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Registration number: 6525310

Riverwood Housing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Riverwood Housing Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Riverwood Housing Limited

Company Information

Directors

Mr Lindsay, Hugh Doyle

Michael Davies

Mrs Pamela Davies

Christopher Mark Davies

Ms Rebecca Hemmings

Mrs Sharon Tracey Willmott-Doyle

Company secretary

Christopher Mark Davies

Registered office

Ground Floor Office
Hebron House
Libanus Road
Blackwood
NP2 1EH

Accountants

AIMS Accountants for Business
 
C12
12 Cathedral Road
Cardiff
CF11 9LJ

 

Riverwood Housing Limited

(Registration number: 6525310)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

1,105,671

1,177,004

Tangible assets

4

900,000

900,000

 

2,005,671

2,077,004

Current assets

 

Debtors

5

18,456

4,459

Cash at bank and in hand

 

174,612

134,169

 

193,068

138,628

Creditors: Amounts falling due within one year

6

(376,617)

(393,329)

Net current liabilities

 

(183,549)

(254,701)

Total assets less current liabilities

 

1,822,122

1,822,303

Creditors: Amounts falling due after more than one year

6

(900,035)

(1,068,422)

Net assets

 

922,087

753,881

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

921,087

752,881

Shareholders' funds

 

922,087

753,881

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

 

Riverwood Housing Limited

(Registration number: 6525310)
Balance Sheet as at 31 January 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 October 2023 and signed on its behalf by:
 

.........................................
Christopher Mark Davies
Company secretary and director

 

Riverwood Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Revenue recognition

Turnover comprises the fair value of the consideration derived from the sale of goods and services. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Riverwood Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

evenly over 30 years

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 merchandise sold or 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.

Borrowings

 

Riverwood Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 

 

Riverwood Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 26 (2022 - 26).

 

Riverwood Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 February 2022

2,140,000

2,140,000

At 31 January 2023

2,140,000

2,140,000

Amortisation

At 1 February 2022

962,996

962,996

Amortisation charge

71,333

71,333

At 31 January 2023

1,034,329

1,034,329

Carrying amount

At 31 January 2023

1,105,671

1,105,671

At 31 January 2022

1,177,004

1,177,004

4

tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 February 2022

900,000

900,000

At 31 January 2023

900,000

900,000

Depreciation

Carrying amount

At 31 January 2023

900,000

900,000

At 31 January 2022

900,000

900,000

Included within the net book value of land and buildings above is £900,000 (2022 - £900,000) in respect of freehold land and buildings.
 

 

Riverwood Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

5

Debtors

Current

2023
£

2022
£

Trade debtors

18,456

4,459

 

Riverwood Housing Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

7

172,564

181,482

Amounts due to related parties

75,824

87,824

Other creditors

 

48,951

47,221

Taxation and social security

 

79,278

76,802

 

376,617

393,329

Due after one year

 

Loans and borrowings

7

900,035

1,068,422

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

900,035

1,068,422

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

900,035

1,068,422

2023
£

2022
£

Current loans and borrowings

Bank borrowings

172,564

181,482