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Registration number: 09923604

Rivulet Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Rivulet Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Rivulet Estates Limited

Company Information

Directors

Mr Naftalie Lipschitz

Mr Joshua Friedlander

Registered office

8 Rodborough Road
London
London
NW11 8RY

Accountants

GILBERT ALLAN & CO
8 Rodborough Road
London
London
NW11 8RY

 

Rivulet Estates Limited

(Registration number: 09923604)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

550,892

551,115

Current assets

 

Debtors

5

9,279

9,253

Cash at bank and in hand

 

72,207

5,622

 

81,486

14,875

Creditors: Amounts falling due within one year

6

(53,576)

(56,069)

Net current assets/(liabilities)

 

27,910

(41,194)

Total assets less current liabilities

 

578,802

509,921

Creditors: Amounts falling due after more than one year

6

(426,300)

(129,109)

Provisions for liabilities

(25,197)

(25,197)

Net assets

 

127,305

355,615

Capital and reserves

 

Called up share capital

1

1

Other reserves

-

229,461

Retained earnings

127,304

126,153

Shareholders' funds

 

127,305

355,615

For the financial year ending 30 June 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.

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 19 March 2024 and signed on its behalf by:
 

 

Rivulet Estates Limited

(Registration number: 09923604)
Balance Sheet as at 30 June 2023

.........................................
Mr Joshua Friedlander
Director

 

Rivulet Estates Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
8 Rodborough Road
London
London
NW11 8RY
United Kingdom

These financial statements were authorised for issue by the Board on 19 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.

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.

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.

Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.

 

Rivulet Estates Limited

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

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

Fixtures & Fittings

20 reducing balance

Investment property

Investment property is recorded at fair value on the reporting date. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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. 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

 

Rivulet Estates Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 July 2022

550,000

3,643

553,643

At 30 June 2023

550,000

3,643

553,643

Depreciation

At 1 July 2022

-

2,528

2,528

Charge for the year

-

223

223

At 30 June 2023

-

2,751

2,751

Carrying amount

At 30 June 2023

550,000

892

550,892

At 30 June 2022

550,000

1,115

551,115

Included within the net book value of land and buildings above is £550,000 (2022 - £550,000) in respect of freehold land and buildings.
 

 

Rivulet Estates Limited

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

5

Debtors

Current

2023
£

2022
£

Prepayments

432

406

Other debtors

8,847

8,847

 

9,279

9,253

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

800

3,329

Accruals and deferred income

792

756

Other creditors

51,984

51,984

53,576

56,069

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

426,300

129,109

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

426,300

129,109