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Company No: 06900924 (England and Wales)

RIVER PROFILES LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

RIVER PROFILES LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

RIVER PROFILES LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
RIVER PROFILES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 912,181 1,004,711
912,181 1,004,711
Current assets
Stocks 136,358 153,932
Debtors 5 1,864,828 1,888,927
Cash at bank and in hand 162,750 149,853
2,163,936 2,192,712
Creditors: amounts falling due within one year 6 ( 1,414,662) ( 1,292,074)
Net current assets 749,274 900,638
Total assets less current liabilities 1,661,455 1,905,349
Creditors: amounts falling due after more than one year 7 ( 280,314) ( 435,815)
Provision for liabilities ( 193,052) ( 169,659)
Net assets 1,188,089 1,299,875
Capital and reserves
Called-up share capital 1 1
Profit and loss account 1,188,088 1,299,874
Total shareholder's funds 1,188,089 1,299,875

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of River Profiles Limited (registered number: 06900924) were approved and authorised for issue by the Director on 28 January 2025. They were signed on its behalf by:

Mr R S Burmingham
Director
RIVER PROFILES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
RIVER PROFILES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

River Profiles Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Steel Fields Estate, Owens Way, Gillingham, Kent, ME7 2RT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

Current 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
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Leasehold improvements not depreciated
Plant and machinery 5 years straight line
Vehicles 4 years straight line
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Leases

The Company as lessee
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Impairment of 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.

Stocks

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of contractual arrangements entered into.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

3. Employees

2024 2023
Number Number
The average number of persons employed by the company during the year amounted to: 39 33

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 89,033 2,826,972 48,990 65,785 3,030,780
Additions 0 0 65,271 0 65,271
At 31 March 2024 89,033 2,826,972 114,261 65,785 3,096,051
Accumulated depreciation
At 01 April 2023 0 1,923,898 43,713 58,458 2,026,069
Charge for the financial year 5,565 138,161 9,536 4,539 157,801
At 31 March 2024 5,565 2,062,059 53,249 62,997 2,183,870
Net book value
At 31 March 2024 83,468 764,913 61,012 2,788 912,181
At 31 March 2023 89,033 903,074 5,277 7,327 1,004,711

5. Debtors

2024 2023
£ £
Trade debtors 960,181 1,024,593
Amounts owed by Group undertakings 793,389 0
Corporation tax 10,120 0
Other debtors 101,138 864,334
1,864,828 1,888,927

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 447,347 236,100
Trade creditors 668,705 666,242
Taxation and social security 50,736 136,736
Obligations under finance leases and hire purchase contracts 216,903 218,826
Other creditors 30,971 34,170
1,414,662 1,292,074

Included in Bank loans and overdrafts is £447,347 (2023: £236,100) advanced to the company by HSBC Invoice Finance (UK) Limited, which is secured over the book debts purchased by the factor and all other assets of the company. HSBC has full recourse on the company for unpaid debts.

There is a fixed charge held by HSBC Asset Finance (UK) Ltd and HSBC Equipment Finance (UK) Ltd over assets owned by the company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 280,314 435,815

8. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
At the year end, the company owed a group company: 793,389 0

Transactions with the entity's director

2024 2023
£ £
At the year end the Director owed the company: 0 683,900

Advances

During the year, advances were made to the Director of £108,019 (2023: £546,162) and repayments were made of £791,919 (2023: £72,000). Interest of £18,068 was charged on the loan at 2.5%.

9. Ultimate controlling party

The company's ultimate parent company is River Profiles Holdings Limited, a company incorporated in England and Wales. River Profiles Holdings Limited's registered address is Steel Fields Estate, Owens Way, Gillingham, Kent, United Kingdom, ME7 2RT.