Riverstone Developments (Lincoln) Limited 11457417 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is property development. Digita Accounts Production Advanced 6.30.9574.0 true false true 11457417 2023-01-01 2023-12-31 11457417 2023-12-31 11457417 core:CurrentFinancialInstruments 2023-12-31 11457417 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 11457417 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-12-31 11457417 core:ParentEntities 2023-12-31 11457417 bus:SmallEntities 2023-01-01 2023-12-31 11457417 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11457417 bus:FilletedAccounts 2023-01-01 2023-12-31 11457417 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 11457417 bus:RegisteredOffice 2023-01-01 2023-12-31 11457417 bus:Director2 2023-01-01 2023-12-31 11457417 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11457417 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-01-01 2023-12-31 11457417 core:ParentEntities 2023-01-01 2023-12-31 11457417 1 2023-01-01 2023-12-31 11457417 countries:England 2023-01-01 2023-12-31 11457417 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 11457417 core:ParentEntities 2022-12-31 11457417 2022-01-01 2022-12-31 11457417 2022-12-31 11457417 core:CurrentFinancialInstruments 2022-12-31 11457417 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 11457417 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-12-31 11457417 core:ParentEntities 2022-12-31 11457417 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-01-01 2022-12-31 11457417 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-12-31 11457417 core:ParentEntities 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 11457417

Riverstone Developments (Lincoln) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Riverstone Developments (Lincoln) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Riverstone Developments (Lincoln) Limited

(Registration number: 11457417)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Current assets

 

Stocks

4

2,819,894

2,638,791

Debtors

5

3,151

1,257

Cash at bank and in hand

 

375,557

1,865

 

3,198,602

2,641,913

Creditors: Amounts falling due within one year

6

(2,555,848)

(2,646,606)

Net assets/(liabilities)

 

642,754

(4,693)

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

642,654

(4,793)

Shareholders' funds/(deficit)

 

642,754

(4,693)

For the financial year ending 31 December 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 31 July 2024 and signed on its behalf by:
 

.........................................
N P Mellor
Director

 

Riverstone Developments (Lincoln) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
10 Wrens Court
48 Victoria Road
Birmingham
B72 1SY

These financial statements were authorised for issue by the Board on 31 July 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.

Going concern

With continued support extended by its related parties, the company’s directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future and therefore consider that it remains appropriate to prepare the financial statements on the going concern basis.

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 change takes place 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.

Key sources of estimation uncertainty

Based on their assessments of perceived market demand for properties similar in nature and location to the development projects being undertaken by the company, the directors are confident that the net realisable value of the company's work in progress exceeds its carrying value. The carrying amount is £2,819,894 (2022: £2,638,791).

 

Riverstone Developments (Lincoln) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

Riverstone Developments (Lincoln) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 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 under contracts of service (including directors) during the year, was 0 (2022 - 0).

4

Stocks

2023
£

2022
£

Work in progress

2,819,894

2,638,791

The company's work in progress comprises real estate which is in the process of development and which, once completed, will be held for resale.

Included within work in progress is £717,542 (2022: £554,356) of capitalised interest.

5

Debtors

Note

2023
£

2022
£

Amounts owed by related parties

9

100

100

Other debtors

 

3,051

1,157

 

3,151

1,257

 

Riverstone Developments (Lincoln) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

2,080,000

2,085,000

Trade creditors

 

6,306

5,250

Accruals and deferred income

 

469,542

556,356

 

2,555,848

2,646,606

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

8

Loans and borrowings

Current loans and borrowings

Note

2023
£

2022
£

Other borrowings

9

2,080,000

2,085,000

 

Riverstone Developments (Lincoln) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

9

Related party transactions

Loans to related parties

 

Parent

2023
£

2022
£

At start of period

100

100

At end of period

100

100

Terms of loans to related parties

Unsecured, interest-free loans, repayable on demand.
 

Loans from related parties

 

Entities with joint control or significant influence

2023
£

2022
£

At start of period

2,085,000

2,080,000

Advanced

8,000

5,000

Repaid

(13,000)

-

At end of period

2,080,000

2,085,000

Terms of loans from related parties

During the reporting period, unsecured loans were advanced to the company by the JV partners (identified below) of the company's immediate parent. 50% of the loans are subject to interest at 12% per annum and repayable on 11 June 2026; 50% are interest-free and repayable on demand. The balance of accrued interest payable on the above loans was £467,542 (2022: £554,356).

 

10

Parent and ultimate parent undertaking

The company's immediate parent is controlled jointly by KH IV Estates 814 Limited (a company incorporated in Jersey) and Swale Capital Management Ltd (a company incorporated in England)

 The company's immediate parent is Riverhill Developments LLP, incorporated in England.