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Registration number: 02106051

Rivalminster Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

Rivalminster Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 12

 

Rivalminster Limited

Company Information

Directors

Mrs Barbara Elizabeth Sehgal

Mr Paul Hari Lance Sehgal

Company secretary

Mrs Barbara Elizabeth Sehgal

Registered office

Leonard Hotel
15 Seymour Street
London
W1H 7JW

Accountants

TAX LINK (CTA) LIMITED
Chartered Accountants & Tax Advisors
The Long Lodge
265-269 Kingston Road
Wimbledon
London
SW19 3NW

 

Rivalminster Limited

(Registration number: 02106051)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

12

22

Tangible assets

5

22,283,619

70,799,477

Investment property

6

1,550,000

1,550,000

 

23,833,631

72,349,499

Current assets

 

Debtors

7

458,958

427,270

Cash at bank and in hand

 

25,723,958

1,170,774

 

26,182,916

1,598,044

Creditors: Amounts falling due within one year

8

(5,410,774)

(20,755,719)

Net current assets/(liabilities)

 

20,772,142

(19,157,675)

Total assets less current liabilities

 

44,605,773

53,191,824

Creditors: Amounts falling due after more than one year

8

-

(17,336,262)

Provisions for liabilities

-

(5,523,029)

Net assets

 

44,605,773

30,332,533

Capital and reserves

 

Called up share capital

9

124

124

Revaluation reserve

42,695,556

57,192,857

Retained earnings

1,910,093

(26,860,448)

Shareholders' funds

 

44,605,773

30,332,533

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.

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.

 

Rivalminster Limited

(Registration number: 02106051)
Balance Sheet as at 30 April 2023

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 8 March 2024 and signed on its behalf by:
 

.........................................
Mrs Barbara Elizabeth Sehgal
Company secretary and director

.........................................
Mr Paul Hari Lance Sehgal
Director

 

Rivalminster 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:
Leonard Hotel
15 Seymour Street
London
W1H 7JW

These financial statements were authorised for issue by the Board on 8 March 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

The financial statements have been prepared on a going concern basis.

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 current 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.

 

Rivalminster Limited

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

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.

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:

Asset class

Depreciation method and rate

Long - term Leasehold Property

50 years

Short - term Leasehold property

Over the term of the lease

Motor Vehicle

25% per annuam reducing balance

Fixtures and fittings

20% per annuam reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Goodwill

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 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. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

8 Years

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.

 

Rivalminster Limited

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

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.

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.

 

Rivalminster Limited

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 10 (2022 - 10).

 

Rivalminster Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

200

200

Disposals

(6)

(6)

At 30 April 2023

194

194

Amortisation

At 1 May 2022

178

178

Amortisation charge

4

4

At 30 April 2023

182

182

Carrying amount

At 30 April 2023

12

12

At 30 April 2022

22

22

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

75,823,382

9,576,629

47,209

85,447,220

Additions

-

307

47,607

47,914

Disposals

(47,189,994)

-

-

(47,189,994)

At 30 April 2023

28,633,388

9,576,936

94,816

38,305,140

Depreciation

At 1 May 2022

6,118,425

8,482,378

46,940

14,647,743

Charge for the year

1,146,926

218,850

8,002

1,373,778

At 30 April 2023

7,265,351

8,701,228

54,942

16,021,521

Carrying amount

At 30 April 2023

21,368,037

875,708

39,874

22,283,619

At 30 April 2022

69,704,957

1,094,251

269

70,799,477

 

Rivalminster Limited

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

Included within the net book value of land and buildings above is £21,177,269 (2022 - £69,481,856) in respect of long leasehold land and buildings and £190,768 (2022 - £223,101) in respect of short leasehold land and buildings.
 

6

Investment properties

2023
£

At 1 May

1,550,000

At 30 April

1,550,000

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2023
£

2022
£

Trade debtors

144,062

112,279

Prepayments

39,063

308,072

Other debtors

275,833

6,919

 

458,958

427,270

 

Rivalminster Limited

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

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

173,579

20,151,322

Taxation and social security

5,080,026

604,706

Accruals and deferred income

131,779

(6,111)

Other creditors

25,390

5,802

5,410,774

20,755,719

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11

-

17,336,262

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

124

124

124

124

         

10

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

 

Rivalminster Limited

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

Revaluation reserve
£

Retained earnings
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

-

28,994,602

28,994,602

Surplus/deficit on revaluation of other assets

(14,497,301)

-

(14,497,301)

(14,497,301)

28,994,602

14,497,301

11

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

17,336,262

12

Related party transactions

 

Rivalminster Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

523,966

80,448

Contributions paid to money purchase schemes

39,333

12,000

563,299

92,448