THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 MARCH 2024 | |||||||||||
Company Registration Number: 09430683 | |||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 11 | ||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
DIRECTORS | |||||||||||
SECRETARY | |||||||||||
The company does not have an appointed secretary | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
09430683 England and Wales | |||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2024 | |||||||||||
Notes | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Tangible assets | 6 | ||||||||||
Investments | 7 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 8 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 9 | ||||||||||
NET CURRENT LIABILITIES | ( |
( |
|||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | |||||||||||
CREDITORS: Amounts falling due after more than one year | 10 | ||||||||||
Provisions for liabilities and charges | |||||||||||
NET ASSETS | |||||||||||
CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | |||||||||||
Capital redemption reserve | 1 | 1 | |||||||||
SHAREHOLDERS' FUNDS | |||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 MARCH 2024 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board of directors | |||||||||||
D J Hambley | R D Yates | ||||||||||
Director | Director | ||||||||||
Date approved by the board: |
|||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
The Riverside (Boscastle) Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are: | |||||||||||
Registered office | Principal place of business | ||||||||||
4 Witan Way | The Bridge | ||||||||||
Witney | Boscastle | ||||||||||
Oxon | Cornwall | ||||||||||
OX28 6FF | PL35 0HE | ||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Going concern | |||||||||||
The accounts have been drawn up on the going concern basis. The company owes its bank £619,525 and the directors £18,337, both of which could be required for repayment without notice. The company is therefore dependent upon the continued support of the bank and the directors. The directors do not consider their own support nor the support of the bank likely to be withdrawn. | |||||||||||
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets. |
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable. It is recognised in respect of hotel and restaurant services as soon as there is a right to consideration and is determined by reference to the value of the work performed. Turnover is stated net of trade discounts and value added tax. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Intangible fixed assets | |||||||||||
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. At acquisition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is estimated to be 10 years. Goodwill is fully amortised at 31 March 2024. | |||||||||||
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 expectations. |
Tangible fixed assets | |||||||||||
Fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. | |||||||||||
Depreciation has been provided at the following rate so as to write off the cost or valuation of assets less residual value of the assets over their estimated useful lives. | |||||||||||
Freehold and investment property | |||||||||||
Motor vehicles | |||||||||||
Furniture, fittings, plant and machinery | |||||||||||
Computer equipment | |||||||||||
On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in the profit and loss account, and included within administrative expenses. | |||||||||||
Investments | |||||||||||
Investments in associates are shown at cost less accumulated impairment losses. | |||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
Impairment of non-financial assets | |||||||||||
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets (which is the higher of value in use and the fair value less cost to sell) is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Stock | |||||||||||
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis. | |||||||||||
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Debtors | |||||||||||
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
Leases | |||||||||||
Assets held under finance leases are recognised in accordance with the company's policy for tangible fixed assets. The corresponding obligations to lessors under finance leases are treated in the balance sheet as a liability. The assets and liabilities under finance leases are recognised at amounts equal to the fair value of the assets, or if lower, the present value of minimum lease payments, determined at the inception of the lease. | |||||||||||
Minimum lease payments are apportioned between finance charges and the reduction in the outstanding liabilities using the effective interest method. The finance charge is allocated to each period during the lease so as to produce a constant rate of interest on the remaining balance of the liabilities. Finance charges are recognised in the profit and loss account. |
Taxation | |||||||||||
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 taxable profits. | |||||||||||
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. | |||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including directors) during the year was: | |||||||||||
2024 | 2023 | ||||||||||
Average number of employees | |||||||||||
5 | INTANGIBLE FIXED ASSETS | ||||||||||
Net goodwill | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 April 2023 | |||||||||||
At 31 March 2024 | |||||||||||
Accumulated amortisation and impairments | |||||||||||
At 1 April 2023 | |||||||||||
At 31 March 2024 | |||||||||||
Net book value | |||||||||||
At 1 April 2023 | - | ||||||||||
At 31 March 2024 | - | ||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
6 | TANGIBLE ASSETS | ||||||||||
Freehold and investment property | Motor vehicles | Furniture, fittings, plant and machinery | Computer equipment | Total | |||||||
£ | £ | £ | £ | £ | |||||||
Cost | |||||||||||
At 1 April 2023 | - | ||||||||||
Additions | - | ||||||||||
Disposals | - | - | ( |
( |
( |
||||||
At 31 March 2024 | |||||||||||
Accumulated depreciation and impairments | |||||||||||
At 1 April 2023 | - | ||||||||||
Charge for year | - | ||||||||||
Disposals | - | - | ( |
( |
( |
||||||
At 31 March 2024 | |||||||||||
Net book value | |||||||||||
At 1 April 2023 | - | ||||||||||
At 31 March 2024 | |||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
7 | FIXED ASSET INVESTMENTS | ||||||||||
Investment in associates | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 April 2023 | |||||||||||
At 31 March 2024 | |||||||||||
Net book value | |||||||||||
At 1 April 2023 | |||||||||||
At 31 March 2024 | |||||||||||
8 | DEBTORS | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
32,399 | 13,619 | ||||||||||
9 | CREDITORS: Amounts falling due within one year | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Hire purchase contracts and finance leases | - | ||||||||||
Accruals and deferred income | |||||||||||
Other creditors | |||||||||||
137,397 | 109,938 | ||||||||||
THE RIVERSIDE (BOSCASTLE) LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 MARCH 2024 | |||||||||||
10 | CREDITORS: Amounts falling due after more than one year | ||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
Hire purchase contracts and finance leases | - | ||||||||||
616,923 | 608,746 | ||||||||||
Included in the amounts falling due after more than one year are the following amounts which are due in more | |||||||||||
than five years: | |||||||||||
2024 | 2023 | ||||||||||
£ | £ | ||||||||||
Bank loans and overdrafts | |||||||||||
11 | SECURED DEBTS | ||||||||||
The hire purchase contracts and finance leases are secured on the assets concerned. | |||||||||||
12 | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES | ||||||||||
The following director's advances, credits and guarantees took place during the year: | |||||||||||
Balance at 1 April 2023 | Amounts advanced | Amounts repaid | Amounts written off or waived | Balance at 31 March 2024 | |||||||
£ | £ | £ | £ | £ | |||||||
- | - | - | |||||||||
This advance is interest free and repayable on demand. | |||||||||||
13 | RELATED PARTY TRANSACTIONS | ||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
Director | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
Director loan account | - | ||||||||||
Director | 2024 | 2023 | |||||||||
£ | £ | ||||||||||
Director loan account | |||||||||||