Ref Right Limited - Period Ending 2016-11-30

Registration number: 05285825 (England and Wales)

Ref Right Limited

Director's Report and Unaudited Financial Statements

for the Year Ended 30 November 2016
 

Ref Right Limited
Contents

Company Information   1

Director's Report   2

Profit and Loss Account   3

Balance Sheet   4

Notes to the Financial Statements   5 to 8

Ref Right Limited
Company Information

Director

R E Antell

Registered office

Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Accountants

Harmer Slater Limited Chartered Accountants Salatin House 19 Cedar Road Sutton Surrey SM2 5DA

Page 1

Ref Right Limited
Director's Report for the Year Ended 30 November 2016

The director presents his report and the unaudited financial statements for the year ended
30 November 2016.

Principal activity

The principal activity of the company is that of the provision of software consultancy services.

Director of the company

The director who held office during the year and up to the date of signing these financial statements was as follows:

R E Antell

Small company provisions

The director has taken advantage of the small companies’ exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the Director's Report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved by the Board on 15 August 2017 and signed on its behalf by:

.........................................
R E Antell
Director

Page 2

Ref Right Limited
Profit and Loss Account
for the Year Ended 30 November 2016

		Note			2016 £			2015 £
Turnover					15,000			17,500
Cost of sales					-			-
Gross profit					15,000			17,500
Administrative expenses					(26,004)			(15,354)
Other interest receivable and similar income					8			8
(Loss)/profit for the financial year					(10,996)			2,154

The notes on pages 5 to 8 form an integral part of these financial statements.
Page 3

Ref Right Limited
(Registration number: 05285825)
Balance Sheet at 30 November 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		5			484			726
Current assets
Debtors		6			1,906			-
Cash at bank and in hand					4,084			966
					5,990			966
Creditors: Amounts falling due within one year		7			(49,660)			(33,882)
Net current liabilities					(43,670)			(32,916)
Net liabilities					(43,186)			(32,190)
Capital and reserves
Called up share capital		8			1			1
Profit and loss reserve		9			(43,187)			(32,191)
Shareholder's deficit					(43,186)			(32,190)

The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

For the year ending 30 November 2016 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 of its accounts for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Approved and authorised for issue by the director on 15 August 2017

.........................................
R E Antell
Director

The notes on pages 5 to 8 form an integral part of these financial statements.
Page 4

Ref Right Limited
Notes to the Financial Statements
for the Year Ended 30 November 2016
(continued)

1	Accounting policies

Going concern

These financial statements have been prepared on a going concern basis on the grounds that the members have given an indication that they will provide adequate funds to enable the company to meet its liabilities as they fall due.

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Companies Act 2006 and the Financial Reporting Standard for Smaller Entities (effective January 2015). A summary of the significant accounting policies which have been consistently applied in the current and the preceding year is set out below.

Cash flow statement

The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirements to prepare such a statement.

Turnover

Turnover represents the value of services supplied, net of value added tax.

Tangible fixed assets

Tangible fixed assets are recorded at historical cost less accumulated depreciation. Cost comprises the purchase price together with all expenses directly incurred in bringing the asset to its location and condition ready for use.

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less estimated residual value, over their expected useful life as follows:

Asset class	Depreciation method and rate
Computer equipment	20% straight line

Taxation

Corporation tax payable is provided on taxable profits at the current rate of tax. Deferred tax is provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets and liabilities are not discounted.

Page 5

Ref Right Limited
Notes to the Financial Statements
for the Year Ended 30 November 2016
(continued)

2	Operating profit

Operating (loss)/profit is stated after charging:

		2016 £			2015 £
Depreciation of tangible fixed assets		242			242

3	Director's remuneration

No remuneration was paid to the director during the year (2015: nil).

4

Taxation

Tax on (loss)/profit on ordinary activities

The company has no liability to UK Corporation tax in respect of the year ended 30 November 2016 (2015: £nil).

Factors affecting current tax charge for the year

Tax on (loss)/profit on ordinary activities for the year is higher than ( 2015 - lower than ) the standard rate of corporation tax in the UK of 20% ( 2015 - 20% ) . The differences are reconciled below:

		2016 £			2015 £
(Loss)/profit on ordinary activities before taxation		(10,996)			2,154
Corporation tax at standard rate		(2,199)			431
Capital allowances in excess of depreciation		(11)			(218)
Expenses not deductible for tax purposes		1,336			1,274
Unrelieved tax losses carried forward		874			-
Utilisation of tax losses		-			(1,487)
Total current tax		-			-

Factors that may affect future tax charges

The company has trading losses of £18,294 available to be carried forward and set off against future trading profits.

Page 6

Ref Right Limited
Notes to the Financial Statements
for the Year Ended 30 November 2016
(continued)

5	Tangible fixed assets

		Computer equipment £
Cost
At 1 December 2015 and 30 November 2016		968
Depreciation
At 1 December 2015		242
Charge for the year		242
At 30 November 2016		484
Net book value
At 30 November 2016		484
At 30 November 2015		726

6

Debtors

		2016 £			2015 £
Other debtors		1,906			-

7	Creditors: Amounts falling due within one year

		2016 £			2015 £
Trade creditors		14,348			1,194
Amount owed to parent undertaking		4,999			4,999
Social security and taxes		-			89
Other creditors		9,750			9,750
Director's current account		7,913			5,200
Accruals and deferred income		12,650			12,650
		49,660			33,882

Page 7

Ref Right Limited
Notes to the Financial Statements
for the Year Ended 30 November 2016
(continued)

8	Share capital

Allotted and called up shares

	2016		2015
	No.	£	No.	£
Ordinary share of £1	1	1	1	1

9

Reserves

		Profit and loss reserve £
At 1 December 2015		(32,191)
Loss for the year		(10,996)
At 30 November 2016		(43,187)

10	Related party transactions

R E Antell, a director of the company, paid expenses on behalf of the company amounting to £2,713. At the balance sheet date the company owed R E Antell £7,913 (2015: £5,200).

R E Antell is a director of K B Tech Limited, to whom Ref Right Limited levied royalty charges during the year, amounting to £15,000. The transactions were on an arms length basis.

At the balance sheet date the amount due to K Young, a 25% shareholder in Your View Limited, was £9,750 (2015 - £9,750).

At 30 November 2016 the company owed Your View Limited the sum of £4,999 (2015 - £4,999).

These amounts are unsecured, interest free and are not repayable as long as the balance sheet remains in deficit.

11

Control

The ultimate parent company is Your View Limited, a company incorporated in England and Wales. R E Antell the director of the company owns 75% of the issued share capital of Your View Limited

Page 8