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REGISTERED NUMBER: 01711968 (Wales)















RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2023






RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 9


RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2023







DIRECTOR: N. B. John





REGISTERED OFFICE: Trews Field Industrial Estate
Tondu Road
Bridgend
Mid Glamorgan
CF31 4JA





REGISTERED NUMBER: 01711968 (Wales)





ACCOUNTANTS: Johns Jones & Lo Limited
Chartered Accountants & Registered Auditors
16 Lambourne Crescent
Cardiff Business Park
Llanishen
Cardiff
CF14 5GF

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

BALANCE SHEET
31ST AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,010,700 981,809

CURRENT ASSETS
Stocks 22,500 40,134
Debtors 5 931,909 917,862
Cash at bank 514,339 176,708
1,468,748 1,134,704
CREDITORS
Amounts falling due within one
year

6

771,429

734,553
NET CURRENT ASSETS 697,319 400,151
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,708,019

1,381,960

CREDITORS
Amounts falling due after more
than one year

7

(160,911

)

(149,321

)

PROVISIONS FOR LIABILITIES 10 - (54,752 )
NET ASSETS 1,547,108 1,177,887

CAPITAL AND RESERVES
Called up share capital 11 100 101
Revaluation reserve 12 84,866 84,866
Capital redemption reserve 1 -
Retained earnings 1,462,141 1,092,920
SHAREHOLDERS' FUNDS 1,547,108 1,177,887

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 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.

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

BALANCE SHEET - continued
31ST AUGUST 2023


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 11th March 2024 and were signed by:





N. B. John - Director


RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2023

1. STATUTORY INFORMATION

Riverside Industrial Equipment Limited is a private company, limited by shares , registered in Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The accounts have been prepared on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - in accordance with the property
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 45 (2022 - 38 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST OR VALUATION
At 1st September 2022 670,000 262,491 141,931
Additions - 11,214 30,874
Disposals - - -
At 31st August 2023 670,000 273,705 172,805
DEPRECIATION
At 1st September 2022 98,048 192,795 117,797
Charge for year 12,256 18,601 9,328
Eliminated on disposal - - -
At 31st August 2023 110,304 211,396 127,125
NET BOOK VALUE
At 31st August 2023 559,696 62,309 45,680
At 31st August 2022 571,952 69,696 24,134

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st September 2022 90,934 957,587 60,481 2,183,424
Additions 320 208,754 737 251,899
Disposals - (193,108 ) - (193,108 )
At 31st August 2023 91,254 973,233 61,218 2,242,215
DEPRECIATION
At 1st September 2022 74,637 663,930 54,408 1,201,615
Charge for year 4,320 155,360 2,263 202,128
Eliminated on disposal - (172,228 ) - (172,228 )
At 31st August 2023 78,957 647,062 56,671 1,231,515
NET BOOK VALUE
At 31st August 2023 12,297 326,171 4,547 1,010,700
At 31st August 2022 16,297 293,657 6,073 981,809

Cost or valuation at 31st August 2023 is represented by:

Improvements
Short to Plant and
leasehold property machinery
£    £    £   
Valuation in 2015 54,715 - -
Cost 615,285 273,705 172,805
670,000 273,705 172,805

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2015 - - - 54,715
Cost 91,254 973,233 61,218 2,187,500
91,254 973,233 61,218 2,242,215

Leasehold land and buildings were valued on an open market basis on 16th October 2015 by Hirons Morgan & Yapp .

The director believes this to be a fair valuation at the reporting date.

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1st September 2022 769,900
Additions 200,019
Disposals (83,641 )
Transfer to ownership (424,321 )
At 31st August 2023 461,957
DEPRECIATION
At 1st September 2022 476,026
Charge for year 109,585
Eliminated on disposal (62,761 )
Transfer to ownership (326,162 )
At 31st August 2023 196,688
NET BOOK VALUE
At 31st August 2023 265,269
At 31st August 2022 293,874

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 849,292 878,139
Other debtors 82,617 39,723
931,909 917,862

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 33,610
Hire purchase contracts (see note 8)
95,049

72,097
Trade creditors 490,314 461,040
Taxation and social security 161,945 118,101
Other creditors 24,121 49,705
771,429 734,553

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans - 25,178
Hire purchase contracts (see note 8)
160,911

124,143
160,911 149,321

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Gross obligations repayable:
Within one year 108,433 83,126
Between one and five years 182,241 136,721
290,674 219,847

Finance charges repayable:
Within one year 13,384 11,029
Between one and five years 21,330 12,578
34,714 23,607

Net obligations repayable:
Within one year 95,049 72,097
Between one and five years 160,911 124,143
255,960 196,240

Non-cancellable operating leases
2023 2022
£    £   
Within one year 7,600 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans - 58,788

The bank borrowings are secured by a charge over the assets of the company.


10. PROVISIONS FOR LIABILITIES
2022
£   
Deferred tax 54,752

Deferred
tax
£   
Balance at 1st September 2022 54,752
Credit to Income Statement during year (98,848 )
Balance at 31st August 2023 (44,096 )

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2023

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
101 Ordinary £1 100 101

12. RESERVES
Revaluation
reserve
£   
At 1st September 2022
and 31st August 2023 84,866

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st August 2023 and 31st August 2022:

2023 2022
£    £   
N. B. John
Balance outstanding at start of year 27,288 659
Amounts advanced 35,790 548,259
Amounts repaid (36,669 ) (521,630 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 26,409 27,288

14. RELATED PARTY DISCLOSURES

During 2022, the company received rental income from Primrose Developments Limited, a company of which Mr N John is a director. In 2023, the property remains rented to Primrose Developments however, there has been no rent charged in the year.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N. B. John.