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REGISTERED NUMBER: 11357321 (England and Wales)


















Riva Home Group Limited

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31st January 2023






Riva Home Group Limited (Registered number: 11357321)






Contents of the Consolidated Financial Statements
for the year ended 31st January 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Consolidated Statement of Comprehensive Income 8

Consolidated Balance Sheet 9

Company Balance Sheet 10

Consolidated Statement of Changes in Equity 11

Company Statement of Changes in Equity 12

Consolidated Cash Flow Statement 13

Notes to the Consolidated Cash Flow Statement 14

Notes to the Consolidated Financial Statements 15


Riva Home Group Limited

Company Information
for the year ended 31st January 2023







DIRECTOR: J Green





REGISTERED OFFICE: Riva Home
Coal Road
Leeds
West Yorkshire
LS14 1PS





REGISTERED NUMBER: 11357321 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Riva Home Group Limited (Registered number: 11357321)

Group Strategic Report
for the year ended 31st January 2023

The director presents his strategic report of the company and the group for the year ended 31st January 2023.

REVIEW OF BUSINESS
The directors consider the performance of the company to be satisfactory given trading conditions and the company to be well positioned for future growth.

The company continues to invest for growth with the acquisition of Voyage Maison in June 23. Voyage Maison is a premium brand that is widely recognised and offers a unique product proposition that appeals to a more affluent demographic which will help Riva Home diversify and grow into a new space. The acquisition expands Riva Homes UK manufacturing operation with the different capabilities Voyage have at their Glasgow factory, and helps bolster the previous Staffordshire-based manufacturing acquisition made back in 2020

PRINCIPAL RISKS AND UNCERTAINTIES
The key risk for the business is the cost-of-living crisis. Riva continue to offer a wide range of product offerings covering all demographics to mitigate this risk

KEY PERFORMANCE INDICATORS
The company's ultimate shareholder is also the director of the company and is closely involved in the
company's activities. The company directors therefore believe that the analysis of the company performance for the year using key performance indicators is not necessary as the ultimate shareholder already understands the development, performance, and position of the company.

FINANCIAL RISK MANAGEMENT
The main financial risks, to which the company is exposed are exchange rate and credit risk. The company manages these risks by entering into forward exchange contracts and having in place robust credit management processes and appropriate credit insurance.

ON BEHALF OF THE BOARD:





J Green - Director


14th July 2023

Riva Home Group Limited (Registered number: 11357321)

Report of the Director
for the year ended 31st January 2023

The director presents his report with the financial statements of the company and the group for the year ended 31st January 2023.

CHANGE OF NAME
The group passed a special resolution on 16th May 2023 changing its name from Charles Green Investments Limited to Riva Home Group Limited.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of importing and distributing wholesale drapery goods.

DIVIDENDS
During the year total dividends of £361,200 were paid. The director does not recommend the payment of any further dividends.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR
J Green held office during the whole of the period from 1st February 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Riva Home Group Limited (Registered number: 11357321)

Report of the Director
for the year ended 31st January 2023


AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:



J Green - Director


14th July 2023

Report of the Independent Auditors to the Members of
Riva Home Group Limited

Opinion
We have audited the financial statements of Riva Home Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st January 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Riva Home Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Report of the Independent Auditors to the Members of
Riva Home Group Limited

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
-
reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Dearing BSc FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

14th July 2023

Riva Home Group Limited (Registered number: 11357321)

Consolidated Statement of Comprehensive Income
for the year ended 31st January 2023

2023 2022
Notes £    £   

TURNOVER 3 19,869,399 23,446,239

Cost of sales 14,296,541 16,983,223
GROSS PROFIT 5,572,858 6,463,016

Administrative expenses 4,848,769 3,322,057
724,089 3,140,959

Other operating income 289,121 216,363
OPERATING PROFIT 5 1,013,210 3,357,322

Goodwill ammortisation 6 518,418 518,418
494,792 2,838,904


Interest payable and similar expenses 7 183,923 97,174
PROFIT BEFORE TAXATION 310,869 2,741,730

Tax on profit 8 167,707 680,826
PROFIT FOR THE FINANCIAL YEAR 143,162 2,060,904

Riva Home Group Limited (Registered number: 11357321)

Consolidated Balance Sheet
31st January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 3,369,715 3,888,133
Tangible assets 12 2,553,859 2,120,616
Investments 13 - -
5,923,574 6,008,749

CURRENT ASSETS
Stocks 14 7,003,908 5,830,943
Debtors 15 4,645,321 5,540,295
Cash at bank and in hand 147,863 559,753
11,797,092 11,930,991
CREDITORS
Amounts falling due within one year 16 8,585,155 8,273,139
NET CURRENT ASSETS 3,211,937 3,657,852
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,135,511

9,666,601

CREDITORS
Amounts falling due after more than one
year

17

(4,378,675

)

(4,798,790

)

PROVISIONS FOR LIABILITIES 21 (598,027 ) (490,964 )
NET ASSETS 4,158,809 4,376,847

CAPITAL AND RESERVES
Called up share capital 22 1,200,100 1,200,100
Capital redemption reserve 23 1,395,000 1,023,000
Retained earnings 23 1,563,709 2,153,747
SHAREHOLDERS' FUNDS 4,158,809 4,376,847

The financial statements were approved by the director and authorised for issue on 14th July 2023 and were signed by:





J Green - Director


Riva Home Group Limited (Registered number: 11357321)

Company Balance Sheet
31st January 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 8,062,046 8,062,046
8,062,046 8,062,046

CURRENT ASSETS
Debtors 15 173,514 164,198
Cash at bank 500 149,951
174,014 314,149
CREDITORS
Amounts falling due within one year 16 557,302 539,266
NET CURRENT LIABILITIES (383,288 ) (225,117 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,678,758

7,836,929

CREDITORS
Amounts falling due after more than one
year

17

4,260,000

4,632,000
NET ASSETS 3,418,758 3,204,929

CAPITAL AND RESERVES
Called up share capital 22 1,200,100 1,200,100
Capital redemption reserve 1,395,000 1,023,000
Retained earnings 823,658 981,829
SHAREHOLDERS' FUNDS 3,418,758 3,204,929

Company's profit for the financial year 575,029 699,035

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 14th July 2023 and were signed by:





J Green - Director


Riva Home Group Limited (Registered number: 11357321)

Consolidated Statement of Changes in Equity
for the year ended 31st January 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1st February 2021 1,200,100 642,843 651,000 2,493,943

Changes in equity
Total comprehensive income - 2,060,904 - 2,060,904
Dividends - (178,000 ) - (178,000 )
Redemption of preference
shares - (372,000 ) 372,000 -
Balance at 31st January 2022 1,200,100 2,153,747 1,023,000 4,376,847

Changes in equity
Total comprehensive income - 143,162 - 143,162
Dividends - (361,200 ) - (361,200 )
Redemption of preference
shares - (372,000 ) 372,000 -
Balance at 31st January 2023 1,200,100 1,563,709 1,395,000 4,158,809

Riva Home Group Limited (Registered number: 11357321)

Company Statement of Changes in Equity
for the year ended 31st January 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   

Balance at 1st February 2021 1,200,100 832,794 651,000 2,683,894

Changes in equity
Total comprehensive income - 699,035 - 699,035
Dividends - (178,000 ) - (178,000 )
Redemption of preference
shares - (372,000 ) 372,000 -
Balance at 31st January 2022 1,200,100 981,829 1,023,000 3,204,929

Changes in equity
Total comprehensive income - 575,029 - 575,029
Dividends - (361,200 ) - (361,200 )
Redemption of preference
shares - (372,000 ) 372,000 -
Balance at 31st January 2023 1,200,100 823,658 1,395,000 3,418,758

Riva Home Group Limited (Registered number: 11357321)

Consolidated Cash Flow Statement
for the year ended 31st January 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 718,333 1,316,942
Interest paid (174,458 ) (90,860 )
Interest element of hire purchase
payments paid

(8,882

)

(5,694

)
Tax paid (121,258 ) (405,461 )
Net cash from operating activities 413,735 814,927

Cash flows from investing activities
Purchase of tangible fixed assets (825,367 ) (1,882,675 )
Sale of tangible fixed assets 95,547 2,096
Sale of investment property - 700,000
Net cash from investing activities (729,820 ) (1,180,579 )

Cash flows from financing activities
Net movement in stock loan (291,961 ) 885,359
Preference share redemption (372,000 ) (372,000 )
Advances on invoice financing facilities 952,363 1,097,426
Capital repayments in year (22,424 ) (19,502 )
Equity dividends paid (361,200 ) (178,000 )
Non-equity dividends paid (583 ) (620 )
Net cash from financing activities (95,805 ) 1,412,663

(Decrease)/increase in cash and cash equivalents (411,890 ) 1,047,011
Cash and cash equivalents at
beginning of year

2

559,753

(487,258

)

Cash and cash equivalents at end of
year

2

147,863

559,753

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Cash Flow Statement
for the year ended 31st January 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 310,869 2,741,730
Depreciation charges 304,421 203,395
(Profit)/loss on disposal of fixed assets (7,844 ) 71,525
Goodwill ammortisation 518,418 518,418
Finance costs 183,923 97,174
1,309,787 3,632,242
Increase in stocks (1,172,965 ) (2,105,449 )
Decrease/(increase) in trade and other debtors 894,974 (1,483,527 )
(Decrease)/increase in trade and other creditors (313,463 ) 1,273,676
Cash generated from operations 718,333 1,316,942

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 147,863 559,753
Year ended 31st January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 559,753 641
Bank overdrafts - (487,899 )
559,753 (487,258 )


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank and in hand 559,753 (411,890 ) 147,863
559,753 (411,890 ) 147,863
Debt
Finance leases (117,423 ) 4,250 (113,173 )
Debts falling due within 1 year (4,524,700 ) 291,961 (4,232,739 )
Debts falling due after 1 year (4,708,140 ) 390,174 (4,317,966 )
(9,350,263 ) 686,385 (8,663,878 )
Total (8,790,510 ) 274,495 (8,516,015 )

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements
for the year ended 31st January 2023

1. STATUTORY INFORMATION

Riva Home Group Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statement have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value.

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

Basis of consolidation
The group financial statements consolidate the financial statements of Riva Home Group Limited and its subsidiaries for the year ended 31st January 2023. The subsidiary undertakings have been accounted for under the acquisition method of accounting. No company Statement of comprehensive Income is presented for Riva Home Group Limited as permitted by Section 408 of the Companies Act 2006.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of value added tax and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sales of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the date of dispatch of the goods.

Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold improvements- over the lease term
Plant and machinery - 10% and 20% on cost
Fixtures and Fittings- 10% and 20% on cost
Motor Vehicles- 20% on cost

Investment property
Investment property for which fair value can be measured reliably are measured at fair value at each reporting date with changes in fair value recognised in the statement of comprehensive income.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the average cost method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
When employees have rendered service to the group short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The group operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. TURNOVER

The turnover and profit before tax are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,160,817 3,578,055
Social security costs 361,034 280,643
Other pension costs 87,721 86,709
4,609,572 3,945,407

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Management and administration 26 28
Sales 109 93
135 121

2023 2022
£    £   
Director's remuneration 50,000 50,000
Director's pension contributions to money purchase schemes 6,000 6,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Depreciation - owned assets 290,330 176,644
Depreciation - assets on hire purchase contracts 14,091 26,752
Loss on disposal of fixed assets 8,908 71,525
Goodwill amortisation 518,418 518,418
Auditors' remuneration - parent 5,000 5,000
Auditors' remuneration - subsidiaries 25,000 20,000
Foreign exchange differences (69,648 ) 21,164
Other operating leases 691,727 356,234

6. GOODWILL AMORTISATION

Goodwill on consolidation is being amortised in line with the stated accounting policy (see note 2).

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 19,487 3,046
Bank stocking loans interest 154,971 87,814
Hire purchase 8,882 5,694
A redeemable preference dividend 420 450
B redeemable preference dividend 43 50
Irredeemable preference dividend 120 120
183,923 97,174

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 60,644 285,374

Deferred tax 107,063 395,452
Tax on profit 167,707 680,826

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 310,869 2,741,730
Profit multiplied by the standard rate of corporation tax in the UK of
19 % (2022 - 19 %)

59,065

520,929

Effects of:
Expenses not deductible for tax purposes 3,297 9,328
Capital allowances in excess of depreciation (18,849 ) (65,761 )
Goodwill ammortisation not deductible for tax purposes 98,499 98,499
Change in rate of Deferred tax 25,695 117,831
Total tax charge 167,707 680,826

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. DIVIDENDS

2023 2022
£    £   
Ordinary shares of £1 each
Interim - paid 361,200 178,000

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st February 2022
and 31st January 2023 5,184,178
AMORTISATION
At 1st February 2022 1,296,045
Amortisation for year 518,418
At 31st January 2023 1,814,463
NET BOOK VALUE
At 31st January 2023 3,369,715
At 31st January 2022 3,888,133

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Leasehold Plant and and Motor
Improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st February 2022 84,175 318,955 1,770,438 306,113 2,479,681
Additions - 425,792 228,385 171,190 825,367
Disposals - - (23,463 ) (94,763 ) (118,226 )
At 31st January 2023 84,175 744,747 1,975,360 382,540 3,186,822
DEPRECIATION
At 1st February 2022 - 17,361 159,391 182,313 359,065
Charge for year 6,312 57,128 203,725 37,256 304,421
Eliminated on disposal - - (3,673 ) (26,850 ) (30,523 )
At 31st January 2023 6,312 74,489 359,443 192,719 632,963
NET BOOK VALUE
At 31st January 2023 77,863 670,258 1,615,917 189,821 2,553,859
At 31st January 2022 84,175 301,594 1,611,047 123,800 2,120,616

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st February 2022
and 31st January 2023 149,552
DEPRECIATION
At 1st February 2022 39,536
Charge for year 14,091
At 31st January 2023 53,627
NET BOOK VALUE
At 31st January 2023 95,925
At 31st January 2022 110,016

13. FIXED ASSET INVESTMENTS

Company

Shares in group undertakings 2023 2022
£ £
Cost
At 1st February 2022 8,062,046 8,062,046
Additions - -
At 31st January 2023 8,062,046 8,062,046

Details of group undertaking at the year end are as follows:
Proportion
Name of company Held Nature of business

Riva Paoletti Limited* Ordinary shares 100% Distribution wholesale of
drapery goods

Ismail Textiles Limited Ordinary shares 100% Distribution wholesale of
drapery goods

Riva EL Limited Ordinary shares 100% Management company

* Shares of the undertaking marked with an asterisk (*) are held directly by the company.

All of the above companies are registered in England.

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

14. STOCKS

Group
2023 2022
£    £   
Stocks 6,666,908 5,450,985
Work-in-progress 337,000 379,958
7,003,908 5,830,943

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 2,732,712 3,955,809 - -
Amounts owed by group undertakings - - 173,514 164,198
Other debtors 1,357,518 1,394,792 - -
Prepayments and accrued income 555,091 189,694 - -
4,645,321 5,540,295 173,514 164,198

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 18) 3,860,739 4,152,700 - -
Preference shares (see note 18) 372,000 372,000 372,000 372,000
Hire purchase contracts (see note 19) 52,464 26,773 - -
Trade creditors 609,229 997,993 - -
Corporation tax 232,462 293,076 181,570 164,116
Social security and other taxes 720,645 1,015,086 - -
Other creditors 2,053,973 1,129,530 2,556 1,973
Accruals and deferred income 683,643 285,981 1,176 1,177
8,585,155 8,273,139 557,302 539,266

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 18) 57,966 76,140 - -
Preference shares (see note 18) 4,260,000 4,632,000 4,260,000 4,632,000
Hire purchase contracts (see note 19) 60,709 90,650 - -
4,378,675 4,798,790 4,260,000 4,632,000

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank stocking loans 3,860,739 4,152,700 - -
Preference shares 372,000 372,000 372,000 372,000
4,232,739 4,524,700 372,000 372,000
Amounts falling due between one and two years:
Bank loans 1-2 years 20,043 19,787 - -
Preference shares 372,000 372,000 372,000 372,000
392,043 391,787 372,000 372,000
Amounts falling due between two and five years:
Bank loans 2-5 years 37,923 56,353 - -
Preference shares 1,116,000 1,116,000 1,116,000 1,116,000
1,153,923 1,172,353 1,116,000 1,116,000
Amounts falling due in more than five years:
Repayable by instalments
Preference shares 2,772,000 3,144,000 2,772,000 3,144,000

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4,200,000 A redeemable preference £1 4,200,000 4,500,000
432,000 B redeemable preference £1 432,000 504,000
4,632,000 5,004,000

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 52,464 26,773
Between one and five years 60,709 90,650
113,173 117,423

Group
Non-cancellable operating leases
2023 2022
£    £   
Within one year 787,440 444,050
Between one and five years 2,660,780 3,362,176
In more than five years 4,089,583 5,009,583
7,537,803 8,815,809

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£    £   
Hire purchase contracts 113,173 117,423
Stocking loan 3,840,952 4,087,159
Invoice financing facility 2,049,789 1,097,426
6,003,914 5,302,008

The loans and overdrafts are secured by fixed and floating charges over the assets of the company.
Hire purchase liabilities are secured over the assets to which the agreement relate.

21. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 598,027 490,964

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

21. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st February 2022 490,964
Provided during year 107,063
Balance at 31st January 2023 598,027

22. CALLED UP SHARE CAPITAL

The ordinary share capital of £100 (2022 £100) is allotted, called up and fully paid.
The irredeemable preference share capital of £1,200,000 (2022 £1,200,000) is allotted, called up and fully paid.

23. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st February 2022 2,153,747 1,023,000 3,176,747
Profit for the year 143,162 - 143,162
Dividends (361,200 ) - (361,200 )
Redemption of preference share (372,000 ) 372,000 -
At 31st January 2023 1,563,709 1,395,000 2,958,709


24. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements 37,587 63,869

25. RELATED PARTY DISCLOSURES

Other related parties
2023 2022
£    £   
Amount due from related party 1,332,000 1,032,000

During the year, a total of key management personnel compensation of £ 365,504 (2022 - £ 307,289 ) was paid.

26. POST BALANCE SHEET EVENTS

On the 5th June 2023 the group acquired the trade and assets of Voyage Maison Limited.

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2023

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Green.