Acorah Software Products - Accounts Production 14.6.300 false true 30 November 2022 1 December 2021 false 1 December 2022 30 November 2023 30 November 2023 05856688 S S Surendran G Surendran iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 05856688 2022-11-30 05856688 2023-11-30 05856688 2022-12-01 2023-11-30 05856688 frs-core:CurrentFinancialInstruments 2023-11-30 05856688 frs-core:Non-currentFinancialInstruments 2023-11-30 05856688 frs-core:FurnitureFittings 2023-11-30 05856688 frs-core:FurnitureFittings 2022-12-01 2023-11-30 05856688 frs-core:FurnitureFittings 2022-11-30 05856688 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2023-11-30 05856688 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-12-01 2023-11-30 05856688 frs-core:LandBuildings frs-core:LeasedAssetsHeldAsLessee 2022-11-30 05856688 frs-core:ShareCapital 2023-11-30 05856688 frs-core:RetainedEarningsAccumulatedLosses 2023-11-30 05856688 frs-bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 05856688 frs-bus:FilletedAccounts 2022-12-01 2023-11-30 05856688 frs-bus:SmallEntities 2022-12-01 2023-11-30 05856688 frs-bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 05856688 frs-bus:SmallCompaniesRegimeForAccounts 2022-12-01 2023-11-30 05856688 frs-bus:Director1 2022-12-01 2023-11-30 05856688 frs-bus:Director2 2022-12-01 2023-11-30 05856688 frs-countries:EnglandWales 2022-12-01 2023-11-30 05856688 2021-11-30 05856688 2022-11-30 05856688 2021-12-01 2022-11-30 05856688 frs-core:CurrentFinancialInstruments 2022-11-30 05856688 frs-core:Non-currentFinancialInstruments 2022-11-30 05856688 frs-core:ShareCapital 2022-11-30 05856688 frs-core:RetainedEarningsAccumulatedLosses 2022-11-30
Registered number: 05856688
Riverstone Investment Properties Ltd
Unaudited Financial Statements
For The Year Ended 30 November 2023
O A George & Co
Chartered Certified Accountants & Statutory Auditors
104 New Cross Road
New Cross
London
SE14 5BA
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—7
Page 1
Company Information
Directors S S Surendran
G Surendran
Company Number 05856688
Registered Office 104 New Cross Road
New Cross
London
SE14 5BA
Accountants O A George & Co
Chartered Certified Accountants & Statutory Auditors
104 New Cross Road
New Cross
London
SE14 5BA
Page 1
Page 2
Accountant's Report
In accordance with the engagement letter dated 21 August 2024, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 30 November 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
23 August 2024
O A George & Co
Chartered Certified Accountants & Statutory Auditors
104 New Cross Road
New Cross
London
SE14 5BA
Page 2
Page 3
Balance Sheet
Registered number: 05856688
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,094,420 1,122,002
1,094,420 1,122,002
CURRENT ASSETS
Debtors 5 1,061 824
Cash at bank and in hand 4,765 56,344
5,826 57,168
Creditors: Amounts Falling Due Within One Year 6 (844,822 ) (792,523 )
NET CURRENT ASSETS (LIABILITIES) (838,996 ) (735,355 )
TOTAL ASSETS LESS CURRENT LIABILITIES 255,424 386,647
Creditors: Amounts Falling Due After More Than One Year 7 (490,877 ) (615,129 )
NET LIABILITIES (235,453 ) (228,482 )
CAPITAL AND RESERVES
Called up share capital 9 1,100 1,100
Profit and Loss Account (236,553 ) (229,582 )
SHAREHOLDERS' FUNDS (235,453) (228,482)
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For the year ending 30 November 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
S S Surendran
Director
23 August 2024
The notes on pages 5 to 7 form part of these financial statements.
Page 4
Page 5
Notes to the Financial Statements
1. General Information
Riverstone Investment Properties Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05856688 . The registered office is 104 New Cross Road, New Cross, London, SE14 5BA.
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:
Leasehold Depreciation -2%
Fixtures & Fittings Depreciation -6.667%
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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
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4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Total
£ £ £
Cost
As at 1 December 2022 1,370,004 2,721 1,372,725
As at 30 November 2023 1,370,004 2,721 1,372,725
Depreciation
As at 1 December 2022 249,405 1,318 250,723
Provided during the period 27,400 182 27,582
As at 30 November 2023 276,805 1,500 278,305
Net Book Value
As at 30 November 2023 1,093,199 1,221 1,094,420
As at 1 December 2022 1,120,599 1,403 1,122,002
5. Debtors
2023 2022
£ £
Due within one year
Trade debtors 761 824
Prepayments and accrued income 300 -
1,061 824
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 1,960 1,181
Other loans 44,000 39,000
Other creditors 799,196 753,074
Taxation and social security (334 ) (732 )
844,822 792,523
Of the £799,196, (2022: £753,074) disclosed as other creditors, £532,704 (2022: £504,031) was owing to the directors.
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Mortgage: Capital Homes Loans 185,199 315,129
Other Loans - more than 5yrs 305,678 300,000
490,877 615,129
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8. Secured Creditors
Of the creditors the following amounts are secured.
                                                                                                        30.11.23                   30.11.22
                                                                                                             £                               £
Capital Home Loans                                                                            182,199                    315,129
                                                                                                      ======                    ======
Capital Home Loans Limited holds the title deed/charge certificates of the properties 137 Homefield Park, Sutton Surrey and 139 Homefield Park, Sutton Surrey over which it has first legal charges.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1,100 1,100
10. Reserves
                                                                                                                                     Retained
                                                                                                                                      earnings
                                                                                                                                           £
At 1 December 2022                                                                                                        (229,582)
Profit(Loss) for the year                                                                                                       (6,971)
                                                                                                                                    -------------
At 30 November 2023                                                                                                      (236,553)
                                                                                                                                   ========
11. Related Party Transactions
Riverstone Investment Properties Limited is a 91% subsidiary of Riverstone Corporation Limited, the parent Company. At the Balance Sheet date, Riverstone Investment Properties Limmited owed the sum of £39,000, being loans provided in prior years by the parent company. No loan agreement or repayment terms existed between the parent company and its subsidiary.
As stated in Creditors Note above, the directors were owed £843,196 (2022: £792,074)
One director, Mr S Surendran, who is also the sole director of Riverstone Corporation Limited has intended that the parent company and himself will not seek repayment of the interest free loan provided to Riverstone Investment Properties Limited untill such a time when the subsidiary company is in a stable liquidity position to do so.
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