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Registration number: 02444552

Riva South Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 February 2024

 

Riva South Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Riva South Limited

Company Information

Directors

Mrs Jess Dorothy Jones

Mr Darrell Davies

Mrs Jane Dorothy Richards

Mr Pankaj Meghji Shah

Mr Jack Richards

Mr Gary Richards

Registered office

Tower Industrial Estate
Tower Lane
Eastleigh
Hampshire
SO50 6NZ

Accountants

Kajaine Kafton LLP
Chartered Accountants
42-46 Station Road
Edgware
HA8 7AB

 

Riva South Limited

(Registration number: 02444552)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

541,150

614,555

Current assets

 

Debtors

5

2,333,160

1,788,561

Cash at bank and in hand

 

386,202

1,180,485

 

2,719,362

2,969,046

Creditors: Amounts falling due within one year

6

(586,782)

(714,767)

Net current assets

 

2,132,580

2,254,279

Total assets less current liabilities

 

2,673,730

2,868,834

Creditors: Amounts falling due after more than one year

6

(108,334)

(158,333)

Net assets

 

2,565,396

2,710,501

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

2,565,296

2,710,401

Total equity

 

2,565,396

2,710,501

 

Riva South Limited

(Registration number: 02444552)
Balance Sheet as at 29 February 2024

For the financial year ending 29 February 2024 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 and delivered 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.

Approved and authorised by the Board on 17 October 2024 and signed on its behalf by:
 

.........................................
Mr Pankaj Meghji Shah
Director

   
     
 

Riva South Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:
Tower Industrial Estate
Tower Lane
Eastleigh
Hampshire
SO50 6NZ
England

The principal place of business is:
Tower Industrial Estate
Tower Lane
Eastleigh
Hampshire
SO50 6NZ
England

These financial statements were authorised for issue by the Board on 17 October 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

 

Riva South Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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

Leasehold property

20% straight line basis

Fixtures and fittings

20% straight line basis

Motor vehicles

33.33% straight line basis

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 merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Riva South Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 43 (2023 - 22).

 

Riva South Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2023

18,165

99,350

1,119,464

1,236,979

Additions

-

25,940

88,750

114,690

Disposals

-

-

(186,304)

(186,304)

At 29 February 2024

18,165

125,290

1,021,910

1,165,365

Depreciation

At 1 March 2023

18,164

78,583

525,677

622,424

Charge for the year

-

13,538

159,890

173,428

Eliminated on disposal

-

-

(171,637)

(171,637)

At 29 February 2024

18,164

92,121

513,930

624,215

Carrying amount

At 29 February 2024

1

33,169

507,980

541,150

At 28 February 2023

1

20,767

593,787

614,555

Included within the net book value of land and buildings above is £1 (2023 - £1) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

854,761

1,131,812

Prepayments

18,720

18,327

Other debtors

1,457,134

635,000

Directors current account

2,545

3,422

-

-

 

2,333,160

1,788,561

 

Riva South Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

444,666

484,980

Taxation and social security

 

113,035

125,350

Other creditors

 

26,464

31,973

Accrued expenses

 

2,617

60,710

Corporation tax payable

 

-

11,754

 

586,782

714,767

Due after one year

 

Loans and borrowings

7

108,334

158,333

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

7

108,334

158,333

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

108,334

158,333