Riverdale Tradeco Limited 11506562 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is the provision of dental services. Digita Accounts Production Advanced 6.30.9574.0 true true true true false false false false false false false false false false false false false false false false false false false false 11506562 2022-04-01 2023-03-31 11506562 2023-03-31 11506562 bus:Director2 2023-03-31 11506562 bus:Director3 2023-03-31 11506562 bus:Director5 2023-03-31 11506562 bus:Director6 2023-03-31 11506562 bus:OrdinaryShareClass1 2023-03-31 11506562 bus:Consolidated 2023-03-31 11506562 core:SpecificBusinessCombination1 2023-03-31 11506562 core:AcceleratedTaxDepreciationDeferredTax 2023-03-31 11506562 core:RetirementBenefitObligationsDeferredTax 2023-03-31 11506562 core:RetainedEarningsAccumulatedLosses 2023-03-31 11506562 core:ShareCapital 2023-03-31 11506562 core:CurrentFinancialInstruments 2023-03-31 11506562 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 11506562 core:Non-currentFinancialInstruments 2023-03-31 11506562 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 11506562 core:Goodwill 2023-03-31 11506562 core:CostValuation 2023-03-31 11506562 core:DisposalsDecreaseInInvestments 2023-03-31 11506562 core:BetweenOneFiveYears 2023-03-31 11506562 core:BetweenTwoFiveYears 2023-03-31 11506562 core:MoreThanFiveYears 2023-03-31 11506562 core:WithinOneYear 2023-03-31 11506562 core:FurnitureFittingsToolsEquipment 2023-03-31 11506562 core:LandBuildings 2023-03-31 11506562 bus:FRS102 2022-04-01 2023-03-31 11506562 bus:Audited 2022-04-01 2023-03-31 11506562 bus:FullAccounts 2022-04-01 2023-03-31 11506562 bus:RegisteredOffice 2022-04-01 2023-03-31 11506562 bus:Director1 2022-04-01 2023-03-31 11506562 bus:Director2 2022-04-01 2023-03-31 11506562 bus:Director3 2022-04-01 2023-03-31 11506562 bus:Director4 2022-04-01 2023-03-31 11506562 bus:Director5 2022-04-01 2023-03-31 11506562 bus:Director6 2022-04-01 2023-03-31 11506562 bus:HighestPaidDirector 2022-04-01 2023-03-31 11506562 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 11506562 bus:Consolidated 2022-04-01 2023-03-31 11506562 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 11506562 core:SpecificBusinessCombination1 2022-04-01 2023-03-31 11506562 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 11506562 core:ShareCapital 2022-04-01 2023-03-31 11506562 core:Goodwill 2022-04-01 2023-03-31 11506562 core:LandBuildingsUnderOperatingLeases 2022-04-01 2023-03-31 11506562 core:PlantEquipmentUnderOperatingLeases 2022-04-01 2023-03-31 11506562 core:FurnitureFittings 2022-04-01 2023-03-31 11506562 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 11506562 core:LandBuildings 2022-04-01 2023-03-31 11506562 core:Subsidiary1 2022-04-01 2023-03-31 11506562 core:Subsidiary1 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary10 2022-04-01 2023-03-31 11506562 core:Subsidiary10 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary11 2022-04-01 2023-03-31 11506562 core:Subsidiary11 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary12 2022-04-01 2023-03-31 11506562 core:Subsidiary12 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary13 2022-04-01 2023-03-31 11506562 core:Subsidiary13 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary14 2022-04-01 2023-03-31 11506562 core:Subsidiary14 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary15 2022-04-01 2023-03-31 11506562 core:Subsidiary15 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary16 2022-04-01 2023-03-31 11506562 core:Subsidiary16 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary17 2022-04-01 2023-03-31 11506562 core:Subsidiary17 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary18 2022-04-01 2023-03-31 11506562 core:Subsidiary18 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary19 2022-04-01 2023-03-31 11506562 core:Subsidiary19 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary2 2022-04-01 2023-03-31 11506562 core:Subsidiary2 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary3 2022-04-01 2023-03-31 11506562 core:Subsidiary3 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary4 2022-04-01 2023-03-31 11506562 core:Subsidiary4 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary5 2022-04-01 2023-03-31 11506562 core:Subsidiary5 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary6 2022-04-01 2023-03-31 11506562 core:Subsidiary6 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary7 2022-04-01 2023-03-31 11506562 core:Subsidiary7 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary8 2022-04-01 2023-03-31 11506562 core:Subsidiary8 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:Subsidiary9 2022-04-01 2023-03-31 11506562 core:Subsidiary9 countries:AllCountries 2022-04-01 2023-03-31 11506562 core:UKTax 2022-04-01 2023-03-31 11506562 countries:EnglandWales 2022-04-01 2023-03-31 11506562 2022-03-31 11506562 core:RetainedEarningsAccumulatedLosses 2022-03-31 11506562 core:ShareCapital 2022-03-31 11506562 core:Goodwill 2022-03-31 11506562 core:AdditionsToInvestments 2022-03-31 11506562 core:FurnitureFittingsToolsEquipment 2022-03-31 11506562 core:LandBuildings 2022-03-31 11506562 2021-04-01 2022-03-31 11506562 2022-03-31 11506562 bus:OrdinaryShareClass1 2022-03-31 11506562 core:AcceleratedTaxDepreciationDeferredTax 2022-03-31 11506562 core:RetainedEarningsAccumulatedLosses 2022-03-31 11506562 core:ShareCapital 2022-03-31 11506562 core:CurrentFinancialInstruments 2022-03-31 11506562 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 11506562 core:Non-currentFinancialInstruments 2022-03-31 11506562 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 11506562 core:Goodwill 2022-03-31 11506562 core:CostValuation 2022-03-31 11506562 core:BetweenOneFiveYears 2022-03-31 11506562 core:BetweenTwoFiveYears 2022-03-31 11506562 core:MoreThanFiveYears 2022-03-31 11506562 core:WithinOneYear 2022-03-31 11506562 core:FurnitureFittingsToolsEquipment 2022-03-31 11506562 core:LandBuildings 2022-03-31 11506562 bus:HighestPaidDirector 2021-04-01 2022-03-31 11506562 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 11506562 core:ShareCapital 2021-04-01 2022-03-31 11506562 core:LandBuildingsUnderOperatingLeases 2021-04-01 2022-03-31 11506562 core:PlantEquipmentUnderOperatingLeases 2021-04-01 2022-03-31 11506562 core:Subsidiary1 2021-04-01 2022-03-31 11506562 core:Subsidiary10 2021-04-01 2022-03-31 11506562 core:Subsidiary11 2021-04-01 2022-03-31 11506562 core:Subsidiary12 2021-04-01 2022-03-31 11506562 core:Subsidiary13 2021-04-01 2022-03-31 11506562 core:Subsidiary14 2021-04-01 2022-03-31 11506562 core:Subsidiary15 2021-04-01 2022-03-31 11506562 core:Subsidiary16 2021-04-01 2022-03-31 11506562 core:Subsidiary17 2021-04-01 2022-03-31 11506562 core:Subsidiary18 2021-04-01 2022-03-31 11506562 core:Subsidiary19 2021-04-01 2022-03-31 11506562 core:Subsidiary2 2021-04-01 2022-03-31 11506562 core:Subsidiary3 2021-04-01 2022-03-31 11506562 core:Subsidiary4 2021-04-01 2022-03-31 11506562 core:Subsidiary5 2021-04-01 2022-03-31 11506562 core:Subsidiary6 2021-04-01 2022-03-31 11506562 core:Subsidiary7 2021-04-01 2022-03-31 11506562 core:Subsidiary8 2021-04-01 2022-03-31 11506562 core:Subsidiary9 2021-04-01 2022-03-31 11506562 core:UKTax 2021-04-01 2022-03-31 11506562 2021-03-31 11506562 core:RetainedEarningsAccumulatedLosses 2021-03-31 11506562 core:ShareCapital 2021-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 11506562

Riverdale Tradeco Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Riverdale Tradeco Limited

Contents

Company Information

1

Directors' Report

2 to 3

Strategic Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Profit and Loss Account

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12 to 24

 

Riverdale Tradeco Limited

Company Information

Directors

I A Gordon

M Seekings

A K Shah

B L Wild

Registered office

13 Roseberry Court
Stokesley
Middlesbrough
TS9 5QT

Auditors

Hazlewoods LLP
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

Riverdale Tradeco Limited

Directors' Report for the Year Ended 31 March 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Principal activity

The principal activity of the company is the provision of dental services.

Directors of the company

The directors who held office during the year were as follows:

I A Gordon

B L Wild

E J Barnes (resigned 24 February 2023)

E G Fichardt (resigned 11 October 2022)

The following directors were appointed after the year end:

M Seekings (appointed 22 May 2023)

A K Shah (appointed 22 May 2023)

Future developments

The external environment is expected to remain competitive, however the directors are confident that the Company will continue to improve its financial performance going forward.

Objectives and policies
The board constantly monitors the company’s trading results and revises the projections as appropriate to ensure that the company can continue to meet its future obligations as they fall due.

Price risk, credit risk, liquidity risk and cash flow risk
The company has relatively little exposure to the usual credit and cash flow risk associated with selling on credit because the majority of income is either paid for at the point of delivery or derived from NHS contracts. However, where credit risk exposure does exist, the company manages this through credit control procedures.

Employment of disabled persons

The group's policy is to consider the recruitment of disabled workers for those vacancies that they are able to fill. All necessary assistance with initial training courses is given. Once employed, a career plan is developed so as to ensure suitable opportunities for each disabled person. Arrangements are made, wherever possible, for retraining employees who become disabled, to enable them to perform work identified as appropriate to their aptitudes and abilities.

Employee involvement

Our staff are treated with respect and dignity. Clear objectives are set for staff in terms of performance and in order to facility performance, the Company ensures that that our staff are able to work in an environment that is conducive to achieving those goals in a way that is fair and equitable.

The Company encourages the involvement of employees in its management through regular departmental meetings thus ensuring that meaningful change occurs at a localised level depending on the needs of employees and the business. It is at these meetings where employees are made aware of any changes to the business which may impact on the employees or their working environment.

Going concern

In accordance with the Financial Reporting Council’s ‘Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009’, the directors of all companies are now required to provide disclosures regarding the going concern basis of accounting.

The company has sufficient resources available and the directors have prepared forecasts for the next 12 months that indicate that this will continue to be the case and that these cash flows will be sufficient for the company to meet its financing commitments as they fall due. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and have continued to adopt the going concern basis in the financial statements.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

 

Riverdale Tradeco Limited

Directors' Report for the Year Ended 31 March 2023

Reappointment of auditors

Hazlewoods LLP have expressed their willingness to continue in office.

Approved by the Board on 7 March 2024 and signed on its behalf by:


M Seekings
Director


A K Shah
Director

 

Riverdale Tradeco Limited

Strategic Report for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

Fair review of the business

The results for the year, which are set out in the profit and loss account, show turnover of £24,755,715 (2022 - £23,391,415) and an operating loss of £3,009,697 (2022 - £870,210). At 31 March 2022, the company had net liabilities of £5,786,367 (2022 - £2,751,930). The directors consider the performance for the year and the financial position at the year end to be satisfactory.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the company are considered to relate to the ongoing compliance with current and future legislation affecting the sector.


Key performance indicators
The directors use Key Performance Indicators ('KPIs') to assist in the understanding of the development, performance and the position of the business of the company. The KPIs used by the company to measure performance include revenue, gross profit and Company EBITDA.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Revenue

£

24,755,715

23,391,415

Gross profit

£

12,179,169

11,917,515

EBITDA

£

1,105,535

3,133,978

Approved by the Board on 7 March 2024 and signed on its behalf by:


M Seekings
Director


A K Shah
Director

 

Riverdale Tradeco Limited

Statement of Directors' Responsibilities

The directors are responsible for preparing the Directors' Report, Strategic Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards has been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 

Riverdale Tradeco Limited

Independent Auditor's Report to the Members of Riverdale Tradeco Limited

Opinion

We have audited the financial statements of Riverdale Tradeco Limited (the 'company') for the year ended 31 March 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and 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 company's affairs as at 31 March 2023 and of its loss 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 auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company 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 directors' 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 company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

Opinion on other matter 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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

 

Riverdale Tradeco Limited

Independent Auditor's Report to the Members of Riverdale Tradeco Limited

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, the directors are 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 directors determine is 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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.

Extent to which the audit was capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the company’s industry and its control environment and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the company operates in and identified the key laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements, including the UK Companies Act and tax legislation, and, those that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

Riverdale Tradeco Limited

Independent Auditor's Report to the Members of Riverdale Tradeco Limited

In common with all audits conducted in accordance with ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatements due to fraud;

enquiring of management concerning actual and potential litigation and claims and instances of non-compliance with laws and regulations; and

reading minutes of meetings of those charged with governance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.





Martin Howard (Senior Statutory Auditor)
For and on behalf of Hazlewoods LLP, Statutory Auditor

Windsor House
Bayshill Road
Cheltenham
GL50 3AT

13 March 2024

 

Riverdale Tradeco Limited

Profit and Loss Account for the Year Ended 31 March 2023

Note

2023
 £

2022
 £

Turnover

3

24,755,715

23,391,415

Cost of sales

 

(12,576,546)

(11,473,900)

Gross profit

 

12,179,169

11,917,515

Administrative expenses

 

(14,816,113)

(12,565,475)

Non-recurring items

6

(397,229)

(245,257)

Other operating income

4

24,476

23,007

Operating loss

5

(3,009,697)

(870,210)

Interest payable and similar charges

7

(3,689)

(615)

Loss before tax

 

(3,013,386)

(870,825)

Taxation

11

(21,051)

(269,032)

Loss for the financial year

 

(3,034,437)

(1,139,857)

The above results were derived from continuing operations.

The company has no other comprehensive income for the year.

 

Riverdale Tradeco Limited

(Registration number: 11506562)
Balance Sheet as at 31 March 2023

Note

2023
 £

2022
 £

Fixed assets

 

Intangible assets

12

27,127,407

27,641,935

Tangible assets

13

2,415,248

2,080,784

Investments

14

31,803,830

22,514,166

 

61,346,485

52,236,885

Current assets

 

Stocks

15

266,637

208,418

Debtors

16

1,277,865

639,105

Cash at bank and in hand

 

1,128,085

644,734

 

2,672,587

1,492,257

Creditors: Amounts falling due within one year

17

(68,490,368)

(51,582,605)

Net current liabilities

 

(65,817,781)

(50,090,348)

Total assets less current liabilities

 

(4,471,296)

2,146,537

Creditors: Amounts falling due after more than one year

17

(914,517)

(4,545,458)

Provisions for liabilities

11

(400,554)

(353,009)

Net liabilities

 

(5,786,367)

(2,751,930)

Capital and reserves

 

Called up share capital

20

1

1

Profit and loss account

(5,786,368)

(2,751,931)

Total equity

 

(5,786,367)

(2,751,930)

Approved and authorised by the Board on 7 March 2024 and signed on its behalf by:
 


M Seekings
Director


A K Shah
Director

 

Riverdale Tradeco Limited

Statement of Changes in Equity for the Year Ended 31 March 2023

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2022

1

(2,751,931)

(2,751,930)

Loss for the year

-

(3,034,437)

(3,034,437)

At 31 March 2023

1

(5,786,368)

(5,786,367)

Share capital
£

Profit and loss account
£

Total
£

At 1 April 2021

1

(1,612,074)

(1,612,073)

Loss for the year

-

(1,139,857)

(1,139,857)

At 31 March 2022

1

(2,751,931)

(2,751,930)

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
13 Roseberry Court
Stokesley
Middlesbrough
TS9 5QT

 

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Summary of disclosure exemptions

FRS 102 allows a qualifying entity certain disclosure exemptions subject to conditions. The Company has taken advantage of the following exemptions in its individual financial statements:

- from preparing a statement of cash flows, on the basis that it is a qualifying entity and the consolidated statement of cash flows is included in the consolidated financial statements of its ultimate parent undertaking Riverdale Topco Limited;

-from the financial instrument disclosures, required under FRS 102 paragraphs 11.41(b), 11.41(c), 11.41(e), 11.41(f), 11.42, 11.44, 11.45, 11.47, 11.48(a) (iii), 11.48(a)(iv), 11.48(b), 11.48(c), 12.26, 12.29(a), 12.29(b) and 12.29, as information is provided in the consolidated financial statements of its ultimate parent undertaking Riverdale Topco Limited; and

- from disclosing the Company key management personnel compensation as required by FRS 102 paragraph 33.7.

Name of parent of group

These financial statements are consolidated in the financial statements of Riverdale Topco Limited.

The financial statements of Riverdale Topco Limited may be obtained from Companies House.

Group accounts not prepared

The financial statements present information about the company as an individual undertaking and not about its group. The company has not prepared group accounts as it is exempt from the requirements to do so by section 400 of the Companies Act 2006 as it is a subsidiary undertaking of Riverdale Topco Limited, a company incorporated in England and Wales, and is included in the consolidated accounts of that company

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Revenue recognition

Turnover represents the amounts receivable during the period for the provision of dental services. Where the amount covers the balance sheet date, the amount is apportioned over the period to which it relates.

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 current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current 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 on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

Straight line over 10 years

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 company in exchange for control of the acquired business, 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 company 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.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill purchased as part of acquisition is included at fair value.

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 10 years

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Stocks

Stocks are stated at the lower of cost and net realisable value.

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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
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 profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

3

Revenue

The analysis of the company's revenue for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

24,755,715

23,353,302

Other revenue

-

38,113

24,755,715

23,391,415

The total turnover of the company has been derived from its principal activities wholly undertaken in the United Kingdom.

 

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2023
£

2022
£

Coronavirus job retention scheme

-

23,007

Miscellaneous other operating income

24,476

-

24,476

23,007

 

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

377,307

315,051

Amortisation expense

3,563,624

3,342,260

Operating lease expense - property

694,370

577,512

Operating lease expense - plant and machinery

2,916

924

Management fees

198,777

185,438

 

6

Non-recurring items

2023
 £

2022
 £

Non-recurring items

397,229

245,257

The non-recurring items in the current and prior year relate to non-recurring associate fees, restructuring costs, recruitment fees, aborted project costs and one off remuneration payments. Costs in the current year also include non-recurring payments in respect of supporting staff during the cost of living crisis.

 

7

Interest payable and similar expenses

2023
£

2022
£

Interest on obligations under finance leases and hire purchase contracts

3,689

615

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

7,101,016

5,740,041

Social security costs

709,003

547,499

Pension costs, defined contribution scheme

166,212

140,353

7,976,231

6,427,893

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2023
 No.

2022
 No.

Administration and support

16

15

Dental nurses

236

214

252

229

 

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

434,905

535,974

Contributions paid to money purchase schemes

2,091

2,642

436,996

538,616

During the year the number of directors who were receiving benefits was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

3

2

In respect of the highest paid director:

2023
£

2022
£

Remuneration

217,047

176,312

Company contributions to money purchase pension schemes

1,321

1,321

 

10

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

18,450

16,600


 

The Company has taken the exemption not to disclose fees payable to the Company's auditors for non-audit services in the current period as these are included in the group financial statements of Riverdale Topco Limited.

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

11

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax adjustment to prior periods

(26,494)

(2,985)

Deferred taxation

Arising from origination and reversal of timing differences

47,545

272,017

Tax expense in the income statement

21,051

269,032

The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 19% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Loss before tax

(3,013,386)

(870,825)

Corporation tax at standard rate

(572,543)

(165,457)

Effect of expense not deductible in determining taxable profit (tax loss)

2,569

5,952

Decrease in UK and foreign current tax from adjustment for prior periods

(26,494)

(2,985)

Tax (decrease)/increase from effect of capital allowances and depreciation

(27,746)

43,915

Tax decrease arising from group relief

(31,824)

(247,422)

Other tax effects for reconciliation between accounting profit and tax expense (income)

677,089

635,029

Total tax charge

21,051

269,032

Deferred tax

Deferred tax assets and liabilities

2023

Liability
£

Fixed asset timing differences

402,837

Short term timing differences

(2,283)

400,554

2022

Liability
£

Fixed asset timing differences

353,009

353,009

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

12

Intangible assets

Goodwill
 £

Cost

At 1 April 2022

33,421,177

Additions acquired separately

3,060,864

Adjustments to prior acquisitions

(11,768)

At 31 March 2023

36,470,273

Amortisation

At 1 April 2022

5,779,242

Amortisation charge

3,563,624

At 31 March 2023

9,342,866

Carrying amount

At 31 March 2023

27,127,407

At 31 March 2022

27,641,935

All goodwill recognised (2022 - 100%) is as a result of business combinations and has arisen due to the difference between the fair value of the net assets acquired and the purchase price.

The directors have considered the accounting requirements of FRS 102 and have concluded that there were no other material intangible assets acquired with the businesses noted below.

The group acquired various business assets during the period, a summary of which are set out in the table below:
 

Fair value
2023
£

Assets and liabilities acquired

Goodwill

3,112,911

Total consideration

3,112,911

Satisfied by:

Cash

2,780,811

Deferred consideration

332,100

Total consideration transferred

3,112,911

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

13

Tangible assets

Leasehold Improvements
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 April 2022

494,008

2,075,856

2,569,864

Additions

156,773

554,998

711,771

At 31 March 2023

650,781

2,630,854

3,281,635

Depreciation

At 1 April 2022

101,094

387,986

489,080

Charge for the year

88,872

288,435

377,307

At 31 March 2023

189,966

676,421

866,387

Carrying amount

At 31 March 2023

460,815

1,954,433

2,415,248

At 31 March 2022

392,914

1,687,870

2,080,784

Included within the net book value of land and buildings above is £460,815 (2022 - £392,914) in respect of leasehold improvements.

Included in the net book value of tangible fixed assets is £93,481 (2022 - £104,617) in respect of assets held under finance leases and similar hire purchase contracts. Depreciation for the year on these assets was £11,135 (2022 - £928).

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

14

Investments

2023
£

2022
£

Investments in subsidiaries

31,803,830

22,514,166

Subsidiaries

£

Cost and carrying amount

At 1 April 2022

22,514,166

Additions

11,719,473

Adjustments to prior acquisitions

(2,429,809)

At 31 March 2023

31,803,830

Details of undertakings

Details of the investments 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

Alpha Windmill (Bedale) Limited

Ordinary

100%

100%

 

England and Wales

     

Alpha Windmill (York) Limited

Ordinary

100%

100%

 

England and Wales

     

Framwellgate Dental Surgery Limited

Ordinary

100%

100%

 

England and Wales

     

Riverdale Dental Care Limited

Ordinary

100%

100%

 

England and Wales

     

Riverdale Healthcare Limited

Ordinary

100%

100%

 

England and Wales

     

JRP Jones & Associates Limited

Ordinary

100%

100%

 

England and Wales

     

InDental Practice Limited

Ordinary

100%

100%

 

England and Wales

     

Devonshire House Dental Lab Limited

Ordinary

100%

100%

 

England and Wales

     

Perfect Smile Newcastle Limited

Ordinary

100%

100%

 

England and Wales

     

Geoff Antons Limited

Ordinary

100%

100%

 

England and Wales

     

Lion House Dental Practice Limited

Ordinary

100%

100%

 

England and Wales

     

Elixir Life Holdings Limited

Ordinary

100%

0%

 

England and Wales

     

Prettygate Dental Practice Limited*

Ordinary

100%

0%

 

England and Wales

     

Windmill (Heaton) Orthodontics Limited

Ordinary

100%

0%

 

England and Wales

     

Kiran Diya Ltd

Ordinary

100%

0%

 

England and Wales

     

Marston Green Practice Limited*

Ordinary

100%

0%

 

England and Wales

     

Smethwick Practice Limited*

Ordinary

100%

0%

 

England and Wales

     

Charnwood Dental Ltd*

Ordinary

100%

0%

 

England and Wales

     

Ditchfield Dental Ltd*

Ordinary

100%

0%

 

England and Wales

     

* held indirectly

The principal activity of Riverdale Dental Care Limited and Riverdale Healthcare Limited is that of dormant companies. The principal activity of all other subsidiaries is the provision of dental services.

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

15

Stocks

2023
£

2022
£

Finished goods and consumables

266,637

208,418

 

16

Debtors

2023
 £

2022
 £

Trade debtors

627,951

456,412

Amounts owed by group undertakings

-

41,823

Other debtors

408,661

85,310

Prepayments

214,759

55,560

Corporation tax asset

26,494

-

 

1,277,865

639,105

 

17

Creditors

2023
 £

2022
 £

Due within one year

Loans and borrowings

38,284

17,589

Trade creditors

1,045,435

421,554

Amounts due to group undertakings

53,034,273

45,339,341

Social security and other taxes

394,409

226,422

Outstanding defined contribution pension costs

23,032

14,413

Other creditors

10,653,705

4,266,034

Accrued expenses

3,286,908

1,095,930

Deferred income

14,322

201,322

68,490,368

51,582,605

Due after one year

Loans and borrowings

66,885

84,236

Other creditors

847,632

4,461,222

914,517

4,545,458

Other creditors due within one year and after one year includes deferred consideration payable of £10,703,280 (2022 - £3,169,689) and £847,632 (2022 - £4,461,222) respectively, in respect of acquisitions made.

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

18

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

38,284

17,589

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

66,885

84,236

Hire purchase liabilities are secured against the assets to which they relate.

 

19

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £166,212 (2022 - £140,353).

Contributions totalling £23,032 (2022 - £14,413) were payable to the scheme at the end of the year and are included in creditors.

 

20

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         
 

21

Obligations under leases and hire purchase contracts

Finance leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

38,284

24,804

Later than one year and not later than five years

66,885

95,276

105,169

120,080

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

758,987

742,153

Later than one year and not later than five years

2,723,353

2,388,763

Later than five years

4,751,193

4,636,226

8,233,533

7,767,142

 

Riverdale Tradeco Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

 

22

Financial guarantee contracts

The company is bound by an intra-group cross guarantee in respect of borrowings held by Riverdale Bidco Limited. At the balance sheet date, the amounts guaranteed are £39,808,168 (2022 - £28,644,955).

 

23

Parent and ultimate parent undertaking

The company's immediate parent is Riverdale Bidco Limited, incorporated in England and Wales.

 The ultimate parent is Riverdale Topco Limited, incorporated in England and Wales.

 The ultimate controlling party is Apposite Healthcare GP LLP, incorporated in England and Wales.