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COMPANY REGISTRATION NUMBER: 06403465
Rivermead Recovery Limited
Filleted Unaudited Financial Statements
31 January 2024
Rivermead Recovery Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
116,068
75,139
Current assets
Debtors
6
170,153
204,758
Cash at bank and in hand
148,363
75,889
---------
---------
318,516
280,647
Creditors: amounts falling due within one year
7
161,461
113,633
---------
---------
Net current assets
157,055
167,014
---------
---------
Total assets less current liabilities
273,123
242,153
Creditors: amounts falling due after more than one year
8
60,448
42,537
Provisions
Taxation including deferred tax
17,896
9,962
---------
---------
Net assets
194,779
189,654
---------
---------
Capital and reserves
Called up share capital
9
102
102
Profit and loss account
194,677
189,552
---------
---------
Shareholders funds
194,779
189,654
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Rivermead Recovery Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 30 October 2024 , and are signed on behalf of the board by:
Mr S Gearty
Mr J J Peters
Director
Director
Company registration number: 06403465
Rivermead Recovery Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 1, Haselbury Business Park, Haselbury Plucknett, Crewkerne, Somerset, TA18 7BF. This is also the principal place of business.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly to equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
10% straight line
Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 22 (2023: 22 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 February 2023
24,155
10,395
176,172
210,722
Additions
2,176
76,494
78,670
Disposals
( 19,589)
( 19,589)
--------
--------
---------
---------
At 31 January 2024
24,155
12,571
233,077
269,803
--------
--------
---------
---------
Depreciation
At 1 February 2023
4,838
8,841
121,904
135,583
Charge for the year
2,418
935
32,133
35,486
Disposals
( 17,334)
( 17,334)
--------
--------
---------
---------
At 31 January 2024
7,256
9,776
136,703
153,735
--------
--------
---------
---------
Carrying amount
At 31 January 2024
16,899
2,795
96,374
116,068
--------
--------
---------
---------
At 31 January 2023
19,317
1,554
54,268
75,139
--------
--------
---------
---------
6. Debtors
2024
2023
£
£
Trade debtors
97,435
128,573
Other debtors
72,718
76,185
---------
---------
170,153
204,758
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
5,362
5,221
Trade creditors
15,409
5,479
Corporation tax
928
11,836
Social security and other taxes
70,296
37,948
Pension creditor
2,509
2,503
Attachments creditor
1,246
Other creditors
66,957
49,400
---------
---------
161,461
113,633
---------
---------
Included in creditors due within one year is £5,362 relating to a Coronavirus Bounce Back loan which is secured under the Government Scheme. Interest is payable at the rate of 2.5%.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,868
36,235
Other creditors
29,580
6,302
--------
--------
60,448
42,537
--------
--------
Within Bank Loans and Overdrafts is a loan with repayments of £8,283 falling due after 5 years by instalments.
Included in creditors due within one year is £30,868 relating to a Coronavirus Bounce Back loan which is secured under the Government Scheme. Interest is payable at the rate of 2.5%.
10. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
25,245
25,245
--------
--------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Gearty
16,224
3,624
( 16,250)
3,598
Mr J J Peters
15,026
16,477
( 15,050)
16,453
--------
--------
--------
--------
31,250
20,101
( 31,300)
20,051
--------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr S Gearty
9,963
16,261
( 10,000)
16,224
Mr J J Peters
16,222
15,054
( 16,250)
15,026
--------
--------
--------
--------
26,185
31,315
( 26,250)
31,250
--------
--------
--------
--------
The loans to directors totalling £20,051 as at 31 January 2024 were repaid within 9 months of the year end by way of dividends. Interest has been charged at the official rate.