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REGISTERED NUMBER: 04455518 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

FOR

RIVERSIDE PROPERTY INVESTMENTS LIMITED

RIVERSIDE PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04455518)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RIVERSIDE PROPERTY INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2023







DIRECTOR: D A King





REGISTERED OFFICE: The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ





REGISTERED NUMBER: 04455518 (England and Wales)





ACCOUNTANTS: Galloways Accounting (Hove) Limited
The Old Casino
28 Fourth Avenue
Hove
East Sussex
BN3 2PJ

RIVERSIDE PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04455518)

BALANCE SHEET
30 JUNE 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 9,042,788 9,000,000

CURRENT ASSETS
Debtors 5 6,687,846 7,200,103
Cash at bank 6 65,455 30,932
6,753,301 7,231,035
CREDITORS
Amounts falling due within one year 7 966,125 1,346,750
NET CURRENT ASSETS 5,787,176 5,884,285
TOTAL ASSETS LESS CURRENT
LIABILITIES

14,829,964

14,884,285

CREDITORS
Amounts falling due after more than one
year

8

(1,838,000

)

(1,838,000

)

PROVISIONS FOR LIABILITIES (1,758,187 ) (1,758,187 )
NET ASSETS 11,233,777 11,288,098

CAPITAL AND RESERVES
Called up share capital 200 200
Share premium 1,853,244 1,853,244
Revaluation reserve 9 2,549,850 2,549,850
Retained earnings 6,830,483 6,884,804
11,233,777 11,288,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 March 2024 and were signed by:



D A King - Director


RIVERSIDE PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04455518)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023

1. STATUTORY INFORMATION

Riverside Property Investments 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 estimate is revised 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Finance costs
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initally recognised as a reduction in the proceeds of the associated capital instrument.

Turnover
Turnover represents the following types of income
- Rental income
- Income from the sale of properties

All income is recognised on a receivable basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

RIVERSIDE PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04455518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2022 9,000,000
Additions 42,788
At 30 June 2023 9,042,788
NET BOOK VALUE
At 30 June 2023 9,042,788
At 30 June 2022 9,000,000

Investment property is carried as fair value determined by the directors as informed periodically by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if neccesary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

Fair value at 30 June 2023 is represented by:
£   
Valuation in 2022 3,500,000
Cost 5,542,788
9,042,788

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors - 149,551
Amounts owed by associates 1,050,980 2,901,943
Other debtors 2,876,431 1,167,365
Directors' loan accounts 2,760,435 2,981,244
6,687,846 7,200,103

6. CASH AT BANK
2023 2022
£    £   
Bank account no. 1 - 92
Bank account no. 2 65,455 29,840
Bank account no. 3 - 1,000
65,455 30,932

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 126,240 192,871
Amounts owed to associates 552,885 953,961
Tax 83,074 52,614
Social security and other taxes 76 191
VAT 10,343 26,604
Other creditors 104,876 4,876
Deferred income 83,132 108,132
Accrued expenses 5,499 7,501
966,125 1,346,750

RIVERSIDE PROPERTY INVESTMENTS LIMITED (REGISTERED NUMBER: 04455518)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans more 5 yr by instal 1,838,000 1,838,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,838,000 1,838,000

9. RESERVES
Revaluation
reserve
£   
At 1 July 2022
and 30 June 2023 2,549,850

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
D A King
Balance outstanding at start of year 2,981,244 3,001,104
Amounts advanced 588,497 130,081
Amounts repaid (809,306 ) (149,941 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,760,435 2,981,244

This balance represented the maximum amount outstanding during the year from D A King. Interest has been charged on this loan at HMRC Official rates.

11. RELATED PARTY DISCLOSURES

Buz Property Limited is a company in which the director, D A King, is also a director and in which D A King has a controlling interest by virtue of his shareholding. At the balance sheet date the amount due from the company was £29,428 (2022: £29,228).

Kings House Development Limited is a company in which the director, D A King, is also a director and in which D A King has a controlling interest by virtue of his shareholding. At the balance sheet date the amount due from the company was £1,015,237 (2022: £773,961 was owed to Kings House Developments Limited).

Park House Residential Developments Limited is a company in which D A King is a director. At the balance sheet date the amount due to Park House Residential Developments Limited was £326,865 (2022: £2,790,026 was from Park House Residential Limited).

David King trading as "DKR", is a business in which the director, D A King, is a beneficiary.
During the year the company paid project management fees of £18,000 (2022: £108,000).

12. ULTIMATE CONTROLLING PARTY

As there is no majority shareholder the company is controlled by the Board.