Company Registration No. 05564429 (England and Wales)
Right Wire Limited
Unaudited accounts
for the year ended 31 March 2023
Right Wire Limited
Unaudited accounts
Contents
Right Wire Limited
Company Information
for the year ended 31 March 2023
Secretary
Mr Douglas Lodge
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
Suite 3, Cemoc House
Rectory Drive
Wootton Bridge
Isle of Wight
PO33 4QQ
Right Wire Limited
Statement of financial position
as at 31 March 2023
Tangible assets
116,933
169,549
Cash at bank and in hand
109,652
12,294
Creditors: amounts falling due within one year
(420,864)
(213,277)
Net current assets
72,335
22,376
Total assets less current liabilities
189,268
191,925
Creditors: amounts falling due after more than one year
(67,500)
(97,500)
Provisions for liabilities
Deferred tax
(21,387)
(17,072)
Called up share capital
100
100
Profit and loss account
100,281
77,253
Shareholders' funds
100,381
77,353
For the year ending 31 March 2023 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.
The financial statements were approved by the Board and authorised for issue on 20 November 2023 and were signed on its behalf by
Mr Richard Lodge
Director
Company Registration No. 05564429
Right Wire Limited
Notes to the Accounts
for the year ended 31 March 2023
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.
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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 2023
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.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Basic financial instruments are recognised at amortised cost.
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
27,867
55,252
276,127
359,246
Disposals
-
-
(46,226)
(46,226)
At 31 March 2023
27,867
55,252
229,901
313,020
At 1 April 2022
17,942
40,729
131,026
189,697
Charge for the year
5,671
5,523
34,560
45,754
On disposals
-
-
(39,364)
(39,364)
At 31 March 2023
23,613
46,252
126,222
196,087
At 31 March 2023
4,254
9,000
103,679
116,933
At 31 March 2022
9,925
14,523
145,101
169,549
Amounts falling due within one year
Trade debtors
329,816
108,413
Accrued income and prepayments
-
96,228
Other debtors
45,731
10,718
Right Wire Limited
Notes to the Accounts
for the year ended 31 March 2023
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Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
30,000
30,000
Trade creditors
220,355
87,508
Taxes and social security
15,773
7,720
Other creditors
154,736
88,049
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Creditors: amounts falling due after more than one year
2023
2022
Bank loans included in creditors (amounts falling due within one year and after more than one year) are secured by fixed and floating charge over the company's assets.
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Average number of employees
During the year the average number of employees was 12 (2022: 10).
