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REGISTERED NUMBER: 09325048 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024

FOR

RIVERSIDE CREM 3 LIMITED

RIVERSIDE CREM 3 LIMITED (REGISTERED NUMBER: 09325048)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


RIVERSIDE CREM 3 LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: C. Christou
L. Hadjiioannou





REGISTERED OFFICE: 4th Floor
Charles House
108-110 Finchley Road
London
NW3 5JJ





REGISTERED NUMBER: 09325048 (England and Wales)





AUDITORS: Numera Partners LLP
Statutory Auditors
4th Floor
Charles House
108-110 Finchley Road
London
NW3 5JJ

RIVERSIDE CREM 3 LIMITED (REGISTERED NUMBER: 09325048)

BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
as restated
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 68,420,000 68,420,000

CURRENT ASSETS
Debtors 5 23,253,522 24,514,837
Cash at bank 212,288 178,153
23,465,810 24,692,990
CREDITORS
Amounts falling due within one year 6 66,121,071 65,140,918
NET CURRENT LIABILITIES (42,655,261 ) (40,447,928 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,764,739

27,972,072

CREDITORS
Amounts falling due after more than one year 7 (22,993,907 ) (23,297,610 )

PROVISIONS FOR LIABILITIES 9 (9,002,615 ) (9,002,615 )
NET LIABILITIES (6,231,783 ) (4,328,153 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (6,231,883 ) (4,328,253 )
SHAREHOLDERS' FUNDS (6,231,783 ) (4,328,153 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





L. Hadjiioannou - Director


RIVERSIDE CREM 3 LIMITED (REGISTERED NUMBER: 09325048)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Riverside CREM 3 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.

The presentation currency of the financial statements is the Pound Sterling (£) and rounded to the nearest £.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
In the application of the company's accounting policies, the directors are 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 items in the financial statements where these judgements and estimate have been made are included in the investment property note.

The company reviews on an annual basis the carrying amount of tangible assets in order to determine if there is an indication of impairment. If any such indication exists, an impairment review is carried out in order to determine the extent of the impairment loss.

Valuation of debtors is based upon ongoing assessments of the probable estimated losses inherent in the trade and other debtors portfolio. Assessments are conducted by the board employing a methodology and guidelines, which are continually monitored and improved. The primary component of this methodology comprises specific allowances and collective allowances.

A debtor is subject to impairment test when valid indications exist, at the assessment date, which demonstrate that the customer will not be able to meet his obligations and/or when the flow of receipts decelerates over time. Usually such indications include failure of communication with the customers and indications of significant financial difficulty.

Amounts individually provided for concern claims evaluated individually for impairment based upon management's best estimate of the present value of the cash flows which are expected to be received.

The accuracy of provisions depends on the accuracy of future cash flows or specific allowances and the model assumptions and parameters used in determining collective allowances. While this necessarily involves judgement, management believe that their provisions are reasonable and supportable.

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 the future periods where the revision affects both the current and future periods.

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

RIVERSIDE CREM 3 LIMITED (REGISTERED NUMBER: 09325048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

The company adopts the group policy with regards to investment property as follows:

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the companies in the group, is classified as investment property. Investment property is measured initially at its cost, including related transaction costs. After initial recognition, investment property is carried at fair value. Fair value is based on active market prices, adjusted, if necessary, for any difference in the nature, location or condition of the specified asset. If this information is not available, the company uses alternative valuation methods such as recent prices on less active markets or discounted cash flow projections.

Subsequent expenditure is included in the carrying amount of the property when it is probable that future economic benefit associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the profit and loss account during the financial period in which they are incurred.

In accordance with Financial Reporting Standard 102 (FRS 102), investment properties are revalued and the surplus or deficit is transferred to the profit and loss account, and no depreciation is provided in respect of freehold investment properties. Deferred tax is provided on these gains at the rate expected to apply when the property is sold.

Valuing the properties in the portfolio is a significant task and there are some subjectivities involved in the process. Not all accounting policies require management to make subjective or complex judgements or estimates. The following is intended to provide further detail relating to this accounting policy that management consider critical because of the level of complexity, judgement or estimation involved in its application and its impact on the financial statements.

Where possible the company obtains external valuations, however this is not considered practical or cost effective for the entire group's property portfolio. Accordingly, the balance of properties, after review by the directors, are valued by the company's own in house surveying team as at 30 April 2024. The in house surveying team use comparable data where available, such as sales prices, rental incomes and market yield information to establish the fair value at the balance sheet date.

The majority of the company's portfolio is invested in the type of properties where demand is high. Accordingly, the in house surveying team are well informed and have good recent information on current market values for similar properties. The in house surveying team also make reference to estimates of future rental income, property expenses and planning opportunities in order to value properties.

RIVERSIDE CREM 3 LIMITED (REGISTERED NUMBER: 09325048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

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 contractual provisions of the instruments.

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 instruments, 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 method.

Trade creditors are obligations to pay for goods and 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.

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.

Related parties
The company has taken advantage of FRS 102, Section 1AC.35, for the disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is party to the transaction is wholly owned by such a member. Amounts owed to and from group companies are therefore shown in aggregate.

Going concern
The directors have considered the company's performance as well as forecasts and projections for the next 12 months from the date of this report and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to prepare its financial statements on a going concern basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

RIVERSIDE CREM 3 LIMITED (REGISTERED NUMBER: 09325048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 May 2023
and 30 April 2024 68,420,000
NET BOOK VALUE
At 30 April 2024 68,420,000
At 30 April 2023 68,420,000

Fair value at 30 April 2024 is represented by:
£   
Valuation in 2019 300,000
Cost 68,120,000
68,420,000

If investment property had not been revalued it would have been included at the following historical cost:

30.4.24 30.4.23
as restated
£    £   
Cost 68,120,000 68,120,000

Leasehold property to the sum of £68,420,000 is included at open market value as valued by the director.

The company, after review by the directors, uses valuations performed by its own in house surveying team to value its own residential and commercial investment properties as at 30 April 2024.

The assumptions relevant to the valuation of investment property are outlined in Note 2 above.

A revaluation surplus of £300,000 has arisen on valuation of investment property to fair value as at 30 April 2024.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
as restated
£    £   
Trade debtors 1,671,138 898,010
Amounts owed by group undertakings 20,073,423 22,377,258
Other debtors 1,508,961 1,239,569
23,253,522 24,514,837

RIVERSIDE CREM 3 LIMITED (REGISTERED NUMBER: 09325048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
as restated
£    £   
Bank loans and overdrafts 335,569 335,569
Trade creditors 2,323,735 1,092,336
Amounts owed to group undertakings 62,815,318 63,144,798
Taxation and social security 67,951 60,366
Other creditors 578,498 507,849
66,121,071 65,140,918

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
as restated
£    £   
Bank loans 22,993,907 23,297,610

8. SECURED DEBTS

The following secured debts are included within creditors:

30.4.24 30.4.23
as restated
£    £   
Bank loans 23,329,476 23,633,179

Bank loans are secured by way of mortgage debentures, floating and legal charges over the assets of the company. The bank loans were renewed with the existing lender in September 2022 with a new term of five years.

9. PROVISIONS FOR LIABILITIES
30.4.24 30.4.23
as restated
£    £   
Deferred tax 9,002,615 9,002,615

Deferred
tax
£   
Balance at 1 May 2023 9,002,615
Balance at 30 April 2024 9,002,615

Deferred tax relates to the revaluation of Investment Property.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Giles Cohen (Senior Statutory Auditor)
for and on behalf of Numera Partners LLP

RIVERSIDE CREM 3 LIMITED (REGISTERED NUMBER: 09325048)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

11. CONTINGENT LIABILITIES

The company is part of an omnibus guarantee and set off agreement for securing all monies due or to become due from certain group companies which at 30 April 2024 amounted to £36.32 million (2023: £36.84 million). Included within these amounts are the bank loans in note 7.

12. RELATED PARTY DISCLOSURES

Included in debtors due within one year is an amount of £20,073,423 (2023: £22,377,258) owed by group undertakings.

Included in creditors due within one year is an amount of £62,815,319 (2023: £63,144,798) owed to group undertakings.

Amounts outstanding between group companies arise by virtue of financing transactions. These amounts are unsecured, interest free and due within one year.

13. SHAREHOLDERS' FUNDS

Included in retained earnings are amounts which are distributable and not distributable to the shareholders. These are -£4,493,382 (2023; -£2,589,752) and -£1,738,501 (2023: -£1,738,501) respectively.