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Company No: 07090817 (England and Wales)

RIVERSIDE PROPERTY LIMITED (FORMERLY STUDIO (HOLDINGS) LIMITED)

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

RIVERSIDE PROPERTY LIMITED (FORMERLY STUDIO (HOLDINGS) LIMITED)

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

RIVERSIDE PROPERTY LIMITED (FORMERLY STUDIO (HOLDINGS) LIMITED)

BALANCE SHEET

As at 31 March 2024
RIVERSIDE PROPERTY LIMITED (FORMERLY STUDIO (HOLDINGS) LIMITED)

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 822,446 839,924
822,446 839,924
Current assets
Debtors 4 69,748 74,967
Cash at bank and in hand 39,391 95,565
109,139 170,532
Creditors: amounts falling due within one year 5 ( 90,272) ( 88,447)
Net current assets 18,867 82,085
Total assets less current liabilities 841,313 922,009
Creditors: amounts falling due after more than one year 6 ( 473,469) ( 542,277)
Provision for liabilities ( 26,287) ( 27,904)
Net assets 341,557 351,828
Capital and reserves
Called-up share capital 7 100 100
Fair value reserve 295,954 295,954
Capital redemption reserve 0 22,460
Profit and loss account 45,503 33,314
Total shareholder's funds 341,557 351,828

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.

Director's responsibilities:

The financial statements of Riverside Property Limited (formerly Studio (Holdings) Limited) (registered number: 07090817) were approved and authorised for issue by the Director on 02 September 2024. They were signed on its behalf by:

Mr S Beasley
Director
RIVERSIDE PROPERTY LIMITED (FORMERLY STUDIO (HOLDINGS) LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
RIVERSIDE PROPERTY LIMITED (FORMERLY STUDIO (HOLDINGS) LIMITED)

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Riverside Property Limited (formerly Studio (Holdings) Limited) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Riverside Works, Forde Road, Newton Abbot, TQ12 4AD, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line and reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Leasehold improvements 10 years straight line
Plant and machinery 5 years straight line
Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Land and buildings Leasehold improve-
ments
Plant and machinery Office equipment Total
£ £ £ £ £
Cost
At 01 April 2023 700,000 115,730 118,610 3,777 938,117
Additions 0 0 0 280 280
At 31 March 2024 700,000 115,730 118,610 4,057 938,397
Accumulated depreciation
At 01 April 2023 0 48,153 47,450 2,590 98,193
Charge for the financial year 0 11,576 5,931 251 17,758
At 31 March 2024 0 59,729 53,381 2,841 115,951
Net book value
At 31 March 2024 700,000 56,001 65,229 1,216 822,446
At 31 March 2023 700,000 67,577 71,160 1,187 839,924

4. Debtors

2024 2023
£ £
Trade debtors 16,829 21,627
Amounts owed by Group undertakings 0 49,469
Prepayments 4,540 3,871
Other debtors 48,379 0
69,748 74,967

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 14,473 10,721
Trade creditors 849 117
Amounts owed to director 55,949 36,775
Accruals 2,100 0
Taxation and social security 15,234 20,068
Other creditors 1,667 20,766
90,272 88,447

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 473,469 487,942
Other creditors 0 54,335
473,469 542,277

The bank loans are secured on freehold properties of the Company with a carrying value of £700,000 (2023: £700,000 ).

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
95 Ordinary A shares of £ 1.00 each 95 95
5 Ordinary B shares of £ 1.00 each 5 5
100 100
Nil Redeemable Pref preference shares (2023: 73,434 shares of £ 1.00 each) 0 73,434
100 73,534