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REGISTERED NUMBER: 01711968 (Wales)















RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST AUGUST 2024






RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024




Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 10


RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST AUGUST 2024







DIRECTOR: N. B. John





REGISTERED OFFICE: Trews Field Industrial Estate
Tondu Road
Bridgend
Mid Glamorgan
CF31 4JA





REGISTERED NUMBER: 01711968 (Wales)





ACCOUNTANTS: Johns Jones & Lo Limited
Chartered Accountants & Registered Auditors
16 Lambourne Crescent
Cardiff Business Park
Llanishen
Cardiff
CF14 5GF

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

BALANCE SHEET
31ST AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,195,334 1,010,700

CURRENT ASSETS
Stocks 22,500 22,500
Debtors 5 695,100 931,909
Cash at bank 902,450 514,339
1,620,050 1,468,748
CREDITORS
Amounts falling due within one year 6 694,970 771,429
NET CURRENT ASSETS 925,080 697,319
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,120,414

1,708,019

CREDITORS
Amounts falling due after more than one
year

7

310,353

160,911
NET ASSETS 1,810,061 1,547,108

CAPITAL AND RESERVES
Called up share capital 11 100 100
Revaluation reserve 12 84,866 84,866
Capital redemption reserve 1 1
Retained earnings 1,725,094 1,462,141
SHAREHOLDERS' FUNDS 1,810,061 1,547,108

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

BALANCE SHEET - continued
31ST AUGUST 2024


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 director and authorised for issue on 6th May 2025 and were signed by:





N. B. John - Director


RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST AUGUST 2024

1. STATUTORY INFORMATION

Riverside Industrial Equipment Limited is a private company, limited by shares , registered in 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 (£).


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.

The accounts have been prepared on a going concern basis.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the statement of financial position date and the amounts reported for revenues and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those estimates.

Recoverability of debtors
Estimation is involved in the assessment of the recoverability of debtors and the calculation of the associated bad debt provision. Factors such as the age of the debt, prior experience and recoverability statistics are included in management's assessment.

Useful economic lives of tangible fixed assets
Tangible fixed assets are depreciated over their useful economic lives taking into account residual values, where appropriate. Management regularly reviews the assets' useful economic lives. Changes in assets' useful economic lives can have a significant impact on depreciation for the period. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Provision for impairments
Tangible fixed assets are reviewed for signs of impairment each year and written down accordingly. All tangible fixed assets are reviewed by management in conjunction with market data and other relevant information. Changes in any of the factors considered for impairments can affect the value reported in the financial statements.

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

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.
Short leasehold - in accordance with the property
Plant and machinery - 15% on cost
Fixtures and fittings - 15% on cost
Motor vehicles - 25% 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.

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as a trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised in the statement of comprehensive income. For financial assets measured at amortised cost, the impairment loss is measured as the difference between carrying amount and the present value of estimated cash flows discounted at the original effective interest rate. If the financial instrument has a variable interest rate the currently effective rate under the contract is used.

A financial asset is derecognised only when the contractual rights to the cash flows from the financial asset expire or are settled or, substantially all of the risks and rewards of ownership of the financial asset have been transferred to another party or when despite having retained some, but not substantially all, risks and rewards of ownership, control of the asset has been transferred to another party and the other party has the practical ability to sell the asset in its entirety to an unrelated third party and is able to exercise that ability unilaterally and without needing to impose additional restrictions on the transfer. In this case, the company derecognises the asset and recognises separately any rights and obligations retained or created in the transfer. A financial liability is derecognised when the contract that gives rise to it is settled, sold, cancelled, or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such as an exchange or modification, this is treated as a derecognition of the original liability, such that the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss.

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.

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

2. ACCOUNTING POLICIES - continued

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 or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, and deposits held at call with banks.

Going concern
These financial statements have been prepared on a going concern basis on the grounds that the Directors consider that the Company has sufficient cash resources to enable the Company to continue to meet its liabilities as they fall due.

Debtors
Debtors include trade debtors and certain other financial instruments, prepayments, and deferred tax assets. Prepayments are payments made for goods or services that will be received in the future.

Creditors
Creditors include trade creditors and certain other short and long-term financial instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 46 (2023 - 45 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST OR VALUATION
At 1st September 2023 670,000 273,705 172,805
Additions - 3,415 27,516
Disposals - - -
At 31st August 2024 670,000 277,120 200,321
DEPRECIATION
At 1st September 2023 110,304 211,396 127,125
Charge for year 12,256 18,110 11,807
Eliminated on disposal - - -
At 31st August 2024 122,560 229,506 138,932
NET BOOK VALUE
At 31st August 2024 547,440 47,614 61,389
At 31st August 2023 559,696 62,309 45,680

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st September 2023 91,254 973,233 61,218 2,242,215
Additions 4,563 360,589 9,973 406,056
Disposals - (15,046 ) - (15,046 )
At 31st August 2024 95,817 1,318,776 71,191 2,633,225
DEPRECIATION
At 1st September 2023 78,957 647,062 56,671 1,231,515
Charge for year 4,434 170,949 3,866 221,422
Eliminated on disposal - (15,046 ) - (15,046 )
At 31st August 2024 83,391 802,965 60,537 1,437,891
NET BOOK VALUE
At 31st August 2024 12,426 515,811 10,654 1,195,334
At 31st August 2023 12,297 326,171 4,547 1,010,700

Cost or valuation at 31st August 2024 is represented by:

Improvements
Short to Plant and
leasehold property machinery
£    £    £   
Valuation in 2015 54,715 - -
Cost 615,285 277,120 200,321
670,000 277,120 200,321

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2015 - - - 54,715
Cost 95,817 1,318,776 71,191 2,578,510
95,817 1,318,776 71,191 2,633,225

Leasehold land and buildings were valued on an open market basis on 16th October 2015 by Hirons Morgan & Yapp .

The director believes this to be a fair valuation at the reporting date.

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST OR VALUATION
At 1st September 2023 461,957
Additions 314,199
Transfer to ownership (25,895 )
At 31st August 2024 750,261
DEPRECIATION
At 1st September 2023 196,688
Charge for year 141,986
Transfer to ownership (25,895 )
At 31st August 2024 312,779
NET BOOK VALUE
At 31st August 2024 437,482
At 31st August 2023 265,269

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 672,810 849,292
Other debtors 22,290 82,617
695,100 931,909

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 116,284 95,049
Trade creditors 297,148 490,314
Taxation and social security 261,155 161,945
Other creditors 20,383 24,121
694,970 771,429

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 8) 310,353 160,911

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Gross obligations repayable:
Within one year 140,046 108,433
Between one and five years 366,691 182,241
506,737 290,674

Finance charges repayable:
Within one year 23,762 13,384
Between one and five years 56,338 21,330
80,100 34,714

Net obligations repayable:
Within one year 116,284 95,049
Between one and five years 310,353 160,911
426,637 255,960

Non-cancellable operating leases
2024 2023
£    £   
Within one year 7,000 7,600

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   

The bank borrowings are secured by a charge over the assets of the company.


10. DEFERRED TAX
£   
Balance at 1st September 2023 (44,096 )
Charge to Income Statement during year 39,845
Balance at 31st August 2024 (4,251 )

RIVERSIDE INDUSTRIAL EQUIPMENT LIMITED (REGISTERED NUMBER: 01711968)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST AUGUST 2024

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
101 Ordinary £1 100 100

12. RESERVES
Revaluation
reserve
£   
At 1st September 2023
and 31st August 2024 84,866

13. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31st August 2024 and 31st August 2023:

2024 2023
£    £   
N. B. John
Balance outstanding at start of year 26,409 27,288
Amounts advanced 97,536 35,790
Amounts repaid (124,718 ) (36,669 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (773 ) 26,409

There is no interest charged on the loan from the director to the company. The loan is repayable upon demand.

14. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is N. B. John.