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Registration number: 07674886

River Innovations Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2018

Gordon Levy Limited
Chartered Accountants
Arthur House
Chorlton Street
Manchester
M1 3FH

 

River Innovations Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

4 to 7

 

River Innovations Limited

Company Information

Director

Alice Mary Grieve

Registered office

c/o Gordon Levy Limited
Arthur House
Chorlton Street
Manchester
M1 3FH

Accountants

Gordon Levy Limited
Chartered Accountants
Arthur House
Chorlton Street
Manchester
M1 3FH

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
River Innovations Limited
for the Year Ended 30 June 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of River Innovations Limited for the year ended 30 June 2018 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of River Innovations Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of River Innovations Limited and state those matters that we have agreed to state to the Board of Directors of River Innovations Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than River Innovations Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that River Innovations Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of River Innovations Limited. You consider that River Innovations Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of River Innovations Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Gordon Levy Limited
Chartered Accountants
Arthur House
Chorlton Street
Manchester
M1 3FH

13 November 2018

 

River Innovations Limited

(Registration number: 07674886)
Statement of Financial Position as at 30 June 2018

Note

2018
£

2017
£

Fixed assets

 

Tangible assets

4

-

1,211

Current assets

 

Debtors

5

472

5,460

Cash at bank and in hand

 

16,810

9,734

 

17,282

15,194

Creditors: Amounts falling due within one year

6

(7,588)

(4,928)

Net current assets

 

9,694

10,266

Total assets less current liabilities

 

9,694

11,477

Provisions for liabilities

-

(230)

Net assets

 

9,694

11,247

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

9,594

11,147

Total equity

 

9,694

11,247

For the financial year ending 30 June 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 13 November 2018
 

.........................................

Alice Mary Grieve

Director

 

River Innovations Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
c/o Gordon Levy Limited
Arthur House
Chorlton Street
Manchester
M1 3FH

These financial statements were authorised for issue by the director on 13 November 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% straight line

 

River Innovations Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 2).

 

River Innovations Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2017

3,058

3,058

Additions

306

306

Disposals

(3,364)

(3,364)

At 30 June 2018

-

-

Depreciation

At 1 July 2017

1,847

1,847

Charge for the year

809

809

Eliminated on disposal

(2,656)

(2,656)

At 30 June 2018

-

-

Carrying amount

At 30 June 2018

-

-

At 30 June 2017

1,211

1,211

5

Debtors

2018
£

2017
£

Trade debtors

-

5,460

Other debtors

472

-

Total current trade and other debtors

472

5,460

6

Creditors

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

481

539

Taxation and social security

 

4,732

3,898

Other creditors

 

2,375

491

 

7,588

4,928

 

River Innovations Limited

Notes to the Financial Statements for the Year Ended 30 June 2018

7

Dividends

 

2018

2017

 

£

£

Final dividend of £50.00 (2017 - £Nil) per ordinary share

5,000

-

Interim dividend of £40.00 (2017 - £130.00) per ordinary share

4,000

13,000

 

9,000

13,000

The director is proposing a final dividend of £95.94 (2017 - £50.00) per share totalling £9,594.00 (2017 - £5,000.00). This dividend has not been accrued in the Statement of Financial Position.