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Registration number: 03079268

Rivergreen Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2022

 

Rivergreen Limited

Contents

Company Information

1

Directors' Report

2

Income Statement

3

Statement of Financial Position

4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 13

 

Rivergreen Limited

Company Information

Directors

P H Candler

M I Candler

P A Ganley

Company secretary

J C Candler

Registered office

The Farm House & Byre
Aykley Heads Farm
Aykley Heads
Durham
DH1 5AN

Accountants

Azets
Bulman House
Regent Centre
Gosforth
Newcastle upon Tyne
NE3 3LS

 

Rivergreen Limited

Directors' Report for the Year Ended 31 October 2022

The directors present their report and the financial statements for the year ended 31 October 2022.

Directors of the company

The directors who held office during the year were as follows:

P H Candler

M I Candler

P A Ganley

Principal activity

The principal activity of the company is that of property development, investment and project management.

Going concern

The financial statements have been prepared on a going concern basis.

The company meets its day to day working capital requirements through cash generated from operations and external borrowings.

The company's forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.

The directors believe that the company is well placed to manage its business risks, despite the current economic conditions, and are satisfied that there is no material uncertainty in relation to going concern and it therefore remains appropriate to adopt the going concern basis in preparing its financial statements.

Important non adjusting events after the financial period

During the period 1 November 2022 up to the date of the signing of the financial statements, dividends totalling £200,000 have been noted and paid to the shareholders of the company.

Small companies' provision statement

This report has 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.

Approved and authorised for issue by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
P A Ganley
Director

 

Rivergreen Limited

Income Statement for the Year Ended 31 October 2022

Note

2022
£

2021
£

Turnover

 

29,888

50,385

Administrative expenses

 

(96,050)

(18,157)

Exceptional expenses

4

85,696

-

Operating profit

 

19,534

32,228

Income from shares in group undertakings

 

301,168

-

Interest payable and similar expenses

 

(104,620)

(14,931)

Profit before tax

216,082

17,297

Taxation

 

33,762

62,001

Profit for the financial year

 

249,844

79,298

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Rivergreen Limited

(Registration number: 03079268)
Statement of Financial Position as at 31 October 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

-

30,922

Investment property

6

519,000

625,000

Investments

7

1,000

1,002

 

520,000

656,924

Current assets

 

Debtors

8

1,464,979

1,829,789

Investments

9

1,049,999

1,049,999

Cash at bank and in hand

 

98,133

1,665

 

2,613,111

2,881,453

Creditors: Amounts falling due within one year

10

(9,429)

(28,579)

Net current assets

 

2,603,682

2,852,874

Total assets less current liabilities

 

3,123,682

3,509,798

Creditors: Amounts falling due after more than one year

10

(38,237)

(674,197)

Net assets

 

3,085,445

2,835,601

Capital and reserves

 

Called up share capital

2,000

2,000

Profit and loss account

3,083,445

2,833,601

Total equity

 

3,085,445

2,835,601

For the financial year ending 31 October 2022 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 financial statements 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 financial statements.

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.

Approved and authorised for issue by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
P A Ganley
Director

 

Rivergreen Limited

Statement of Changes in Equity for the Year Ended 31 October 2022

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2020

2,000

2,754,303

2,756,303

Profit for the period

-

79,298

79,298

Total comprehensive income

-

79,298

79,298

At 31 October 2021

2,000

2,833,601

2,835,601

Share capital
£

Profit and loss account
£

Total
£

At 1 November 2021

2,000

2,833,601

2,835,601

Profit for the year

-

249,844

249,844

Total comprehensive income

-

249,844

249,844

At 31 October 2022

2,000

3,083,445

3,085,445

 

Rivergreen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022

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 The Farm House & Byre, Aykley Heads Farm, Aykley Heads, Durham, DH1 5AN.

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 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.

These financial statements are prepared in sterling which is the functional currency of the entity.

Group accounts not prepared

The company is exempt by virtue of s.399 of the Companies Act 2006 from the requirement to prepare group financial statements. The financial statements present information about the company as an individual undertaking and not about its group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

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 deferred tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Rivergreen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

 

Equipment, fixtures and fittings

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Rivergreen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

2

Accounting policies (continued)

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

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 income statement 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2021 - 0).

4

Exceptional items

2022
£

2021
£

Exceptional expenses

(85,696)

-

Exceptional administrative expenses relate to doubtful debt provisions made against related party loan balances following an assessment of recoverability by management.

 

Rivergreen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

5

Tangible assets

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 November 2021

354,685

354,685

Disposals

(354,685)

(354,685)

At 31 October 2022

-

-

Depreciation

At 1 November 2021

323,763

323,763

Charge for the year

4,638

4,638

Eliminated on disposal

(328,401)

(328,401)

At 31 October 2022

-

-

Carrying amount

At 31 October 2022

-

-

At 31 October 2021

30,922

30,922

6

Investment properties

2022
£

At 1 November

625,000

Disposals

(106,000)

At 31 October

519,000

Included within Investment properties at the year end is a commercial property and residential properties.

The commercial property was valued at an open market basis by Storeys Edward Symmons LLP on 29 February 2012. Since the date of the external valuation the company has sold commercial units within the property and the valuation has been reduced accordingly for their disposal.

Taking the disposal values into consideration, the directors are of the opinion that there has been no significant change in the market value since the last external valuation.

The residential properties were valued at an open market basis by Storeys Edward Symmons LLP on 30 April 2011. In the directors opinion there has been an impairment in the market value and they have adjusted the fair value accordingly.

There has been no valuation of investment property by an independent valuer.

 

Rivergreen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

7

Investments

2022
£

2021
£

Investments in subsidiaries

1,000

1,002

Subsidiaries

£

Cost or valuation

At 1 November 2021

1,002

Disposals

(2)

At 31 October 2022

1,000

Provision

At 1 November 2021

-

At 31 October 2022

-

Carrying amount

At 31 October 2022

1,000

At 31 October 2021

1,002

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Rivergeen Developments plc

The Farm House & Byre, Aykley Heads Farm, Aykley Heads, Durham, DH1 5AN

Ordinary

100%

100%

 

England and Wales

     

Rivergreen Homes Limited

The Farmhouse & Byre, Aykley Heads Farm, Aykley Heads, Durham, DH1 5AN

Ordinary

0%

100%

 

England and Wales

     

Rivergreen Centre (St Mary's) Limited

The Farmhouse & Byre, Aykley Heads Farm, Aykley Heads, Durham, DH1 5AN

Ordinary

0%

100%

 

England and Wales

     
 

Rivergreen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

7

Investments (continued)

Subsidiary undertakings

Rivergeen Developments plc

The principal activity of Rivergeen Developments plc is property developments, investment and project management.

Rivergreen Homes Limited

The principal activity of Rivergreen Homes Limited was the sale of residential homes. The company was dissolved during the year.

Rivergreen Centre (St Mary's) Limited

The principal activity of Rivergreen Centre (St Mary's) Limited was the operation of a commercial centre. The company was dissolved during the year.

8

Debtors

Note

2022
£

2021
£

Directors loan accounts

 

64,376

90,562

Amounts owed by group undertakings

1,249,325

1,628,334

Other debtors

 

151,278

110,893

 

1,464,979

1,829,789

9

Current asset investments

2022
£

2021
£

Investments in unlisted shares

1,049,999

1,049,999

 

Rivergreen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

10

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

11

6,479

22,321

Accruals and deferred income

 

2,950

6,258

 

9,429

28,579

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

11

38,237

674,197

11

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

6,479

5,833

Other borrowings

-

16,488

6,479

22,321

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

38,237

42,022

Other borrowings

-

632,175

38,237

674,197

 

Rivergreen Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2022 (continued)

11

Loans and borrowings (continued)

Bank borrowings

The Bounce Back Loan is denominated in sterling with a nominal interest rate of 2.50%. The carrying amount at year end is £44,716 (2021 - £47,855).

The Newcastle Building Society mortgage is denominated in sterling with a nominal interest rate of 2.00%. The carrying amount at year end is £Nil (2021 - £305,676).

The loan was secured by way of a fixed and floating charge over all present property as well as a fixed charge over book and other debts.

The directors loan is denominated in sterling with a nominal interest rate of 7.80%. The carrying amount at year end is £Nil (2021 - £342,987).

12

Parent and ultimate parent undertaking

The ultimate controlling party is considered to be P H Candler and P A Ganley.

13

Non adjusting events after the financial period

During the period 1 November 2022 up to the date of the signing of the financial statements, dividends totalling £200,000 have been noted and paid to the shareholders of the company.