REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 25th March 2024 |
for |
RIVERSIDE ESTATE SERVICES LIMITED |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 25th March 2024 |
for |
RIVERSIDE ESTATE SERVICES LIMITED |
RIVERSIDE ESTATE SERVICES LIMITED (REGISTERED NUMBER: 01990288) |
Contents of the Financial Statements |
for the year ended 25th March 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
RIVERSIDE ESTATE SERVICES LIMITED |
Company Information |
for the year ended 25th March 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants & Statutory Auditors |
Suffolk House |
George Street |
Croydon |
Surrey |
CR0 0YN |
RIVERSIDE ESTATE SERVICES LIMITED (REGISTERED NUMBER: 01990288) |
Statement of Financial Position |
25th March 2024 |
25.3.24 | 25.3.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
The financial statements were approved by the Board of Directors and authorised for issue on |
RIVERSIDE ESTATE SERVICES LIMITED (REGISTERED NUMBER: 01990288) |
Notes to the Financial Statements |
for the year ended 25th March 2024 |
1. | STATUTORY INFORMATION |
Riverside Estate Services Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Turnover represents amounts recoverable for the maintenance and servicing of the common parts of the property. A surplus of turnover exulting rental income over expenditure is treated as service charge paid in advance, and deducted from turnover. A deficit is conversely treated as service charge receivable and is added to turnover. |
Other income represents rental income received for the letting of car parking land and is recognised in the period in which the spaces are let. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
RIVERSIDE ESTATE SERVICES LIMITED (REGISTERED NUMBER: 01990288) |
Notes to the Financial Statements - continued |
for the year ended 25th March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences 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 tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are 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. |
Provisions |
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. |
Provisions are charged as an expense to the statement of comprehensive income in the year that the company became aware of the obligation, taking into account relevant risks and uncertainties. |
When payments are eventually made, they are charged to the provision carried in the balance sheet. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 26th March 2023 |
and 25th March 2024 |
NET BOOK VALUE |
At 25th March 2024 |
At 25th March 2023 |
Fair value at 25th March 2024 is represented by: |
£ |
Valuation in 2023 | 505,000 |
Valuation in 2020 | 2,680,000 |
Valuation in 2017 | 650,000 |
Valuation in 2014 | 350,000 |
Valuation in 2011 | 185,000 |
Valuation in 2010 | (35,000 | ) |
Valuation in 2008 | (100,000 | ) |
Valuation in 2007 | (50,000 | ) |
Valuation in 2006 | 499,999 |
Cost | 1 |
4,685,000 |
RIVERSIDE ESTATE SERVICES LIMITED (REGISTERED NUMBER: 01990288) |
Notes to the Financial Statements - continued |
for the year ended 25th March 2024 |
4. | INVESTMENT PROPERTY - continued |
If Investment property had not been revalued it would have been included at the following historical cost: |
25.3.24 | 25.3.23 |
£ | £ |
Cost | 1 | 1 |
Investment property was valued on an open market basis on 20th September 2023 by Glenny LLP . |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
25.3.24 | 25.3.23 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
25.3.24 | 25.3.23 |
£ | £ |
Tax |
Social security and other taxes |
Other creditors |
7. | PROVISIONS FOR LIABILITIES |
25.3.24 | 25.3.23 |
£ | £ |
Deferred tax | 1,171,250 | 1,171,250 |
Provision for drainage works | 432,231 | 415,607 |
Drainage |
Deferred | works |
tax | provision |
£ | £ |
Balance at 26th March 2023 |
Provided during year |
Balance at 25th March 2024 |
8. | RESERVES |
Revaluation |
reserve |
£ |
At 26th March 2023 |
and 25th March 2024 |
RIVERSIDE ESTATE SERVICES LIMITED (REGISTERED NUMBER: 01990288) |
Notes to the Financial Statements - continued |
for the year ended 25th March 2024 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | RELATED PARTY DISCLOSURES |
During the year, the company expensed £8,000 (2023 - £8,000) to Mr M Painter, a director of the company, in his capacity as a Chartered Surveyor to the Company. |
During the year, the company expensed £54,550 (2023 - £56,750) to James Boatman Chartered Surveyors, a partnership in which Mr J Preston, a director of the company, is also a partner. |
11. | ULTIMATE CONTROLLING PARTY |
In the opinion of the directors, there is no ultimate controlling party. |