Company Registration No. 09955747 (England and Wales)
RIVES DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
RIVES DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
2
Notes to the financial statements
3 - 4
RIVES DEVELOPMENTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF RIVES DEVELOPMENTS LIMITED FOR THE YEAR ENDED 31 MARCH 2018
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Rives Developments Limited for the year ended 31 March 2018 which comprise, the Balance Sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

 

This report is made solely to the Board of Directors of Rives Developments Limited, as a body, in accordance with the terms of our engagement letter dated 19 April 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Rives Developments Limited and state those matters that we have agreed to state to the Board of Directors of Rives Developments Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rives Developments Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Rives Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Rives Developments Limited. You consider that Rives Developments 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 financial statements of Rives Developments 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 financial statements.

Baldwins
2 November 2018
Accountants
Lime Court
Pathfields Business Park
South Molton
Devon
EX36 3LH
RIVES DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 2 -
2018
2017
Notes
£
£
£
£
Current assets
Stocks
310,218
84,505
Debtors
405
-
Cash at bank and in hand
122,203
119,670
432,826
204,175
Creditors: amounts falling due within one year
2
(79,628)
(850)
Net current assets
353,198
203,325
Creditors: amounts falling due after more than one year
3
(380,000)
(205,000)
Net liabilities
(26,802)
(1,675)
Capital and reserves
Profit and loss reserves
(26,802)
(1,675)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

The financial statements were approved by the board of directors and authorised for issue on 2 November 2018 and are signed on its behalf by:
Mr S G Rives-Roberts
Director
Company Registration No. 09955747
RIVES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information

Rives Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1G, Back Lane Industrial Estate, Chulmleigh, Devon, England, EX18 7DQ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

Freehold land is not depreciated.

1.2
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

1.3
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

RIVES DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 4 -
2
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
56,410
-
Trade creditors
19,150
-
Other taxation and social security
1,845
-
Other creditors
2,223
850
79,628
850
3
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
180,000
-
Other creditors
200,000
205,000
380,000
205,000
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