Company registration number 02684545 (England and Wales)
RIVERSIDE PRECISION PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
RIVERSIDE PRECISION PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
RIVERSIDE PRECISION PRODUCTS LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
114,817
127,929
Investment property
5
900,000
900,000
1,014,817
1,027,929
Current assets
Debtors
6
96,163
76,477
Cash at bank and in hand
284
28,300
96,447
104,777
Creditors: amounts falling due within one year
7
(135,581)
(113,133)
Net current liabilities
(39,134)
(8,356)
Total assets less current liabilities
975,683
1,019,573
Creditors: amounts falling due after more than one year
8
(168,604)
(176,950)
Provisions for liabilities
(122,900)
(125,700)
Net assets
684,179
716,923
Capital and reserves
Called up share capital
100
100
Revaluation reserve
282,570
281,060
Profit and loss reserves
401,509
435,763
Total equity
684,179
716,923
RIVERSIDE PRECISION PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
29 FEBRUARY 2024
29 February 2024
- 2 -

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 27 November 2024
Mr B H Matthews
Director
Company registration number 02684545 (England and Wales)
RIVERSIDE PRECISION PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
1
Accounting policies
Company information

Riverside Precision Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit V Riverside Industrial Estate, Bridge Road, Littlehampton, West Sussex, BN17 5DF.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
10% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Motor vehicles
25% Reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RIVERSIDE PRECISION PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RIVERSIDE PRECISION PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Leases

Rental income is recognised in line with rates agreed with the leasee as it falls due.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
1
1
RIVERSIDE PRECISION PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 and 29 February 2024
409,103
Depreciation and impairment
At 1 March 2023
281,174
Depreciation charged in the year
13,112
At 29 February 2024
294,286
Carrying amount
At 29 February 2024
114,817
At 28 February 2023
127,929
5
Investment property
2024
£
Fair value
At 1 March 2023
900,000
Additions
(2,000)
Revaluations
2,000
At 29 February 2024
900,000

Investment property comprises land and buildings. The fair value of the investment properties have been arrived at on the basis of valuations carried out as at 28 February 2022 and updated as at 29 February 2024 by the director. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
96,163
76,477
RIVERSIDE PRECISION PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 7 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
30,670
22,519
Trade creditors
22,311
20,505
Corporation tax
29,518
42,918
Other taxation and social security
27,591
25,129
Other creditors
16,592
-
0
Accruals and deferred income
8,899
2,062
135,581
113,133

Included within Bank loans and overdrafts are loans that are secured against company property as follows:

8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
168,604
176,950

Included within Bank loans and overdrafts are loans that are secured against company property as follows:

Amounts included above which fall due after five years are as follows:
Payable by instalments
55,198
54,116
9
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
28,710
32,000
Revaluations
-
93,700
Investment property
94,190
-
122,900
125,700
RIVERSIDE PRECISION PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
9
Deferred taxation
(Continued)
- 8 -
2024
Movements in the year:
£
Liability at 1 March 2023
125,700
Credit to profit or loss
(2,800)
Liability at 29 February 2024
122,900
10
Related party transactions

The company leases premises and machinery to Riverside Precision Limited, a company controlled by Mr B H Matthews. Rent and service charges totalling £60,500 (2023 - £69,360) was charged during the year. The company also operates a loan account with Riverside Precision Limited to optimise cash flow. At the year end included in other debtors is £95,744 (2023 - £44,535) due from Riverside Precision Limited.

11
Directors' transactions

Dividends totalling £41,600 (2023 - £32,000) were paid in the year in respect of shares held by the company's directors.

Advances or credits repayable on demand have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director Loan Account
-
29,504
13,100
(59,196)
(16,592)
29,504
13,100
(59,196)
(16,592)
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