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Registration number: 03106391

River Systems Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

River Systems Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

River Systems Limited

(Registration number: 03106391)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

898,376

901,065

Current assets

 

Stocks

6

2,099

2,180

Debtors

7

87,480

72,294

Cash at bank and in hand

 

3,170

16,504

 

92,749

90,978

Creditors: Amounts falling due within one year

8

(123,668)

(91,188)

Net current liabilities

 

(30,919)

(210)

Total assets less current liabilities

 

867,457

900,855

Creditors: Amounts falling due after more than one year

8

(606,238)

(655,965)

Net assets

 

261,219

244,890

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

261,119

244,790

Shareholders' funds

 

261,219

244,890

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.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 August 2024 and signed on its behalf by:
 

 

River Systems Limited

(Registration number: 03106391)
Balance Sheet as at 31 December 2023

.........................................
D R Payne
Director

 

River Systems Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sankey Marine
Worcester Road
Evesham
Worcestershire
WR11 4TA
United Kingdom

These financial statements were authorised for issue by the Board on 20 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of permenant moorings, income related to boating activities and the operation of a clubhouse in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

River Systems Limited

Notes to the Unaudited 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

Land and buildings

Nil

Leasehold properties

5% straight line

Plant and machinery

25% reducing balance

Fixtures and equipment

33.33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Fifteen years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold and services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

River Systems Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

River Systems Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

200,000

200,000

At 31 December 2023

200,000

200,000

Amortisation

At 1 January 2023

200,000

200,000

At 31 December 2023

200,000

200,000

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Land and buildings
£

Leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 January 2023

891,964

20,800

3,438

52,107

At 31 December 2023

891,964

20,800

3,438

52,107

Depreciation

At 1 January 2023

-

17,940

3,083

46,221

Charge for the year

-

1,040

177

1,472

At 31 December 2023

-

18,980

3,260

47,693

Carrying amount

At 31 December 2023

891,964

1,820

178

4,414

At 31 December 2022

891,964

2,860

355

5,886

 

River Systems Limited

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

Total
£

Cost or valuation

At 1 January 2023

968,309

At 31 December 2023

968,309

Depreciation

At 1 January 2023

67,244

Charge for the year

2,689

At 31 December 2023

69,933

Carrying amount

At 31 December 2023

898,376

At 31 December 2022

901,065

 

River Systems Limited

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

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

2,099

2,180

7

Debtors

Current

2023
£

2022
£

Trade debtors

23,537

15,984

Prepayments

7,248

14,028

Other debtors

56,695

42,282

 

87,480

72,294

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

46,516

40,661

Trade creditors

 

17,039

5,510

Taxation and social security

 

30,699

16,681

Accruals and deferred income

 

29,414

28,336

 

123,668

91,188

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

606,238

655,965

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

River Systems Limited

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

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

350,396

389,109

Other borrowings

255,842

266,856

606,238

655,965

2023
£

2022
£

Current loans and borrowings

Bank borrowings

40,717

40,661

Bank overdrafts

5,799

-

46,516

40,661

Bank borrowings

Bank Loan is denominated in Sterling with a nominal interest rate of 3.5% above base . The carrying amount at year end is £368,847 (2022 - £404,079).

Bank loan is secured against the assets of the company.