Riverhead Asset Management Limited 10184480 false 2022-06-01 2023-05-31 2023-05-31 The principal activity of the company is property letting. Digita Accounts Production Advanced 6.30.9574.0 true 10184480 2022-06-01 2023-05-31 10184480 2023-05-31 10184480 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 10184480 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 10184480 core:MoreThanFiveYears 1 2023-05-31 10184480 bus:SmallEntities 2022-06-01 2023-05-31 10184480 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 10184480 bus:FullAccounts 2022-06-01 2023-05-31 10184480 bus:SmallCompaniesRegimeForAccounts 2022-06-01 2023-05-31 10184480 bus:RegisteredOffice 2022-06-01 2023-05-31 10184480 bus:Director1 2022-06-01 2023-05-31 10184480 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10184480 countries:AllCountries 2022-06-01 2023-05-31 10184480 2022-05-31 10184480 2021-06-01 2022-05-31 10184480 2022-05-31 10184480 core:CurrentFinancialInstruments core:WithinOneYear 2022-05-31 10184480 core:Non-currentFinancialInstruments core:AfterOneYear 2022-05-31 10184480 core:MoreThanFiveYears 1 2022-05-31 iso4217:GBP xbrli:pure

Registration number: 10184480

Riverhead Asset Management Limited

Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Riverhead Asset Management Limited

(Registration number: 10184480)

Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

3

383,653

383,653

Current assets

 

Cash at bank and in hand

 

11,054

3,173

Creditors: Amounts falling due within one year

4

(307,348)

(298,471)

Net current liabilities

 

(296,294)

(295,298)

Total assets less current liabilities

 

87,359

88,355

Creditors: Amounts falling due after more than one year

4

(105,059)

(109,633)

Net liabilities

 

(17,700)

(21,278)

Capital and reserves

 

Called up share capital

10

10

Profit and loss account

(17,710)

(21,288)

Shareholders' deficit

 

(17,700)

(21,278)

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

Director's 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 director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 19 February 2024
 

.........................................

Mr P A Concannon
Director

 

Riverhead Asset Management Limited

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

1

Accounting policies

Riverhead Asset Management Limited is a private company, limited by shares, domiciled in England and Wales, company number 10184480. The registered office is at 14 St Chads Way,, Sprotbrough, Doncaster, South Yorkshire, DN5 7LF, England.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Revenue recognition

Turnover represents amounts chargeable in respect of rental income from investment properties.

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.

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.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in the profit and loss account.

Financial instruments

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 in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

 

Riverhead Asset Management Limited

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

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

3

Investment properties

2023
£

At 1 June 2022

383,653

At 31 May 2023

383,653

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

4

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Bank loans

8,467

8,355

Amounts due to related parties

297,831

289,162

Accrued expenses

1,050

954

307,348

298,471

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Bank loan

105,059

109,633

2023
 £

2022
 £

After more than five years by instalments

71,193

76,215

-

-

Creditors include bank loans which are secured of £113,526 (2022 - £117,988).