REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 |
FOR |
RIVERSIDE PROPERTY INVESTMENTS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank | 6 |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Revaluation reserve | 9 |
Retained earnings |
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. |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Additions |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
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 |
Amounts owed by associates |
Other debtors |
Directors' loan accounts | 2,760,435 | 2,981,244 |
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 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Amounts owed to associates | 552,885 | 953,961 |
Tax |
Social security and other taxes |
VAT | 10,343 | 26,604 |
Other creditors |
Deferred income |
Accrued expenses |
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 |
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 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |