Company Registration No. 02092978 (England and Wales)
Right Price (UK) Limited
Unaudited accounts
for the year ended 31 January 2024
Right Price (UK) Limited
Unaudited accounts
Contents
Right Price (UK) Limited
Company Information
for the year ended 31 January 2024
Directors
Suzie Nixon
Mark Nixon
Company Number
02092978 (England and Wales)
Registered Office
10 BATH ROAD
DOWNSIDE
SHEPTON MALLET
SOMERSET
BA4 4JX
Accountants
BMG Accountancy Services Ltd
5 Commercial Road
Shepton Mallet
Somerset
BA4 5BU
Right Price (UK) Limited
Accountants' report
Accountants' report to the board of directors of Right Price (UK) Limited (the company)
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts that relate to preparing the financial statements of the company for the year ended 31 January 2024.
We have prepared these financial statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the balance sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give "a true and fair view".
You have determined that the company is exempt from the statutory requirement for an audit for the year ended 31 January 2024. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
BMG Accountancy Services Ltd
5 Commercial Road
Shepton Mallet
Somerset
BA4 5BU
14 March 2024
Right Price (UK) Limited
Statement of financial position
as at 31 January 2024
Tangible assets
128,411
141,311
Inventories
187,600
171,610
Cash at bank and in hand
15,497
22,848
Creditors: amounts falling due within one year
(109,568)
(113,837)
Net current assets
109,478
91,876
Total assets less current liabilities
237,889
233,187
Provisions for liabilities
Net assets
237,615
232,913
Called up share capital
200
200
Profit and loss account
237,415
232,713
Shareholders' funds
237,615
232,913
For the year ending 31 January 2024 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 directors acknowledge their 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 of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by
Mark Nixon
Director
Company Registration No. 02092978
Right Price (UK) Limited
Notes to the Accounts
for the year ended 31 January 2024
Right Price (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 02092978. The registered office is 10 BATH ROAD, DOWNSIDE, SHEPTON MALLET, SOMERSET, BA4 4JX.
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.
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:
Land & buildings
2% on straight line basis
Plant & machinery
15% on reducing balance
Motor vehicles
25% on reducing balance
Fixtures & fittings
15% on reducing balance
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.
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.
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.
Right Price (UK) Limited
Notes to the Accounts
for the year ended 31 January 2024
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
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 February 2023
173,128
35,940
57,896
10,625
277,589
At 31 January 2024
173,128
35,940
57,896
10,625
277,589
At 1 February 2023
78,171
20,635
33,370
4,102
136,278
Charge for the year
3,494
2,292
6,131
983
12,900
At 31 January 2024
81,665
22,927
39,501
5,085
149,178
At 31 January 2024
91,463
13,013
18,395
5,540
128,411
At 31 January 2023
94,957
15,305
24,526
6,523
141,311
Raw materials
187,600
171,610
Amounts falling due within one year
Trade debtors
11,943
8,347
Accrued income and prepayments
1,608
1,608
7
Investments held as current assets
2024
2023
Listed investments
1,300
1,300
8
Creditors: amounts falling due within one year
2024
2023
Trade creditors
68,101
73,678
Taxes and social security
22,185
22,362
Right Price (UK) Limited
Notes to the Accounts
for the year ended 31 January 2024
9
Deferred taxation
2024
2023
Accelerated capital allowances
274
274
Provision at start of year
274
274
Provision at end of year
274
274
10
Average number of employees
During the year the average number of employees was 9 (2023: 9).
