT ASSETS

Debtors

4

-

7,801

Cash at bank

179

7,333

179

15,134

CREDITORS

Amounts falling due within one year

5

3,143

3,400

NET CURRENT (LIABILITIES)/ASSETS

(2,964

)

11,734

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,964

)

11,734

CREDITORS

Amounts falling due after more than one year

6

182,178

196,756

NET LIABILITIES

(185,142

)

(185,022

)

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

134,900

134,900

Retained earnings

(320,142

)

(320,022

)

(185,142

)

(185,022

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 22 July 2019 and were signed on its behalf by:

P Patel - Director

1.	STATUTORY INFORMATION

RIGHTMARTS 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.

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 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding

discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business has been fully amortised in the current year.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are

measured at cost less any accumulated amortisation and any accumulated impairment

losses.

Tangible fixed assets

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

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where the

transaction is measured at the present value of the future receipts discounted at a market

rate of interest. Such assets are subsequently carried at amortised cost using the effective

interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with

financial institutions, and other short-term highly liquid investments that mature in no more

than three months from the date of acquisition and that are readily convertible to known

amounts of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and

loans from related parties, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction where the debt instrument is measured at

the present value of the future payments discounted at a market rate of interest. Such

instruments are subsequently carried at amortised cost using the effective interest method,

less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2017 - 1 ).

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

-

7,801

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

3,023

1,609

Taxation and social security

-

951

Other creditors

120

840

3,143

3,400

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

182,178

196,756

7.	RELATED PARTY DISCLOSURES