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REGISTERED NUMBER: 01990288 (England and Wales)



















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: M R G Painter
J W Preston





REGISTERED OFFICE: Cannon Place
78 Cannon Street
London
EC4N 6AF





REGISTERED NUMBER: 01990288 (England and Wales)





AUDITORS: Simpson Wreford & Partners
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 4,685,000 4,685,000

CURRENT ASSETS
Debtors 5 132,577 211,205
Cash at bank and in hand 1,089,034 651,194
1,221,611 862,399
CREDITORS
Amounts falling due within one year 6 263,928 128,436
NET CURRENT ASSETS 957,683 733,963
TOTAL ASSETS LESS CURRENT LIABILITIES 5,642,683 5,418,963

PROVISIONS FOR LIABILITIES 7 1,603,481 1,586,857
NET ASSETS 4,039,202 3,832,106

CAPITAL AND RESERVES
Called up share capital 116 116
Revaluation reserve 8 3,513,749 3,513,749
Retained earnings 525,337 318,241
4,039,202 3,832,106

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16th September 2024 and were signed on its behalf by:





J W Preston - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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 4,685,000
NET BOOK VALUE
At 25th March 2024 4,685,000
At 25th March 2023 4,685,000

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 65,739 70,598
Other debtors 66,838 140,607
132,577 211,205

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
25.3.24 25.3.23
£    £   
Tax 68,670 28,717
Social security and other taxes 13,290 18,583
Other creditors 181,968 81,136
263,928 128,436

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
1,603,481 1,586,857

Drainage
Deferred works
tax provision
£    £   
Balance at 26th March 2023 1,171,250 415,607
Provided during year - 17,806
Balance at 25th March 2024 1,171,250 433,413

8. RESERVES
Revaluation
reserve
£   
At 26th March 2023
and 25th March 2024 3,513,749

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.

Timothy Paul Lindfield (Senior Statutory Auditor)
for and on behalf of Simpson Wreford & Partners

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.