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COMPANY REGISTRATION NUMBER: 10726047
Riverside Coatings Limited
Filleted Unaudited Financial Statements
For the year ended
30 April 2024
Riverside Coatings Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
31,301
34,808
Current assets
Debtors
6
4,687
7,659
Cash at bank and in hand
4,758
10,099
-------
--------
9,445
17,758
Creditors: amounts falling due within one year
7
41,905
43,389
--------
--------
Net current liabilities
32,460
25,631
--------
--------
Total assets less current liabilities
( 1,159)
9,177
Creditors: amounts falling due after more than one year
8
9,375
15,625
--------
--------
Net liabilities
( 10,534)
( 6,448)
--------
--------
Riverside Coatings Limited
Statement of Financial Position (continued)
30 April 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 10,634)
( 6,548)
--------
-------
Shareholder deficit
( 10,534)
( 6,448)
--------
-------
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 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 January 2025 , and are signed on behalf of the board by:
Mr. J. Wilson
Director
Company registration number: 10726047
Riverside Coatings Limited
Notes to the Financial Statements
Year ended 30 April 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 2 Riverside Works, Methley Road, Castleford, West Yorkshire, WF10 1PW, England.
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
(a) 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.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. At the balance sheet date the company has net liabilities of £10,534 including a loan from a company under common control which amounted to £30,000 at 30 April 2024. The company under common control has confirmed their support will continue for the foreseeable future and will, where necessary, be increased in order to enable the company to continue normal trading operations. The accounts are therefore prepared on a going concern basis.
(c) Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
(d) 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 in equity, 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.
(e) Tangible assets
Tangible assets are initially recorded at cost, and 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.
(f) 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:
Plant and machinery
-
20% reducing balance
Equipment
-
15% reducing balance
(g) 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.
(h) 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.
(i) 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 May 2023 and 30 April 2024
65,354
563
65,917
--------
----
--------
Depreciation
At 1 May 2023
30,661
448
31,109
Charge for the year
3,572
( 65)
3,507
--------
----
--------
At 30 April 2024
34,233
383
34,616
--------
----
--------
Carrying amount
At 30 April 2024
31,121
180
31,301
--------
----
--------
At 30 April 2023
34,693
115
34,808
--------
----
--------
6. Debtors
2024
2023
£
£
Trade debtors
4,687
7,659
-------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
6,250
6,250
Trade creditors
2,507
3,012
Social security and other taxes
2,233
3,257
Other Loans
30,000
30,000
Other creditors
915
870
--------
--------
41,905
43,389
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,375
15,625
-------
--------
9. Related party transactions
During the year, a company under common control made various loans to the company. The balance owed as at the balance sheet date was £ 30,000 (2023: £30,000). No interest is charged and the loan is repayable on demand .