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Registration number: 11347736

Riverstone Property Developments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Riverstone Property Developments Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Riverstone Property Developments Ltd

(Registration number: 11347736)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

17,000

1,000

Cash at bank and in hand

 

10,528

17,785

 

27,528

18,785

Creditors: Amounts falling due within one year

5

(1,584,044)

(1,207,542)

Net liabilities

 

(1,556,516)

(1,188,757)

Capital and reserves

 

Called up share capital

6

1,000

1,000

Retained earnings

(1,557,516)

(1,189,757)

Shareholders' deficit

 

(1,556,516)

(1,188,757)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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

Approved and authorised by the Board on 12 January 2024 and signed on its behalf by:
 

.........................................
N P Mellor
Director

 

Riverstone Property Developments Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 Wrens Court
48 Victoria Road
Birmingham
B72 1SY

These financial statements were authorised for issue by the Board on 12 January 2024.

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.

Going concern

With continued support extended by its related parties, the company’s directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future and therefore consider that it remains appropriate to prepare the financial statements on the going concern basis.

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

Riverstone Property Developments Ltd

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

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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

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

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Riverstone Property Developments Ltd

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

3

Staff numbers

The average number of persons employed by the company under contracts of service (including directors) during the year, was 0 (2022: 0).

4

Debtors

Current

Note

2023
£

2022
£

Amounts owed by related parties

7

1,000

1,000

Other debtors

 

16,000

-

   

17,000

1,000

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

930,810

805,810

Trade creditors

 

96,000

-

Taxation and social security

 

-

2,025

Accruals and deferred income

 

557,234

399,707

 

1,584,044

1,207,542

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

500

500

500

500

Ordinary B shares of £1 each

500

500

500

500

 

1,000

1,000

1,000

1,000

 

Riverstone Property Developments Ltd

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

7

Related party transactions

Loans to related parties

 

Entities with joint control or significant influence

2023
£

2022
£

At start of period

1,000

1,000

At end of period

1,000

1,000

Terms of loans to related parties

Equal, unsecured loans have been advanced to the JV partners (identified below), interest-free and repayable on demand.
 

Loans from related parties

 

Entities with joint control or significant influence

2023
£

2022
£

At start of period

805,810

765,810

Advanced

125,000

40,000

At end of period

930,810

805,810

Terms of loans from related parties

Equal, unsecured loans have been advanced by the JV partners (identified below), subject to interest at 12% per annum and repayable on demand.
 

8

Parent and ultimate parent undertaking

The company is controlled jointly by KH IV Estates 814 Limited (a company incorporated in Jersey) and Swale Capital Management Ltd (a company incorporated in England).