Company Registration No. 05564429 (England and Wales)
Right Wire Limited
Unaudited accounts
for the year ended 31 March 2019
Right Wire Limited
Unaudited accounts
Contents
Right Wire Limited
Company Information
for the year ended 31 March 2019
Company Number
05564429 (England and Wales)
Registered Office
Unit 16 Broadfield Farm
Chapel Lane
Merstone
Isle Of Wight
PO30 3DA
Accountants
Isle of Wight Accountants Ltd
69 St Edmunds Walk
Wootton Bridge
PO33 4JJ
Right Wire Limited
Statement of financial position
as at 31 March 2019
Tangible assets
118,851
75,670
Cash at bank and in hand
32,971
40,154
Creditors: amounts falling due within one year
(210,898)
(167,910)
Net current (liabilities)/assets
(57,168)
58,098
Total assets less current liabilities
61,683
133,768
Creditors: amounts falling due after more than one year
(17,860)
-
Provisions for liabilities
Deferred tax
(3,046)
(14,318)
Called up share capital
100
100
Profit and loss account
40,677
119,350
Shareholders' funds
40,777
119,450
For the year ending 31 March 2019 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 director acknowledges his 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.
Approved by the Board on 17 July 2019.
Mr Richard Lodge
Director
Company Registration No. 05564429
Right Wire Limited
Notes to the Accounts
for the year ended 31 March 2019
Right Wire Limited is a private company, limited by shares, registered in England and Wales, registration number 05564429. The registered office is Unit 16 Broadfield Farm, Chapel Lane, Merstone, Isle Of Wight, PO30 3DA.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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.
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% on cost
Motor vehicles
25% reducing balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell.
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.
Right Wire Limited
Notes to the Accounts
for the year ended 31 March 2019
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.
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
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2018
-
28,228
106,302
134,530
Additions
27,867
8,005
39,846
75,718
Disposals
-
-
(3,000)
(3,000)
At 31 March 2019
27,867
36,233
143,148
207,248
At 1 April 2018
-
11,212
47,648
58,860
Charge for the year
929
7,748
22,904
31,581
On disposals
-
-
(2,044)
(2,044)
At 31 March 2019
929
18,960
68,508
88,397
At 31 March 2019
26,938
17,273
74,640
118,851
At 31 March 2018
-
17,016
58,654
75,670
Carrying values included above held under finance leases and hire purchase contracts:
£
£
Trade debtors
79,193
141,438
Other debtors
35,545
38,166
Right Wire Limited
Notes to the Accounts
for the year ended 31 March 2019
7
Creditors: amounts falling due within one year
2019
2018
Obligations under finance leases and hire purchase contracts
5,492
-
Trade creditors
130,587
100,000
Taxes and social security
20,163
30,243
Other creditors
45,044
37,667
Loans from directors
9,612
-
8
Creditors: amounts falling due after more than one year
2019
2018
Obligations under finance leases and hire purchase contracts
17,860
-
9
Average number of employees
During the year the average number of employees was 10 (2018: 10).
