Riverside Construction (Hereford) Limited 4408832 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is property development Digita Accounts Production Advanced 6.30.9574.0 true false true true true false true true 4408832 2022-05-01 2023-04-30 4408832 2023-04-30 4408832 bus:OrdinaryShareClass1 2023-04-30 4408832 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-04-30 4408832 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-04-30 4408832 core:CurrentFinancialInstruments 2023-04-30 4408832 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 4408832 core:Non-currentFinancialInstruments 2023-04-30 4408832 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 4408832 core:FurnitureFittingsToolsEquipment 2023-04-30 4408832 core:MotorVehicles 2023-04-30 4408832 core:AllSubsidiaries 2023-04-30 4408832 bus:SmallEntities 2022-05-01 2023-04-30 4408832 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 4408832 bus:FullAccounts 2022-05-01 2023-04-30 4408832 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 4408832 bus:RegisteredOffice 2022-05-01 2023-04-30 4408832 bus:CompanySecretary1 2022-05-01 2023-04-30 4408832 bus:Director2 2022-05-01 2023-04-30 4408832 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 4408832 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 4408832 core:ComputerEquipment 2022-05-01 2023-04-30 4408832 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 4408832 core:MotorVehicles 2022-05-01 2023-04-30 4408832 core:PlantMachinery 2022-05-01 2023-04-30 4408832 core:AllSubsidiaries 2022-05-01 2023-04-30 4408832 core:Subsidiary1 2022-05-01 2023-04-30 4408832 core:Subsidiary1 1 2022-05-01 2023-04-30 4408832 core:Subsidiary1 countries:England 2022-05-01 2023-04-30 4408832 core:Subsidiary2 2022-05-01 2023-04-30 4408832 core:Subsidiary2 1 2022-05-01 2023-04-30 4408832 core:Subsidiary2 countries:England 2022-05-01 2023-04-30 4408832 core:Subsidiary3 2022-05-01 2023-04-30 4408832 core:Subsidiary3 1 2022-05-01 2023-04-30 4408832 core:Subsidiary3 countries:England 2022-05-01 2023-04-30 4408832 core:Subsidiary4 2022-05-01 2023-04-30 4408832 core:Subsidiary4 1 2022-05-01 2023-04-30 4408832 core:Subsidiary4 countries:EnglandWales 2022-05-01 2023-04-30 4408832 core:Subsidiary5 2022-05-01 2023-04-30 4408832 core:Subsidiary5 1 2022-05-01 2023-04-30 4408832 core:Subsidiary5 countries:England 2022-05-01 2023-04-30 4408832 core:Subsidiary6 2022-05-01 2023-04-30 4408832 core:Subsidiary6 1 2022-05-01 2023-04-30 4408832 core:Subsidiary6 countries:England 2022-05-01 2023-04-30 4408832 countries:EnglandWales 2022-05-01 2023-04-30 4408832 2022-04-30 4408832 core:CostValuation 2022-04-30 4408832 core:FurnitureFittingsToolsEquipment 2022-04-30 4408832 core:MotorVehicles 2022-04-30 4408832 core:AllSubsidiaries 2022-04-30 4408832 2021-05-01 2022-04-30 4408832 2022-04-30 4408832 bus:OrdinaryShareClass1 2022-04-30 4408832 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-04-30 4408832 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-04-30 4408832 core:CurrentFinancialInstruments 2022-04-30 4408832 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 4408832 core:Non-currentFinancialInstruments 2022-04-30 4408832 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 4408832 core:FurnitureFittingsToolsEquipment 2022-04-30 4408832 core:MotorVehicles 2022-04-30 4408832 core:AllSubsidiaries 2022-04-30 4408832 core:AllSubsidiaries 2021-05-01 2022-04-30 4408832 core:Subsidiary1 1 2021-05-01 2022-04-30 4408832 core:Subsidiary2 1 2021-05-01 2022-04-30 4408832 core:Subsidiary3 1 2021-05-01 2022-04-30 4408832 core:Subsidiary4 1 2021-05-01 2022-04-30 4408832 core:Subsidiary5 1 2021-05-01 2022-04-30 4408832 core:Subsidiary6 1 2021-05-01 2022-04-30 4408832 2021-04-30 4408832 core:AllSubsidiaries 2021-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 4408832

Riverside Construction (Hereford) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Riverside Construction (Hereford) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 17

 

Riverside Construction (Hereford) Limited

Company Information

Director

Mr P L Tobin

Company secretary

Mrs C L Tobin

Registered office

St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

Accountants

Young & Co
Chartered Accountants
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Riverside Construction (Hereford) Limited

(Registration number: 4408832)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Tangible assets

4

59,116

41,359

Investments

5

1,079

1,079

 

60,195

42,438

Current assets

 

Stocks

6

427,469

427,469

Debtors

7

2,696,660

2,227,324

Cash at bank and in hand

 

14,363

210,350

 

3,138,492

2,865,143

Creditors: Amounts falling due within one year

8

(1,696,124)

(1,485,847)

Net current assets

 

1,442,368

1,379,296

Total assets less current liabilities

 

1,502,563

1,421,734

Creditors: Amounts falling due after more than one year

8

(64,651)

(50,756)

Provisions for liabilities

(11,232)

(7,858)

Net assets

 

1,426,680

1,363,120

Capital and reserves

 

Called up share capital

9

475,000

475,000

Retained earnings

951,680

888,120

Shareholders' funds

 

1,426,680

1,363,120

For the financial year ending 30 April 2023 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Riverside Construction (Hereford) Limited

(Registration number: 4408832)
Balance Sheet as at 30 April 2023
(continued)

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 October 2023
 

.........................................
Mr P L Tobin
Director

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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:
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA
England

The principal place of business is:
Laurel House
Stretton Sugwas
Hereford
Herefordshire
HR4 7AA

These financial statements were authorised for issue by the director on 26 October 2023.

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.

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

2

Accounting policies (continued)

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 sales/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 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.

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 balance sheet 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:

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Motor vehicles

25% WDV

Plant and machinery

15% SL

Computer equipment

33% SL

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

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.

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.

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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 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.

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 the director) during the year, was 3 (2022 - 3).

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

65,664

31,094

96,758

Additions

-

31,995

31,995

At 30 April 2023

65,664

63,089

128,753

Depreciation

At 1 May 2022

36,876

18,523

55,399

Charge for the year

5,096

9,142

14,238

At 30 April 2023

41,972

27,665

69,637

Carrying amount

At 30 April 2023

23,692

35,424

59,116

At 30 April 2022

28,788

12,571

41,359

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

5

Investments

2023
£

2022
£

Investments in subsidiaries

1,079

1,079

Subsidiaries

£

Cost or valuation

At 1 May 2022

1,079

Provision

Carrying amount

At 30 April 2023

1,079

At 30 April 2022

1,079

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

5

Investments (continued)

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

     

2023

2022

Subsidiary undertakings

CLT 1973 Limited

Young & Co, St Ethelbert House, Ryelands Street, Hereford, HR4 0LA

England

Ordinary

100%

100%

Fryers Gate (Hereford) Limited

Young & Co, St Ethelbert House, Ryelands Street, Hereford, HR4 0LA

England

Ordinary

100%

100%

Wellington Developments (Hereford) Limited

Young & Co, St Ethelbert House, Ryelands Street, Hereford, HR4 0LA

England

Ordinary

100%

100%

Kings Acre Developments (Hereford) Limited

England and Wales

Ordinary B, C and D shares

100%

100%

West Street (Hereford) Limited

Young & Co, St Ethelbert House, Ryelands Street, Hereford, HR4 0LA

England

Ordinary

100%

100%

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

5

Investments (continued)

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

PLT SP1 Limited

Young & Co, St Ethelbert House, Ryelands Street, Hereford, HR4 0LA

England

Ordinary

100%

100%

Subsidiary undertakings

CLT 1973 Limited

The principal activity of CLT 1973 Limited is Property investment.

Fryers Gate (Hereford) Limited

The principal activity of Fryers Gate (Hereford) Limited is Property development.

Wellington Developments (Hereford) Limited

The principal activity of Wellington Developments (Hereford) Limited is Property devopment.

Kings Acre Developments (Hereford) Limited

The principal activity of Kings Acre Developments (Hereford) Limited is Property development.

West Street (Hereford) Limited

The principal activity of West Street (Hereford) Limited is Property development.

PLT SP1 Limited

The principal activity of PLT SP1 Limited is Property development.

6

Stocks

2023
£

2022
£

Work in progress

427,469

427,469

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

-

-

Amounts owed by group undertakings and undertakings in which the company has a participating interest

12

2,552,327

2,102,452

Prepayments

 

998

6,252

Other debtors

 

143,335

118,620

 

2,696,660

2,227,324

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

30,072

11,294

Trade creditors

 

84,784

-

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

867,342

874,258

Taxation and social security

 

48,023

13,106

Accruals and deferred income

 

3,853

3,293

Other creditors

 

662,050

583,896

 

1,696,124

1,485,847

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £6,382 (2022 - £3,501).

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

8

Creditors (continued)

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

64,651

50,756

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £30,855 (2022 - £11,614).

Creditors include bank loans repayable by instalments of £11,574 (2022 - £14,380) due after more than five years.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

475,000

475,000

475,000

475,000

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,796

39,142

Hire purchase contracts

30,855

11,614

64,651

50,756

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

10

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,556

5,765

Bank overdrafts

18,134

2,028

Hire purchase contracts

6,382

3,501

30,072

11,294

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £7,615 (2022 - £8,333).

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

12

Related party transactions

Loans to related parties

2023

Subsidiary
£

Total
£

At start of period

2,102,452

2,102,452

Advanced

1,746,720

1,746,720

Repaid

(1,296,845)

(1,296,845)

At end of period

2,552,327

2,552,327

2022

Subsidiary
£

Total
£

At start of period

1,292,701

1,292,701

Advanced

2,753,389

2,753,389

Repaid

(1,943,638)

(1,943,638)

At end of period

2,102,452

2,102,452

Terms of loans to related parties

The loans are interest free, unsecured and repayable on demand.
 

Loans from related parties

2023

Subsidiary
£

Total
£

At start of period

874,259

874,259

Advanced

57,433

57,433

Repaid

(64,350)

(64,350)

At end of period

867,342

867,342

 

Riverside Construction (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

12

Related party transactions (continued)

2022

Subsidiary
£

Total
£

At start of period

272,588

272,588

Advanced

978,057

978,057

Repaid

(376,386)

(376,386)

At end of period

874,259

874,259