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REGISTERED NUMBER: 11357321 (England and Wales)






















Riva Home Group Limited

Group Strategic Report, Report of the Director and

Consolidated Financial Statements for the Year Ended 31st January 2024






Riva Home Group Limited (Registered number: 11357321)






Contents of the Consolidated Financial Statements
for the year ended 31st January 2024




Page

Company Information 1

Group Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 14


Riva Home Group Limited

Company Information
for the year ended 31st January 2024







DIRECTOR: J Green





REGISTERED OFFICE: Riva Home
Coal Road
Leeds
West Yorkshire
LS14 1PS





REGISTERED NUMBER: 11357321 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

Riva Home Group Limited (Registered number: 11357321)

Group Strategic Report
for the year ended 31st January 2024

The director presents his strategic report of the company and the group for the year ended 31st January 2024.

REVIEW OF BUSINESS
The directors consider the performance of the group to be satisfactory given trading conditions and the group to be well positioned for future growth.

The group continued to invest for growth with the acquisition of Voyage Maison in June 23. This was an asset purchase with Voyage Maison employees being TUPED. As part of the acquisition exceptional costs of £234k were incurred shown in note 6.Voyage Maison is a premium brand that is widely recognised and offers a unique product proposition that appeals to a more affluent demographic which has helped Riva Home diversify and grow into a new space.

The group continues to develop and invest in a multi-channel strategy and new categories.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risk for the business is the cost-of-living crisis. Riva continue to offer a wide range of product offerings covering all demographics to mitigate this risk

KEY PERFORMANCE INDICATORS
The company's ultimate shareholder is also the director of the company and is closely involved in the
company's activities. The company directors therefore believe that the analysis of the company performance for the year using key performance indicators is not necessary as the ultimate shareholder already understands the development, performance, and position of the company.

FINANCIAL RISK MANAGEMENT
The main financial risks, to which the company is exposed are exchange rate and credit risk. The company manages these risks by entering into forward exchange contracts and having in place robust credit management processes and appropriate credit insurance.

ON BEHALF OF THE BOARD:





J Green - Director


18th October 2024

Riva Home Group Limited (Registered number: 11357321)

Report of the Director
for the year ended 31st January 2024

The director presents his report with the financial statements of the company and the group for the year ended 31st January 2024.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of the sale of homeware.

DIVIDENDS
During the year total dividends were paid amounting to £198,000 (2023 £361,200). The director does not recommend the payment of any further dividends.

DIRECTOR
J Green held office during the whole of the period from 1st February 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Smailes Goldie, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J Green - Director


18th October 2024

Report of the Independent Auditors to the Members of
Riva Home Group Limited

Opinion
We have audited the financial statements of Riva Home Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st January 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st January 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Riva Home Group Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were
indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

Report of the Independent Auditors to the Members of
Riva Home Group Limited

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Peter Dearing BSc FCCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

18th October 2024

Riva Home Group Limited (Registered number: 11357321)

Consolidated Statement of Comprehensive Income
for the year ended 31st January 2024

2024 2023
Notes £    £   

TURNOVER 3 23,300,219 19,869,399

Cost of sales 16,066,863 14,296,541
GROSS PROFIT 7,233,356 5,572,858

Administrative expenses 6,073,446 4,848,769
1,159,910 724,089

Other operating income 244,466 289,121
OPERATING PROFIT 5 1,404,376 1,013,210

Exceptional item 6 (234,914 ) -
Goodwill ammortisation 6 (518,418 ) (518,418 )
651,044 494,792

Interest receivable and similar income 690 -
651,734 494,792

Interest payable and similar expenses 7 439,077 183,923
PROFIT BEFORE TAXATION 212,657 310,869

Tax on profit 8 162,700 167,707
PROFIT FOR THE FINANCIAL YEAR 49,957 143,162

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

49,957

143,162

Profit attributable to:
Owners of the parent 49,957 143,162

Total comprehensive income attributable to:
Owners of the parent 49,957 143,162

Riva Home Group Limited (Registered number: 11357321)

Consolidated Balance Sheet
31st January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 2,851,298 3,369,715
Tangible assets 12 2,242,867 2,553,859
Investments 13 - -
5,094,165 5,923,574

CURRENT ASSETS
Stocks 14 7,272,837 7,003,908
Debtors 15 4,700,163 4,645,321
Cash at bank and in hand 332,256 147,863
12,305,256 11,797,092
CREDITORS
Amounts falling due within one year 16 8,961,524 8,585,155
NET CURRENT ASSETS 3,343,732 3,211,937
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,437,897

9,135,511

CREDITORS
Amounts falling due after more than one
year

17

(3,925,334

)

(4,378,675

)

PROVISIONS FOR LIABILITIES 21 (501,797 ) (598,027 )
NET ASSETS 4,010,766 4,158,809

CAPITAL AND RESERVES
Called up share capital 22 1,200,100 1,200,100
Capital redemption reserve 23 1,767,000 1,395,000
Retained earnings 23 1,043,666 1,563,709
SHAREHOLDERS' FUNDS 4,010,766 4,158,809

The financial statements were approved by the director and authorised for issue on 18th October 2024 and were signed by:





J Green - Director


Riva Home Group Limited (Registered number: 11357321)

Company Balance Sheet
31st January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 - -
Investments 13 8,062,046 8,062,046
8,062,046 8,062,046

CURRENT ASSETS
Debtors 15 318,207 173,514
Cash at bank 932 500
319,139 174,014
CREDITORS
Amounts falling due within one year 16 708,740 557,302
NET CURRENT LIABILITIES (389,601 ) (383,288 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,672,445

7,678,758

CREDITORS
Amounts falling due after more than one
year

17

3,888,000

4,260,000
NET ASSETS 3,784,445 3,418,758

CAPITAL AND RESERVES
Called up share capital 22 1,200,100 1,200,100
Capital redemption reserve 1,767,000 1,395,000
Retained earnings 817,345 823,658
SHAREHOLDERS' FUNDS 3,784,445 3,418,758

Company's profit for the financial year 563,687 575,029

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

The financial statements were approved by the director and authorised for issue on 18th October 2024 and were signed by:





J Green - Director


Riva Home Group Limited (Registered number: 11357321)

Consolidated Statement of Changes in Equity
for the year ended 31st January 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st February 2022 1,200,100 2,153,747 1,023,000 4,376,847

Changes in equity
Total comprehensive income - 143,162 - 143,162
Dividends - (361,200 ) - (361,200 )
Redemption of preference
shares - (372,000 ) 372,000 -
Balance at 31st January 2023 1,200,100 1,563,709 1,395,000 4,158,809

Changes in equity
Total comprehensive income - 49,957 - 49,957
Dividends - (198,000 ) - (198,000 )
Redemption of preference
shares - (372,000 ) 372,000 -
Balance at 31st January 2024 1,200,100 1,043,666 1,767,000 4,010,766

Riva Home Group Limited (Registered number: 11357321)

Company Statement of Changes in Equity
for the year ended 31st January 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st February 2022 1,200,100 981,829 1,023,000 3,204,929

Changes in equity
Total comprehensive income - 575,029 - 575,029
Dividends - (361,200 ) - (361,200 )
Redemption of preference
shares - (372,000 ) 372,000 -
Balance at 31st January 2023 1,200,100 823,658 1,395,000 3,418,758

Changes in equity
Total comprehensive income - 563,687 - 563,687
Dividends - (198,000 ) - (198,000 )
Redemption of preference
shares - (372,000 ) 372,000 -
Balance at 31st January 2024 1,200,100 817,345 1,767,000 3,784,445

Riva Home Group Limited (Registered number: 11357321)

Consolidated Cash Flow Statement
for the year ended 31st January 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,429,070 718,333
Interest paid (438,531 ) (174,458 )
Interest element of hire purchase
payments paid

-

(8,882

)
Finance costs paid (546 ) -
Tax paid (230,853 ) (121,258 )
Net cash from operating activities 1,759,140 413,735

Cash flows from investing activities
Purchase of tangible fixed assets (270,041 ) (825,367 )
Sale of tangible fixed assets 114,193 95,547
Interest received 690 -
Net cash from investing activities (155,158 ) (729,820 )

Cash flows from financing activities
Net movement in stock loan (450,699 ) (291,961 )
Preference share redemption (372,000 ) (372,000 )
Advances on invoice financing facilities (265,085 ) 952,363
Repayment of long term loans (20,632 ) -
Capital repayments in year (113,173 ) (22,424 )
Equity dividends paid (198,000 ) (361,200 )
Non-equity dividends paid - (583 )
Net cash from financing activities (1,419,589 ) (95,805 )

Increase/(decrease) in cash and cash equivalents 184,393 (411,890 )
Cash and cash equivalents at
beginning of year

2

147,863

559,753

Cash and cash equivalents at end of
year

2

332,256

147,863

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Cash Flow Statement
for the year ended 31st January 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit before taxation 212,657 310,869
Depreciation charges 470,663 304,421
Profit on disposal of fixed assets (3,823 ) (7,844 )
Goodwill ammortisation 518,417 518,418
Finance costs 439,077 183,923
Finance income (690 ) -
1,636,301 1,309,787
Increase in stocks (268,929 ) (1,172,965 )
(Increase)/decrease in trade and other debtors (54,842 ) 894,974
Increase/(decrease) in trade and other creditors 1,116,540 (313,463 )
Cash generated from operations 2,429,070 718,333

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st January 2024
31/1/24 1/2/23
£    £   
Cash and cash equivalents 332,256 147,863
Year ended 31st January 2023
31/1/23 1/2/22
£    £   
Cash and cash equivalents 147,863 559,753


3. ANALYSIS OF CHANGES IN NET DEBT

At 1/2/23 Cash flow At 31/1/24
£    £    £   
Net cash
Cash at bank and in hand 147,863 184,393 332,256
147,863 184,393 332,256
Debt
Finance leases (113,173 ) 113,173 -
Debts falling due within 1 year (4,232,739 ) 450,699 (3,782,040 )
Debts falling due after 1 year (4,317,966 ) 392,632 (3,925,334 )
(8,663,878 ) 956,504 (7,707,374 )
Total (8,516,015 ) 1,140,897 (7,375,118 )

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements
for the year ended 31st January 2024

1. STATUTORY INFORMATION

Riva Home Group 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statement have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value.

The financial statements are presented in stirling, which is the functional currency of the company, and all values are rounded to the nearest pound (£).

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

Going Concern
In forming their going concern assessment, the directors have reviewed the anticipated trading performance over the next 12 months. Having considered this and other available factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of 12 months from the date of approval of these financial statements and have therefore adopted the going concern basis in preparing these financial statements.

Basis of consolidation
The group financial statements consolidate the financial statements of Riva Home Group Limited and its subsidiaries for the year ended 31st January 2023. The subsidiary undertakings have been accounted for under the acquisition method of accounting. No company Statement of comprehensive Income is presented for Riva Home Group Limited as permitted by Section 408 of the Companies Act 2006.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is measured at the fair value of the consideration received or receivable net of value added tax and trade discounts. The policies adopted for the recognition of turnover are as follows:

Sales of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on the date of dispatch of the goods.

Leases
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold improvements- over the lease term
Plant and machinery - 10% and 20% on cost
Fixtures and Fittings- 10% and 20% on cost
Motor Vehicles- 20% on cost

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the average cost method. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, 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 balance sheet date.


Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 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 balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
When employees have rendered service to the group short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

The group operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

3. TURNOVER

The turnover and profit before tax are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 4,685,866 4,160,817
Social security costs 415,133 361,034
Other pension costs 104,591 87,721
5,205,590 4,609,572

The average number of employees during the year was as follows:
2024 2023

Management and administration 41 26
Sales 105 109
146 135

2024 2023
£    £   
Director's remuneration 50,000 50,000
Director's pension contributions to money purchase schemes 6,000 6,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 470,663 290,330
Depreciation - assets on hire purchase contracts - 14,091
(Profit)/loss on disposal of fixed assets (3,823 ) 8,908
Goodwill amortisation 518,417 518,418
Auditors' remuneration - parent 5,000 5,000
Auditors' remuneration - subsidiaries 25,000 25,000
Foreign exchange differences 2,021 (69,648 )
Other operating leases 819,127 691,727

6. EXCEPTIONAL ITEMS

The exceptional costs which are included in the Statement of Comprehensive Income relate to costs incurred in an asset purchase with Voyage Maison as highlighted in the strategic report.

GOODWILL AMORTISATION

Goodwill on consolidation is being amortised in line with the stated accounting policy (see note 2).

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 185,413 19,487
Bank loan interest 6,771 -
Bank stocking loans interest 246,347 154,971
Hire purchase - 8,882
A redeemable preference dividend 390 420
B redeemable preference dividend 36 43
Irredeemable preference dividend 120 120
439,077 183,923

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 258,930 60,644

Deferred tax (96,230 ) 107,063
Tax on profit 162,700 167,707

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 212,657 310,869
Profit multiplied by the standard rate of corporation tax in the UK of
25 % (2023 - 19 %)

53,164

59,065

Effects of:
Expenses not deductible for tax purposes 8,928 3,297
Capital allowances in excess of depreciation (18,546 ) (18,849 )
Goodwill ammortisation not deductible for tax purposes 129,605 98,499
Change in rate of Deferred tax (10,451 ) 25,695
Total tax charge 162,700 167,707

9. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

10. DIVIDENDS

2024 2023
£    £   
Ordinary shares of £1 each
Interim - paid 198,000 361,200

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st February 2023
and 31st January 2024 5,184,178
AMORTISATION
At 1st February 2023 1,814,463
Amortisation for year 518,417
At 31st January 2024 2,332,880
NET BOOK VALUE
At 31st January 2024 2,851,298
At 31st January 2023 3,369,715

12. TANGIBLE FIXED ASSETS

Group
Fixtures
Leasehold Plant and and Motor
Improvements machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st February 2023 84,175 744,747 1,975,360 382,540 3,186,822
Additions 16,667 131,107 99,517 22,750 270,041
Disposals - - - (196,888 ) (196,888 )
At 31st January 2024 100,842 875,854 2,074,877 208,402 3,259,975
DEPRECIATION
At 1st February 2023 6,312 74,489 359,443 192,719 632,963
Charge for year 9,252 162,405 265,615 33,391 470,663
Eliminated on disposal - - - (86,518 ) (86,518 )
At 31st January 2024 15,564 236,894 625,058 139,592 1,017,108
NET BOOK VALUE
At 31st January 2024 85,278 638,960 1,449,819 68,810 2,242,867
At 31st January 2023 77,863 670,258 1,615,917 189,821 2,553,859

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

12. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1st February 2023 149,552
Disposals (148,790 )
Transfer to ownership (762 )
At 31st January 2024 -
DEPRECIATION
At 1st February 2023 53,627
Eliminated on disposal (52,579 )
Transfer to ownership (1,048 )
At 31st January 2024 -
NET BOOK VALUE
At 31st January 2024 -
At 31st January 2023 95,925

13. FIXED ASSET INVESTMENTS

Company

Shares in group undertakings 2023 2022
£ £
Cost
At 1st February 2022 8,062,046 8,062,046
Additions - -
At 31st January 2023 8,062,046 8,062,046

Details of group undertaking at the year end are as follows:
Proportion
Name of company Held Nature of business

Riva Paoletti Limited* Ordinary shares 100% Distribution wholesale of
drapery goods

Ismail Textiles Limited Ordinary shares 100% Distribution wholesale of
drapery goods

Riva EL Limited Ordinary shares 100% Management company

Distro Logistics Limited* Ordinary shares 100% Management company

* Shares of the undertaking marked with an asterisk (*) are held directly by the company.

All of the above companies are registered in England.

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

14. STOCKS

Group
2024 2023
£    £   
Stocks 7,046,837 6,666,908
Work-in-progress 226,000 337,000
7,272,837 7,003,908

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 3,686,295 2,732,712 - -
Amounts owed by group undertakings - - 318,207 173,514
Other debtors 471,631 1,357,518 - -
Prepayments and accrued income 542,237 555,091 - -
4,700,163 4,645,321 318,207 173,514

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 18) 3,410,040 3,860,739 - -
Preference shares (see note 18) 372,000 372,000 372,000 372,000
Hire purchase contracts (see note 19) - 52,464 - -
Trade creditors 311,314 609,229 - -
Corporation tax 260,539 232,462 296,041 181,570
Social security and other taxes 752,964 720,645 - -
VAT - - 38,976 -
Other creditors 2,866,923 2,053,973 546 2,556
Accruals and deferred income 987,744 683,643 1,177 1,176
8,961,524 8,585,155 708,740 557,302

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans (see note 18) 37,334 57,966 - -
Preference shares (see note 18) 3,888,000 4,260,000 3,888,000 4,260,000
Hire purchase contracts (see note 19) - 60,709 - -
3,925,334 4,378,675 3,888,000 4,260,000

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2024 2023 2024 2023
£    £    £    £   
Amounts falling due within one year or on demand:
Bank stocking loans 3,410,040 3,860,739 - -
Preference shares 372,000 372,000 372,000 372,000
3,782,040 4,232,739 372,000 372,000
Amounts falling due between one and two years:
Bank loans 1-2 years 20,298 20,043 - -
Preference shares 372,000 372,000 372,000 372,000
392,298 392,043 372,000 372,000
Amounts falling due between two and five years:
Bank loans 2-5 years 17,036 37,923 - -
Preference shares 1,116,000 1,116,000 1,116,000 1,116,000
1,133,036 1,153,923 1,116,000 1,116,000
Amounts falling due in more than five years:
Repayable by instalments
Preference shares 2,400,000 2,772,000 2,400,000 2,772,000

Details of shares shown as liabilities are as follows:

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
4,200,000 A redeemable preference £1 3,900,000 4,200,000
432,000 B redeemable preference £1 360,000 432,000
4,260,000 4,632,000

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year - 52,464
Between one and five years - 60,709
- 113,173

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 898,829 787,440
Between one and five years 2,806,654 2,660,780
In more than five years 3,764,583 4,089,583
7,470,066 7,537,803

20. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Hire purchase contracts - 113,173
Stocking loan 3,389,997 3,840,952
Invoice financing facility 1,784,704 2,049,789
5,174,701 6,003,914

The loans and overdrafts are secured by fixed and floating charges over the assets of the company.
Hire purchase liabilities are secured over the assets to which the agreement relate.

21. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 501,797 598,027

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

21. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st February 2023 598,027
Provided during year (96,230 )
Balance at 31st January 2024 501,797

22. CALLED UP SHARE CAPITAL

The ordinary share capital of £100 (2023 £100) is allotted, called up and fully paid.
The irredeemable preference share capital of £1,200,000 (2023 £1,200,000) is allotted, called up and fully paid.

23. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1st February 2023 1,563,709 1,395,000 2,958,709
Profit for the year 49,957 - 49,957
Dividends (198,000 ) - (198,000 )
Redemption of preference share (372,000 ) 372,000 -
At 31st January 2024 1,043,666 1,767,000 2,810,666


24. CAPITAL COMMITMENTS
2024 2023
£    £   
Contracted but not provided for in the
financial statements 84,065 37,587

25. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The amount due to the group from the directors at the the year end were £16,887 (2023 - Nil). The maximum amount outstanding in the year was £16,887. Interest charged is variable and equals the groups cost of borrowing. No amounts have been waived or written off during the current or prior periods.

26. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£    £   
Amount due from related party 407,275 1,332,000

During the year, a total of key management personnel compensation of £ 362,399 (2023 - £ 365,504 ) was paid.

Riva Home Group Limited (Registered number: 11357321)

Notes to the Consolidated Financial Statements - continued
for the year ended 31st January 2024

27. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Green.