1 false false false false false false false false false false true false false false false false false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 2178483 2023-07-01 2024-06-30 2178483 2024-06-30 2178483 2023-06-30 2178483 2022-07-01 2023-06-30 2178483 2023-06-30 2178483 2022-06-30 2178483 bus:LeadAgentIfApplicable 2023-07-01 2024-06-30 2178483 bus:Director1 2023-07-01 2024-06-30 2178483 core:WithinOneYear 2024-06-30 2178483 core:WithinOneYear 2023-06-30 2178483 core:AfterOneYear 2024-06-30 2178483 core:AfterOneYear 2023-06-30 2178483 core:ShareCapital 2024-06-30 2178483 core:ShareCapital 2023-06-30 2178483 core:RetainedEarningsAccumulatedLosses 2024-06-30 2178483 core:RetainedEarningsAccumulatedLosses 2023-06-30 2178483 bus:SmallEntities 2023-07-01 2024-06-30 2178483 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 2178483 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 2178483 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 2178483 bus:FullAccounts 2023-07-01 2024-06-30 2178483 core:AfterOneYear 2023-07-01 2024-06-30
COMPANY REGISTRATION NUMBER: 2178483
River Reach Limited
Filleted Unaudited Financial Statements
30 June 2024
River Reach Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
River Reach Limited
Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of River Reach Limited
Year ended 30 June 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of River Reach Limited for the year ended 30 June 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
JAY & JAY PARTNERSHIP LIMITED Chartered Certified Accountants
2 Chesterfield Buildings Westbourne Place Clifton Bristol BS8 1RU
24 March 2025
River Reach Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
Current assets
Stocks
3,861,768
3,832,017
Debtors
5
12,577
20,481
Cash at bank and in hand
178
9,534
------------
------------
3,874,523
3,862,032
Creditors: amounts falling due within one year
6
5,800,488
5,082,048
------------
------------
Net current liabilities
1,925,965
1,220,016
------------
------------
Total assets less current liabilities
( 1,925,965)
( 1,220,016)
Creditors: amounts falling due after more than one year
7
4,049,037
3,936,036
------------
------------
Net liabilities
( 5,975,002)
( 5,156,052)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 5,975,102)
( 5,156,152)
------------
------------
Shareholders deficit
( 5,975,002)
( 5,156,052)
------------
------------
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 June 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 members have 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 .
River Reach Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 21 March 2025 , and are signed on behalf of the board by:
Mr C G Tull
Director
Company registration number: 2178483
River Reach Limited
Notes to the Financial Statements
Year ended 30 June 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 Box House, Box, Corsham, Wiltshire, SN13 8AA.
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
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.
Going concern
The director has prepared the financial statements on the going concern basis on the understanding that continued financial support will be available in the foreseeable future from the company's creditors. It should be noted that the majority of the company's creditors at the 30th June 2024 were related parties amounting to £6,668,787 by value, over 67% of total creditors. The company had net liabilities of £5,975,002 at 30th June 2024; these net liabilities have increased since the year end and may continue to increase until profit is realised from the sale of the company's stock of development property, or from rental or other income. The director believes that the company's property can be sold at a large future profit which will put the company in a position to settle all of its creditors in full. Ultimately, however, whether creditors can be paid in full will depend upon the sales value achieved from the development property and the company's ability to generate rental and other income. The director is currently in negotiations to sell the majority of the development property and once the sale has completed the company will be able to repay its current bank borrowing in full.
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.
Stocks
Stock and work in progress represents the company's interests in land and buildings held for development purposes and resale, and is stated at the lower of cost or net realisable value. Cost represents the purchase price and related acquisition expenses plus professional or other costs incurred in either improving or protecting the property, or in advancing planning applications.
Financial instruments
Financial liabilities and equity 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.
Interest free loans to the company that are repayable on demand are measured at cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Debtors
2024
2023
£
£
Trade debtors
1,229
Other debtors
12,577
19,252
--------
--------
12,577
20,481
--------
--------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
3,152,334
2,686,903
Trade creditors
7,272
14,724
Other creditors
2,640,882
2,380,421
------------
------------
5,800,488
5,082,048
------------
------------
The bank loan of £3,152,334 is secured by a fixed charge over the assets of the company including the land and buildings accounted for in stocks, and book debts: it is also secured by a floating charge over any company assets not covered by the fixed charge. The bank loan is also secured by a fixed charge over assets belonging to the director and assets belonging to a company controlled by the director.
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
4,049,037
3,936,036
------------
------------
Other creditors include a loan for £3,933,162 secured by a second legal charge over the land and buildings of the company accounted for in stocks.
8. Director's advances, credits and guarantees
The company owed the sole director and shareholder Mr C Tull £124,165 at the balance sheet date (2023 - £168,202). This loan is unsecured, interest free and repayable on demand.