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REGISTERED NUMBER: 06798694 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 March 2024

for

Riva Foods Limited

Riva Foods Limited (Registered number: 06798694)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


Riva Foods Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: S R Westall
M K Kestmont
W J H De Klein
D B Carr
Miss D S Walker
A J Underwood





REGISTERED OFFICE: 32 Copenhagen Road
Sutton Fields Industrial Estate
Hull
East Yorkshire
HU7 0XQ





REGISTERED NUMBER: 06798694 (England and Wales)





AUDITORS: Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

Riva Foods Limited (Registered number: 06798694)

Strategic Report
for the Year Ended 31 March 2024

The directors present their strategic report for the year ended 31 March 2024.

REVIEW OF BUSINESS
The business continued to grow during FY23/24, achieving a turnover of £11.3 million, compared to £10.4 million the previous year. This was largely due to continued growth in existing product lines and new product launches.

Margins remained strong and bottom-line profits grew. FY2024-25 continues to see strong trading levels. The business continues to invest in its people, product development and production facilities.

PRINCIPAL RISKS AND UNCERTAINTIES
The main risks include ensuring the highest standard of product, including maintaining food safety by retaining the BRGC AA accreditation. The quality assurance team work continually to ensure high standards.

There are ongoing challenges resulting from movements in commodity prices (butter, margarine and rapeseed oil) and the need to manage the impact of that around contracts with both suppliers and customers.

Upward pressure on the minimum wage, and employers national insurance increases may result in price increases for our products being passed onto our customers.

KEY FINANCIAL PERFORMANCE INDICATORS
2022/23 2023/24

Sales turnover (£'000) 10,447 11,332

Gross margin (£'000) 2,820 3,924

Profit before tax (£'000) 651 1,351

ON BEHALF OF THE BOARD:





S R Westall - Director


2 December 2024

Riva Foods Limited (Registered number: 06798694)

Report of the Directors
for the Year Ended 31 March 2024

The directors present their report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of manufacture of garlic bread products and flavoured butters and spreads.

DIVIDENDS
The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2024 was £216,948.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
S R Westall has held office during the whole of the period from 1 April 2023 to the date of this report.

Other changes in directors holding office are as follows:

M K Kestmont , W J H De Klein , D B Carr , Miss D S Walker and A J Underwood were appointed as directors after 31 March 2024 but prior to the date of this report.

F G B Blake and P J Lempriere ceased to be directors after 31 March 2024 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Riva Foods Limited (Registered number: 06798694)

Report of the Directors
for the Year Ended 31 March 2024


AUDITORS
The auditors, Try Lunn & Co, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S R Westall - Director


2 December 2024

Report of the Independent Auditors to the Members of
Riva Foods Limited

Opinion
We have audited the financial statements of Riva Foods Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2024 and of its 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 company 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 directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Riva Foods Limited


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

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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are 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 directors determine 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management. There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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.

Report of the Independent Auditors to the Members of
Riva Foods Limited


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.




Andrew Ewart FCA FCCA (Senior Statutory Auditor)
for and on behalf of Try Lunn & Co
Chartered Accountants
and Statutory Auditors
Roland House
Princes Dock Street
HULL HU1 2LD

3 December 2024

Riva Foods Limited (Registered number: 06798694)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 11,331,557 10,446,877

Cost of sales 7,407,308 7,626,490
GROSS PROFIT 3,924,249 2,820,387

Distribution costs 499,896 530,330
Administrative expenses 1,956,398 1,517,975
2,456,294 2,048,305
1,467,955 772,082

Other operating income 7,386 7,247
OPERATING PROFIT 4 1,475,341 779,329


Interest payable and similar expenses 5 124,736 128,689
PROFIT BEFORE TAXATION 1,350,605 650,640

Tax on profit 6 321,575 181,896
PROFIT FOR THE FINANCIAL YEAR 1,029,030 468,744

Riva Foods Limited (Registered number: 06798694)

Other Comprehensive Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

PROFIT FOR THE YEAR 1,029,030 468,744


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,029,030

468,744

Riva Foods Limited (Registered number: 06798694)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 1,416,158 1,193,921

CURRENT ASSETS
Stocks 9 709,358 671,406
Debtors 10 1,846,586 1,848,941
Cash at bank and in hand 23,970 63,597
2,579,914 2,583,944
CREDITORS
Amounts falling due within one year 11 1,996,019 2,422,370
NET CURRENT ASSETS 583,895 161,574
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,000,053

1,355,495

CREDITORS
Amounts falling due after more than one
year

12

(67,864

)

(276,565

)

PROVISIONS FOR LIABILITIES 16 (297,130 ) (255,953 )
NET ASSETS 1,635,059 822,977

CAPITAL AND RESERVES
Called up share capital 17 62,500 62,500
Capital redemption reserve 18 35,000 35,000
Retained earnings 18 1,537,559 725,477
SHAREHOLDERS' FUNDS 1,635,059 822,977

The financial statements were approved by the Board of Directors and authorised for issue on 2 December 2024 and were signed on its behalf by:





S R Westall - Director


Riva Foods Limited (Registered number: 06798694)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 62,500 278,608 35,000 376,108

Changes in equity
Dividends - (21,875 ) - (21,875 )
Total comprehensive income - 468,744 - 468,744
Balance at 31 March 2023 62,500 725,477 35,000 822,977

Changes in equity
Dividends - (216,948 ) - (216,948 )
Total comprehensive income - 1,029,030 - 1,029,030
Balance at 31 March 2024 62,500 1,537,559 35,000 1,635,059

Riva Foods Limited (Registered number: 06798694)

Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,636,534 439,251
Interest paid (117,982 ) (121,276 )
Interest element of hire purchase payments
paid

(6,754

)

(7,413

)
Tax paid (89,203 ) (240 )
Net cash from operating activities 1,422,595 310,322

Cash flows from investing activities
Purchase of tangible fixed assets (416,617 ) (242,149 )
Net cash from investing activities (416,617 ) (242,149 )

Cash flows from financing activities
Net repayment of debt factoring facility (347,718 ) 85,620
Loan repayments in year (425,685 ) (72,325 )
Capital repayments in year (55,254 ) (45,427 )
Equity dividends paid (216,948 ) (21,875 )
Net cash from financing activities (1,045,605 ) (54,007 )

(Decrease)/increase in cash and cash equivalents (39,627 ) 14,166
Cash and cash equivalents at beginning of
year

2

63,597

49,431

Cash and cash equivalents at end of year 2 23,970 63,597

Riva Foods Limited (Registered number: 06798694)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

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

2024 2023
£    £   
Profit before taxation 1,350,605 650,640
Depreciation charges 183,709 163,882
Loss on disposal of fixed assets 3,405 9,000
Government grants (7,386 ) (7,247 )
Finance costs 124,736 128,689
1,655,069 944,964
Increase in stocks (37,952 ) (106,109 )
Decrease/(increase) in trade and other debtors 2,354 (324,558 )
Increase/(decrease) in trade and other creditors 17,063 (75,046 )
Cash generated from operations 1,636,534 439,251

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 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 23,970 63,597
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 63,597 49,431


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 63,597 (39,627 ) 23,970
63,597 (39,627 ) 23,970
Debt
Finance leases (119,031 ) 55,254 (63,777 )
Debts falling due within 1 year (72,727 ) 72,727 -
Debts falling due after 1 year (152,958 ) 152,958 -
(344,716 ) 280,939 (63,777 )
Total (281,119 ) 241,312 (39,807 )

Riva Foods Limited (Registered number: 06798694)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Riva Foods 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 Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover from the sale of goods is recognised when goods are delivered and legal ownership is transferred to the customer.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

- Land and buildings - At various rates the main rate being 5% on cost

- Plant and machinery - At various rates the main rates being 25% on cost, 20% on cost and 10% on cost.

- Fixtures and Fittings - At various rates the main rates being 25% on cost, 20% on cost and 10% on cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

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.

Riva Foods Limited (Registered number: 06798694)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 an average rate of exchange. Exchange differences are taken into account in arriving at the operating result.

Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit and loss account over the expected useful lives of the relevant assets by equal annual instalments.

Capital grants already received will be released to the profit and loss account over the next 20 years.

3. EMPLOYEES AND DIRECTORS

2024 2023
£ £

Wages and salaries 2,109,345 1,931,696
Social security costs 184,577 168,149
Other pension costs 55,032 45,550
2,348,954 2,145,395

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

Employees 59 62
Directors 3 3
62 65

2024 2023
£ £

Directors' remuneration 466,222 283.113

Information regarding the highest paid director is as follows:
2024 2023
£ £

Emoluments etc. 352,976 200,464

Riva Foods Limited (Registered number: 06798694)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Depreciation - owned assets 155,578 139,630
Depreciation - assets on hire purchase contracts 28,131 24,252
Loss on disposal of fixed assets 3,405 9,000
Auditors' remuneration 11,750 11,000
Foreign exchange differences 7,754 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Debtor finance interest 99,206 90,153
Other interest 18,776 31,123
Finance lease interest 6,754 7,413
124,736 128,689

6. 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 280,398 89,443

Deferred tax 41,177 92,453
Tax on profit 321,575 181,896

7. DIVIDENDS
2024 2023
£    £   
Ordinary shares of £1 each
Interim 216,948 21,875

Riva Foods Limited (Registered number: 06798694)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1 April 2023 876,879 1,019,851 347,150 2,243,880
Additions 96,382 267,697 52,538 416,617
Disposals (10,315 ) - (2,200 ) (12,515 )
At 31 March 2024 962,946 1,287,548 397,488 2,647,982
DEPRECIATION
At 1 April 2023 353,310 535,715 160,934 1,049,959
Charge for year 48,852 95,950 38,907 183,709
Eliminated on disposal - - (1,844 ) (1,844 )
At 31 March 2024 402,162 631,665 197,997 1,231,824
NET BOOK VALUE
At 31 March 2024 560,784 655,883 199,491 1,416,158
At 31 March 2023 523,569 484,136 186,216 1,193,921

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Freehold Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 189,560 170,998 360,558
DEPRECIATION
At 1 April 2023 77,867 18,523 96,390
Charge for year 9,499 18,632 28,131
At 31 March 2024 87,366 37,155 124,521
NET BOOK VALUE
At 31 March 2024 102,194 133,843 236,037
At 31 March 2023 111,693 152,475 264,168

9. STOCKS
2024 2023
£    £   
Stocks 709,358 671,406

Riva Foods Limited (Registered number: 06798694)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,611,224 1,616,864
Other debtors 178,610 188,782
VAT 56,752 43,295
1,846,586 1,848,941

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) - 72,727
Hire purchase contracts (see note 14) 50,026 56,370
Trade creditors 769,212 741,370
Debtor Finance 468,047 815,765
Taxation 280,398 89,203
Social security and other taxes 46,723 40,818
Other creditors - 200,000
Accrued and deferred income 381,613 406,117
1,996,019 2,422,370

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 13) - 152,958
Hire purchase contracts (see note 14) 13,751 62,661
Deferred government grants 54,113 60,946
67,864 276,565

During the year ended 31 March 2021 the Company received a loan under the Coronavirus Business Interruption Loan Scheme ("CBILS"). The CBILS loan was repaid during the year ended 31 March 2024. This is shown in bank loans.

13. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 72,727

Amounts falling due between one and two years:
Bank loans - 152,958

Riva Foods Limited (Registered number: 06798694)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 50,026 56,370
Between one and five years 13,751 62,661
63,777 119,031

Non-cancellable operating leases
2024 2023
£    £   
Within one year 54,000 54,000
Between one and five years 216,000 216,000
In more than five years 432,000 486,000
702,000 756,000

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 225,685
Debtor finance 468,047 815,765
468,047 1,041,450

The CBILS loan borrowings are secured by a way of a personal guarantee by the shareholders of £30,000 in favour of ABN AMRO.

The debtor finance creditor is secured by a charge on the company's book debts and all the other assets of the company.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 297,130 255,953

Deferred
tax
£   
Balance at 1 April 2023 255,953
Movement in deferred tax 41,177
Balance at 31 March 2024 297,130

Riva Foods Limited (Registered number: 06798694)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
62,500 Ordinary £1 62,500 62,500

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 725,477 35,000 760,477
Profit for the year 1,029,030 1,029,030
Dividends (216,948 ) (216,948 )
At 31 March 2024 1,537,559 35,000 1,572,559

19. RELATED PARTY DISCLOSURES

During the period the company paid rent in the sum of £54,000 (2023: £54,000) in respect of 32 Copenhagen Road, Hull to a partnership comprising Mrs G M Blake, Mrs S Lempriere, the wives of Mr Blake and Mr Lempriere, who were directors until 28 June 2024, and Mrs J Lunt.

During the period the company incurred the sum of £54,237 (2023: £NIL) in respect of consultancy services provided by Mr S W Lunt.

20. POST BALANCE SHEET EVENTS

On 28 June 2024 Project Kent Bidco Limited completed the acquisition of the company.

21. ULTIMATE CONTROLLING PARTY

Up to 28 June 2024, the company's ultimate controlling party was Mr P J Lempriere and Mr F G B Blake.

After 28 June 2024, the company's immediate controlling party was Project Kent Bidco Limited. The company does not have an ultimate controlling party.