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Company registration number: 12375219
Riverside Accountancy Lancaster Limited
Unaudited filleted financial statements
31 March 2024
Riverside Accountancy Lancaster Limited
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Riverside Accountancy Lancaster Limited
Directors and other information
Directors Miss Lyndsay Nicholson
Mrs Penelope Bowden
Company number 12375219
Registered office Second Floor, Riverside Offices
26 St Georges Quay
Lancaster
LA1 1RD
Business address Second Floor, Riverside Offices
26 St Georges Quay
Lancaster
LA1 1RD
Bankers HSBC
35 Market Street
Lancaster
LA1 1JQ
Riverside Accountancy Lancaster Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 234,622 253,750
Tangible assets 6 95,130 113,217
_______ _______
329,752 366,967
Current assets
Stocks 74,714 67,465
Debtors 7 123,116 151,208
Cash at bank and in hand 120,388 56,278
_______ _______
318,218 274,951
Creditors: amounts falling due
within one year 8 ( 247,218) ( 192,637)
_______ _______
Net current assets 71,000 82,314
_______ _______
Total assets less current liabilities 400,752 449,281
Creditors: amounts falling due
after more than one year 9 ( 99,783) ( 191,125)
_______ _______
Net assets 300,969 258,156
_______ _______
Capital and reserves
Called up share capital 10 100 100
Share premium account - 10,000
Profit and loss account 300,869 248,056
_______ _______
Shareholders funds 300,969 258,156
_______ _______
For the year ending 31 March 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.
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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 October 2024 , and are signed on behalf of the board by:
Miss Lyndsay Nicholson Mrs Penelope Bowden
Director Director
Company registration number: 12375219
Riverside Accountancy Lancaster Limited
Statement of changes in equity
Year ended 31 March 2024
Called up share capital Share premium account Profit and loss account Total
£ £ £ £
At 1 April 2022 100 10,000 121,282 131,382
Profit for the year 250,274 250,274
_______ _______ _______ _______
Total comprehensive income for the year - - 250,274 250,274
Dividends paid and payable ( 123,500) ( 123,500)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 123,500) ( 123,500)
_______ _______ _______ _______
At 31 March 2023 and 1 April 2023 100 10,000 248,056 258,156
Profit for the year 185,413 185,413
_______ _______ _______ _______
Total comprehensive income for the year - - 185,413 185,413
Dividends paid and payable ( 132,600) ( 132,600)
Redemption of shares - ( 10,000) - ( 10,000)
_______ _______ _______ _______
Total investments by and distributions to owners - ( 10,000) ( 132,600) ( 142,600)
_______ _______ _______ _______
At 31 March 2024 100 - 300,869 300,969
_______ _______ _______ _______
Riverside Accountancy Lancaster Limited
Notes to the financial statements
Year ended 31 March 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 Second Floor, Riverside Offices, 26 St Georges Quay, Lancaster, LA1 1RD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 20 % straight line
Motor vehicles - 25 % reducing balance
Office equipment - 33 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units .
Stocks
Stocks are measured 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 the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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 in finance costs 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 11 (2023: 9 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 350,000 350,000
Additions 16,423 16,423
_______ _______
At 31 March 2024 366,423 366,423
_______ _______
Amortisation
At 1 April 2023 96,250 96,250
Charge for the year 35,551 35,551
_______ _______
At 31 March 2024 131,801 131,801
_______ _______
Carrying amount
At 31 March 2024 234,622 234,622
_______ _______
At 31 March 2023 253,750 253,750
_______ _______
6. Tangible assets
Long leasehold property Fixtures, fittings and equipment Motor vehicles Office Equipment Total
£ £ £ £ £
Cost
At 1 April 2023 2,361 6,027 97,725 25,676 131,789
Additions - 249 - 9,859 10,108
_______ _______ _______ _______ _______
At 31 March 2024 2,361 6,276 97,725 35,535 141,897
_______ _______ _______ _______ _______
Depreciation
At 1 April 2023 551 1,087 7,095 9,838 18,571
Charge for the year 472 1,202 20,620 5,902 28,196
_______ _______ _______ _______ _______
At 31 March 2024 1,023 2,289 27,715 15,740 46,767
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2024 1,338 3,987 70,010 19,795 95,130
_______ _______ _______ _______ _______
At 31 March 2023 1,810 4,940 90,630 15,838 113,218
_______ _______ _______ _______ _______
7. Debtors
2024 2023
£ £
Trade debtors 118,644 143,019
Other debtors 4,472 8,189
_______ _______
123,116 151,208
_______ _______
8. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 72,993 72,993
Trade creditors 5,453 4,744
Corporation tax 77,894 47,638
Social security and other taxes 66,993 53,836
Other creditors 23,885 13,426
_______ _______
247,218 192,637
_______ _______
9. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 36,606 110,613
Other creditors 63,177 80,512
_______ _______
99,783 191,125
_______ _______
10. Called up share capital
Authorised share capital
2024 2023
No £ No £
Ordinary A shares shares of £ 1.00 each 50 50 50 50
Ordinary B shares shares of £ 1.00 each 50 50 50 50
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary A shares shares of £ 1.00 each 50 50 50 50
Ordinary B shares shares of £ 1.00 each 50 50 50 50
_______ _______ _______ _______
100 100 100 100
_______ _______ _______ _______
11. Controlling party
The company is controlled by its Directors .