Riverhead Asset Finance Limited 07323102 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is that of arranging asset finance. Digita Accounts Production Advanced 6.30.9574.0 true true 07323102 2023-01-01 2023-12-31 07323102 2023-12-31 07323102 core:CurrentFinancialInstruments 2023-12-31 07323102 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 07323102 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 07323102 core:FurnitureFittings 2023-12-31 07323102 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 07323102 core:MotorVehicles 2023-12-31 07323102 bus:SmallEntities 2023-01-01 2023-12-31 07323102 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07323102 bus:FullAccounts 2023-01-01 2023-12-31 07323102 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07323102 bus:RegisteredOffice 2023-01-01 2023-12-31 07323102 bus:Director1 2023-01-01 2023-12-31 07323102 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07323102 core:FurnitureFittings 2023-01-01 2023-12-31 07323102 core:LandBuildings 2023-01-01 2023-12-31 07323102 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07323102 core:MotorCars 2023-01-01 2023-12-31 07323102 core:MotorVehicles 2023-01-01 2023-12-31 07323102 core:OfficeEquipment 2023-01-01 2023-12-31 07323102 countries:AllCountries 2023-01-01 2023-12-31 07323102 2022-12-31 07323102 core:FurnitureFittings 2022-12-31 07323102 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 07323102 core:MotorVehicles 2022-12-31 07323102 2022-01-01 2022-12-31 07323102 2022-12-31 07323102 core:CurrentFinancialInstruments 2022-12-31 07323102 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07323102 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07323102 core:FurnitureFittings 2022-12-31 07323102 core:LandBuildings core:OwnedOrFreeholdAssets 2022-12-31 07323102 core:MotorVehicles 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 07323102

Riverhead Asset Finance Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Riverhead Asset Finance Limited

Company Information

Director

Mr P A Concannon

Registered office

14 St Chads Way
Sprotbrough
Doncaster
South Yorkshire
DN5 7LF

Accountants

Hawsons Chartered Accountants
5 Sidings Court
White Rose Way
Doncaster
South Yorkshire
DN4 5NU

 

Riverhead Asset Finance Limited

(Registration number: 07323102)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

51,979

66,124

Current assets

 

Debtors

4

749,536

298,503

Cash at bank and in hand

 

72,591

306,775

 

822,127

605,278

Creditors: Amounts falling due within one year

5

(100,964)

(31,158)

Net current assets

 

721,163

574,120

Total assets less current liabilities

 

773,142

640,244

Creditors: Amounts falling due after more than one year

5

(78,537)

(34,923)

Provisions for liabilities

2,465

(85)

Net assets

 

697,070

605,236

Capital and reserves

 

Called up share capital

11

11

Profit and loss account

697,059

605,225

Shareholders' funds

 

697,070

605,236

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.

Director's 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 director acknowledges his 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 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 director on 19 August 2024
 

 

Riverhead Asset Finance Limited

(Registration number: 07323102)

Balance Sheet as at 31 December 2023

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

Mr P A Concannon
Director

 

Riverhead Asset Finance Limited

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

1

Accounting policies

Riverhead Asset Finance Limited is a private company, limited by shares, domiciled in England and Wales, company number 07323102. The registered office is at 14 St Chads Way, Sprotbrough, Doncaster, South Yorkshire, DN5 7LF, England.

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.

General information and basis of preparation

Riverhead Asset Finance Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

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

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the value of the consideration received for the provision of services in the ordinary course of the company’s activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in statement of income and retained earnings, 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.

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Unrelieved tax losses and other deferred tax assets shall be recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 

Riverhead Asset Finance Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% straight line

Motor vehicles

25% reducing balance

Buildings

5% straight line

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of income and retained earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Riverhead Asset Finance Limited

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

3

Tangible assets

Buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

18,927

14,910

59,923

93,760

At 31 December 2023

18,927

14,910

59,923

93,760

Depreciation

At 1 January 2023

2,753

9,902

14,981

27,636

Charge for the year

946

1,964

11,235

14,145

At 31 December 2023

3,699

11,866

26,216

41,781

Carrying amount

At 31 December 2023

15,228

3,044

33,707

51,979

At 31 December 2022

16,174

5,008

44,942

66,124

Included within the net book value of land and buildings above is £15,228 (2022 - £16,174) in respect of freehold land and buildings.
 

4

Debtors

2023
£

2022
£

Other debtors

739,946

291,982

Directors current account

9,590

6,521

749,536

298,503

 

Riverhead Asset Finance Limited

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

5

Creditors

Creditors: amounts falling due within one year

2023
 £

2022
 £

Due within one year

Other loans

48,649

-

Trade creditors

1,920

-

Social security and other taxes

367

560

Outstanding defined contribution pension costs

-

1,350

Accrued expenses

4,443

2,250

Corporation tax liability

45,585

26,998

100,964

31,158

Due after one year

Loans and borrowings

78,537

34,923

6

Related party transactions

Loans to connected companies

During the year the company made loans to Riverhead Asset Management Limited, a company in which the director is a director and 100% shareholder.
At the balance sheet date the amount due from Riverhead Asset Management Limited was £739,696 (2022 - £291,982).