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Registered number: 10260491
Riverside House Propco Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
Sheppards Chartered Accountants
Suite A, 2nd Floor Kennedy House
31 Stamford Street
Altrincham
Cheshire
WA14 1ES
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10260491
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,434,751 1,462,594
1,434,751 1,462,594
CURRENT ASSETS
Debtors 5 37,927 50,645
Cash at bank and in hand 3,228 94,767
41,155 145,412
Creditors: Amounts Falling Due Within One Year 6 (1,032,129 ) (126,305 )
NET CURRENT ASSETS (LIABILITIES) (990,974 ) 19,107
TOTAL ASSETS LESS CURRENT LIABILITIES 443,777 1,481,701
Creditors: Amounts Falling Due After More Than One Year 7 (200,000 ) (1,325,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 9 (16,855 ) (14,759 )
NET ASSETS 226,922 141,942
CAPITAL AND RESERVES
Called up share capital 11 1 1
Profit and Loss Account 226,921 141,941
SHAREHOLDERS' FUNDS 226,922 141,942
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For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
T Lumb
Director
29th July 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Riverside House Propco Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10260491 . The registered office is Suite A, 2nd Floor Kennedy House, 31 Stamford Street, Altrincham, Cheshire, WA14 1ES.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Land nil% Buildings 2% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 33% on cost
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 46 (2022: 43)
46 43
4. Tangible Assets
Land & Property
Freehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 November 2022 1,581,653 82,041 6,108 1,669,802
Additions - 11,738 4,950 16,688
As at 31 October 2023 1,581,653 93,779 11,058 1,686,490
Depreciation
As at 1 November 2022 158,956 42,144 6,108 207,208
Provided during the period 43,376 - 1,155 44,531
As at 31 October 2023 202,332 42,144 7,263 251,739
Net Book Value
As at 31 October 2023 1,379,321 51,635 3,795 1,434,751
As at 1 November 2022 1,422,697 39,897 - 1,462,594
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors (6,234 ) 10,521
Other debtors 44,161 40,124
37,927 50,645
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 25,013 22,009
Bank loans and overdrafts 850,316 -
Corporation tax 32,991 17,387
Other taxes and social security 20,476 13,859
Accruals and deferred income 102,392 71,614
Directors' loan accounts 941 1,436
1,032,129 126,305
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 200,000 1,325,000
200,000 1,325,000
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8. Secured Creditors
Of the creditors the following amounts are secured.
The bank loans and overdraft are secured by a fixed and floating charge over the land and buildings and other assets of the company.
The bank loans are in the form of two promissory notes issued to the lenders which provide for the repayment of amounts in excess of the amounts borrowed up to the value of the eventual proceeds of sale of the property less taxes
2023 2022
£ £
Bank loans and overdrafts 1,050,316 1,325,000
9. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
£ £
Accelerated capital allowances 16,855 14,759
10. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 November 2022 14,759 14,759
Additions 2,096 2,096
Balance at 31 October 2023 16,855 16,855
11. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
12. Post Balance Sheet Events
On 30th April 2024 the bank debt was repaid as part of a refinancing involving a new term loan provided by a company connected to P A Smith and H W Chiu. New directors were appointed at this time and a restructuring of the share capital took place.
13. Ultimate Parent Undertaking and Controlling Party
The company's immediate and ultimate parent undertaking is Riverside House (Morpeth) Limited . Riverside House (Morpeth) Limited was incorporated in England and Wales.  
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