Company registration number 05254316 (England and Wales)
RIVERSIDE BUSINESS PARK LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
RIVERSIDE BUSINESS PARK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
RIVERSIDE BUSINESS PARK LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,329,592
1,154,732
Investment property
4
15,880,000
14,130,000
17,209,592
15,284,732
Current assets
Debtors
5
287,785
324,842
Cash at bank and in hand
115,656
97,452
403,441
422,294
Creditors: amounts falling due within one year
6
(1,153,250)
(1,008,412)
Net current liabilities
(749,809)
(586,118)
Total assets less current liabilities
16,459,783
14,698,614
Creditors: amounts falling due after more than one year
7
(10,089,119)
(8,185,552)
Provisions for liabilities
(238,000)
(197,500)
Government grants
(1,805,774)
(2,164,001)
Net assets
4,326,890
4,151,561
Capital and reserves
Called up share capital
8
1
1
Revaluation reserve
2,073,360
1,939,516
Profit and loss reserves
2,253,529
2,212,044
Total equity
4,326,890
4,151,561
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
RIVERSIDE BUSINESS PARK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 August 2024 and are signed on its behalf by:
W M D Twelves
Director
Company registration number 05254316 (England and Wales)
RIVERSIDE BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
Riverside Business Park Limited is a private company limited by shares incorporated in England and Wales. The registered office is Offices 5 -7 Lumford Mill, Riverside Business Park, Buxton Road, Bakewell, Derbyshire, DE45 1GS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rent receivable net of VAT.
1.3
Tangible fixed assets
Assets in the course of construction are not depreciated.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
RIVERSIDE BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
RIVERSIDE BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
3
Tangible fixed assets
Assets under construction
£
Cost
At 1 April 2023
1,154,733
Additions
1,791,015
Reclassification of costs to investment property
(1,616,156)
At 31 March 2024
1,329,592
Carrying amount
At 31 March 2024
1,329,592
At 31 March 2023
1,154,732
Assets under construction are not depreciated.
4
Investment property
2024
£
Fair value
At 1 April 2023
14,130,000
Reclassification of costs from assets under construction
1,616,156
Revaluations
133,844
At 31 March 2024
15,880,000
The investment property was valued on 19 February 2024 by Carter Jonas LLP, an independent firm of chartered surveyors. The basis of this valuation was open market value. W M D Twelves MRICS, a director of the company has considered the valuation as at 31 March 2024 and the valuation has been adjusted accordingly.
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
34,506
45,707
Amounts owed by group undertakings
67,576
79,785
Other debtors
1,002
1,002
Prepayments and accrued income
118,638
127,285
221,722
253,779
RIVERSIDE BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Debtors
(Continued)
- 6 -
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
66,063
71,063
Total debtors
287,785
324,842
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
112,311
292,575
Amounts owed to group undertakings
279,589
464,314
Taxation and social security
31,566
20,214
Other creditors
729,784
231,309
1,153,250
1,008,412
The bank loan is secured by way of an unlimited guarantee as disclosed in note 9 to the financial statements.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,546,331
6,993,750
Amounts owed to group undertakings
1,542,788
1,191,802
10,089,119
8,185,552
The bank loan is secured by way of an unlimited guarantee as disclosed in note 9 to the financial statements.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
1
1
1
1
9
Financial commitments, guarantees and contingent liabilities
The company has given an unlimited guarantee to Svenska Handlesbanken AB (publ) in respect of Litton (Parkgate) Limited, Litton (Brunswick Park) Limited, Litton (Hellaby) Limited, Litton (Greenland Road) Limited and Litton (Archer Road) Limited's bank borrowings. At 31 March 2024 these amounted to £11,240,000 (2023: £11,240,000 ).
RIVERSIDE BUSINESS PARK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
10
Parent company
The company is a wholly owned subsidiary of Litton Holdings Limited. The ultimate parent company is Scorpio Securities Limited, a company incorporated in England and Wales.