Silverfin false 28/02/2023 01/03/2022 28/02/2023 Mr D J Simmons 03/03/2015 Mrs S C Simmons 03/03/2015 29 November 2023 The principal activity of the Company during the financial year was the generation of electricity. 09467789 2023-02-28 09467789 bus:Director1 2023-02-28 09467789 bus:Director2 2023-02-28 09467789 2022-02-28 09467789 core:CurrentFinancialInstruments 2023-02-28 09467789 core:CurrentFinancialInstruments 2022-02-28 09467789 core:Non-currentFinancialInstruments 2023-02-28 09467789 core:Non-currentFinancialInstruments 2022-02-28 09467789 core:ShareCapital 2023-02-28 09467789 core:ShareCapital 2022-02-28 09467789 core:RetainedEarningsAccumulatedLosses 2023-02-28 09467789 core:RetainedEarningsAccumulatedLosses 2022-02-28 09467789 core:PlantMachinery 2022-02-28 09467789 core:PlantMachinery 2023-02-28 09467789 bus:OrdinaryShareClass1 2023-02-28 09467789 2022-03-01 2023-02-28 09467789 bus:FullAccounts 2022-03-01 2023-02-28 09467789 bus:SmallEntities 2022-03-01 2023-02-28 09467789 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 09467789 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 09467789 bus:Director1 2022-03-01 2023-02-28 09467789 bus:Director2 2022-03-01 2023-02-28 09467789 core:PlantMachinery core:TopRangeValue 2022-03-01 2023-02-28 09467789 2021-03-01 2022-02-28 09467789 core:PlantMachinery 2022-03-01 2023-02-28 09467789 core:Non-currentFinancialInstruments 2022-03-01 2023-02-28 09467789 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 09467789 bus:OrdinaryShareClass1 2021-03-01 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09467789 (England and Wales)

RIVIERA RENEWABLES LIMITED

Unaudited Financial Statements
For the financial year ended 28 February 2023
Pages for filing with the registrar

RIVIERA RENEWABLES LIMITED

Unaudited Financial Statements

For the financial year ended 28 February 2023

Contents

RIVIERA RENEWABLES LIMITED

BALANCE SHEET

As at 28 February 2023
RIVIERA RENEWABLES LIMITED

BALANCE SHEET (continued)

As at 28 February 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,586,261 1,360,357
1,586,261 1,360,357
Current assets
Debtors 4 77,152 21,152
Cash at bank and in hand 35,239 25,825
112,391 46,977
Creditors: amounts falling due within one year 5 ( 1,118,459) ( 795,160)
Net current liabilities (1,006,068) (748,183)
Total assets less current liabilities 580,193 612,174
Creditors: amounts falling due after more than one year 6 ( 146,636) ( 275,557)
Provision for liabilities ( 68,909) ( 51,908)
Net assets 364,648 284,709
Capital and reserves
Called-up share capital 7 20 20
Profit and loss account 364,628 284,689
Total shareholders' funds 364,648 284,709

For the financial year ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Riviera Renewables Limited (registered number: 09467789) were approved and authorised for issue by the Director on 29 November 2023. They were signed on its behalf by:

Mr D J Simmons
Director
RIVIERA RENEWABLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
RIVIERA RENEWABLES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Riviera Renewables Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Higher Trevaskis Farm, 14 Gwinear Road, Connor Downs, Cornwall TR27 5JQ, Hayle, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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.

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.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Plant and machinery 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 01 March 2022 1,756,719 1,756,719
Additions 313,740 313,740
At 28 February 2023 2,070,459 2,070,459
Accumulated depreciation
At 01 March 2022 396,362 396,362
Charge for the financial year 87,836 87,836
At 28 February 2023 484,198 484,198
Net book value
At 28 February 2023 1,586,261 1,586,261
At 28 February 2022 1,360,357 1,360,357

Assets under hire purchase arrangements
Included in the net book value of tangible fixed assets is £638,483 (2022 - £680,121) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £37,785 (2022 - £37,785).

4. Debtors

2023 2022
£ £
Trade debtors 15,642 9,988
Prepayments and accrued income 8,590 11,164
VAT recoverable 52,920 0
77,152 21,152

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to directors 279,980 279,980
Other loans 705,000 385,000
Accruals 950 950
Taxation and social security 6,841 2,050
Obligations under finance leases and hire purchase contracts 125,688 127,180
1,118,459 795,160

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Obligations under finance leases and hire purchase contracts 146,636 275,557

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
20 Ordinary shares of £ 1.00 each 20 20

8. Related party transactions

Other related party transactions

The company has a loan from Riviera Farms Limited. The balance outstanding at 28 February 2023 was £355,000. The loan was interest free.

During the year the company exported power to Riviera Produce Limited to the value of £155,743 (2022: £102,184) at market value. A debtor of £14,764.78 existed at 28 February 2023.

The company paid a market rent of £2,000 to P E Simmons Limited in the year.

The company has a loan from Riviera Produce Limited. The balance outstanding at 28 February 2023 was £350,000.