Registration number:
Rivergreen Limited
Filleted
for the Year Ended 31 October 2023
Rivergreen Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Rivergreen Limited
Company Information
Directors |
P H Candler M I Candler P A Ganley |
Company secretary |
J C Candler |
Registered office |
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Accountants |
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Rivergreen Limited
(Registration number: 03079268)
Statement of Financial Position as at 31 October 2023
Note |
2023 |
2022 |
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Fixed assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Investments |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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2,000 |
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Profit and loss account |
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3,083,445 |
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Total equity |
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3,085,445 |
For the financial 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.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. |
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.
Rivergreen Limited
(Registration number: 03079268)
Statement of Financial Position as at 31 October 2023 (continued)
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 Income Statement.
Approved and authorised for issue by the
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Rivergreen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is
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.
These financial statements are prepared in sterling which is the functional currency of the entity.
Group accounts not prepared
Going concern
The financial statements have been prepared on a going concern basis.
The company meets its day to day working capital requirements through cash generated from operations and external borrowings.
The company's forecasts and projections for the next twelve months show that the company should be able to continue in operational existence for that period, taking into account reasonable possible changes in trading performance.
The directors believe that the company is well placed to manage its business risks, despite the current economic conditions, and are satisfied that there is no material uncertainty in relation to going concern and it therefore remains appropriate to adopt the going concern basis in preparing its financial statements.
Rivergreen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
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 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 and deferred tax. Tax is recognised in profit or loss, except that a charge 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 tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
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Equipment, fixtures and fittings |
15% reducing balance |
Investment property
Rivergreen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
2 |
Accounting policies (continued) |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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
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 income statement 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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Rivergreen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Exceptional items |
2023 |
2022 |
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Exceptional expenses |
642,725 |
(85,696) |
Exceptional administrative expenses relate to doubtful debt provisions made against related party loan balances following an assessment of recoverability by management.
Investment properties |
2023 |
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At 1 November |
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Disposals |
( |
At 31 October |
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Included within Investment properties at the year end is a commercial property and residential properties.
The commercial property was valued at an open market basis by Storeys Edward Symmons LLP on 29 February 2012. Since the date of the external valuation the company has sold commercial units within the property and the valuation has been reduced accordingly for their disposal.
Taking the disposal values into consideration, the directors are of the opinion that there has been no significant change in the market value since the last external valuation.
The residential properties were valued at an open market basis by Storeys Edward Symmons LLP on 30 April 2011. In the directors opinion there has been an impairment in the market value and they have adjusted the fair value accordingly.
There has been no valuation of investment property by an independent valuer.
Rivergreen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Investments |
2023 |
2022 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 November 2022 |
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Provision |
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At 1 November 2022 |
- |
At 31 October 2023 |
- |
Carrying amount |
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At 31 October 2023 |
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At 31 October 2022 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2023 |
2022 |
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Subsidiary undertakings |
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The Farm House & Byre, Aykley Heads Farm, Aykley Heads, Durham, DH1 5AN |
Ordinary |
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England and Wales |
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The Farmhouse & Byre, Aykley Heads Farm, Aykley Heads, Durham, DH1 5AN |
Ordinary |
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England and Wales |
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The Farmhouse & Byre, Aykley Heads Farm, Aykley Heads, Durham, DH1 5AN |
Ordinary |
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England and Wales |
Rivergreen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
6 |
Investments (continued) |
Subsidiary undertakings |
Rivergeen Developments plc The principal activity of Rivergeen Developments plc is |
Rivergreen Homes Limited
The principal activity of Rivergreen Homes Limited was the sale of residential homes. The company was dissolved during the prior year.
Rivergreen Centre (St Mary's) Limited
The principal activity of Rivergreen Centre (St Mary's) Limited was the operation of a commercial centre. The company was dissolved during the prior year.
Debtors |
Note |
2023 |
2022 |
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Directors loan accounts |
96,409 |
64,376 |
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Amounts owed by group undertakings |
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Other debtors |
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Current asset investments |
2023 |
2022 |
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Investments in unlisted shares |
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Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Bank loans and overdrafts |
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Accruals and deferred income |
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Rivergreen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
9 |
Creditors (continued) |
Creditors: amounts falling due after more than one year
Note |
2023 |
2022 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
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2023 |
2022 |
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Non-current loans and borrowings |
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Bank borrowings |
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Bank borrowings
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Dividends |
Interim dividends paid
2023 |
2022 |
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Interim dividend of £ |
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- |
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Rivergreen Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023 (continued)
Related party transactions |
Transactions with directors |
2023 |
At 1 November 2022 |
Advances to director |
At 31 October 2023 |
P H Candler |
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Loan account |
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P A Ganley |
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Loan account |
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2022 |
At 1 November 2021 |
Repayments by director |
At 31 October 2022 |
P H Candler |
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Loan account |
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( |
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P A Ganley |
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Loan account |
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- |
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Dividends paid to directors
2023 |
2022 |
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P H Candler |
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Dividends |
66,660 |
- |
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P A Ganley |
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Dividends |
100,000 |
- |
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Parent and ultimate parent undertaking |
The ultimate controlling parties are considered to be P H Candler and P A Ganley