Riou Limited 09452099 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is property management and letting Digita Accounts Production Advanced 6.30.9574.0 true 09452099 2023-04-01 2024-03-31 09452099 2024-03-31 09452099 core:RetainedEarningsAccumulatedLosses 2024-03-31 09452099 core:ShareCapital 2024-03-31 09452099 core:CurrentFinancialInstruments 2024-03-31 09452099 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 09452099 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 09452099 bus:SmallEntities 2023-04-01 2024-03-31 09452099 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 09452099 bus:FullAccounts 2023-04-01 2024-03-31 09452099 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 09452099 bus:Director2 2023-04-01 2024-03-31 09452099 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 09452099 countries:AllCountries 2023-04-01 2024-03-31 09452099 2023-03-31 09452099 2022-04-01 2023-03-31 09452099 2023-03-31 09452099 core:RetainedEarningsAccumulatedLosses 2023-03-31 09452099 core:ShareCapital 2023-03-31 09452099 core:CurrentFinancialInstruments 2023-03-31 09452099 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09452099 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 09452099

Riou Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Riou Limited

(Registration number: 09452099)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

3

7,005,000

7,005,000

Current assets

 

Debtors

5

852,065

409,750

Other financial assets

4

1,145,761

737,494

Cash at bank and in hand

 

640,146

1,380,491

 

2,637,972

2,527,735

Creditors: Amounts falling due within one year

6

(557,685)

(459,463)

Net current assets

 

2,080,287

2,068,272

Total assets less current liabilities

 

9,085,287

9,073,272

Creditors: Amounts falling due after more than one year

6

(3,280,000)

(3,280,000)

Net assets

 

5,805,287

5,793,272

Capital and reserves

 

Called up share capital

6,205,658

6,205,658

Profit and loss account

(400,371)

(412,386)

Shareholders' funds

 

5,805,287

5,793,272

For the financial year ending 31 March 2024 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 and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 3 July 2024 and signed on its behalf by:
 

 

Riou Limited

(Registration number: 09452099)

Balance Sheet as at 31 March 2024 (continued)

.........................................

I B Blaskey
Director

 

Riou Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Statutory information

Riou Limited is a private company, limited by shares, domiciled in England and Wales, company number 09452099. The registered office is at 504 Ecclesall Road, Sheffield, S11 8PY.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover represents the income arising from property lettings. Revenue is recognised on a straight line basis over the lease term.

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.

Investment properties

Investment properties are carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors with the assistance of external valuers as detailed in note 3 of the financial statements. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.

 

Riou Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Staff numbers

The average number of persons employed by the company during the year was 0 (2023 - 0).

3

Investment properties

Valuation

2024
£

At 1 April 2023

7,005,000

At 31 March 2024

7,005,000

The directors are satisfied that the fair value of the company's investment properties as at 31 March 2024 are not materially different to the above valuation.

4

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Current financial assets

Valuation

At 1 April 2023

737,494

Additions

493,574

Fair value adjustments

67,120

Disposals

(152,427)

At 31 March 2024

1,145,761

The historical cost of the current financial assets is £1,074,503 (2023: £732,168).

5

Debtors

2024
£

2023
£

Trade debtors

13,414

17,774

Prepayments

2,992

3,579

Other debtors

835,659

388,397

852,065

409,750

 

Riou Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

6

Creditors

2024
£

2023
£

Due within one year

Bank overdraft

184,969

208,929

Trade creditors

91,573

4,015

Taxation and social security

95,830

41,824

Accruals and deferred income

167,382

166,980

Other creditors

17,931

37,715

557,685

459,463

2024
£

2023
£

Due after one year

Bank loan

3,280,000

3,280,000

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

7

Related party transactions

I B & C Blaskey
During the period the directors had a interest free loan account with the company. At the balance sheet date the directors owed the company £624,460 (2023: £388,397).

Salis Properties Limited
During the period the company had an interest free loan account with Salis Properties Limited, a company in which I B & C Blaskey are directors. At the balance sheet date the company owed £17,931 (2023: £37,715) to Salis Properties Limited.