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REGISTERED NUMBER: 02013378 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2024

FOR

FIRST RIVERSIDE MANAGEMENT LIMITED

FIRST RIVERSIDE MANAGEMENT LIMITED (REGISTERED NUMBER: 02013378)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


FIRST RIVERSIDE MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2024







DIRECTORS: A F Bethell
Mrs E Bethell





REGISTERED OFFICE: Upper Rowley
Wasperton Lane,
Barford
Warwick
Warwickshire
CV35 8DQ





REGISTERED NUMBER: 02013378 (England and Wales)





ACCOUNTANTS: Walker Thompson Ltd
Accountants and Registered Auditors
Empress House
43A Binley Road
Coventry
CV3 1HU

FIRST RIVERSIDE MANAGEMENT LIMITED (REGISTERED NUMBER: 02013378)

BALANCE SHEET
31 OCTOBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,096 1,369

CURRENT ASSETS
Debtors 5 71,653 77,700
Cash at bank 304 3,240
71,957 80,940
CREDITORS
Amounts falling due within one year 6 73,053 82,309
NET CURRENT LIABILITIES (1,096 ) (1,369 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

-

-


RESERVES - -

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

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

The directors acknowledge their 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 surplus or deficit 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.

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 20 May 2025 and were signed on its behalf by:





A F Bethell - Director


FIRST RIVERSIDE MANAGEMENT LIMITED (REGISTERED NUMBER: 02013378)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1. STATUTORY INFORMATION

First Riverside Management Limited is a private company, limited by guarantee , 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 (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

Going concern
The company continues to be supported by the director when there are insufficient funds in the company to pay expenses. The director has indicated his willingness to support the company as required and therefore the accounts have been prepared on a going concern basis. Whilst individual tenants have been impacted by coronavirus, it is difficult to assess how this will impact cash flow. Where individuals tenants do not pay the landlord's of the units will be responsible for payment of any outstanding charges. The director is of the view the individual landlord's will be able to settle any outstanding arrears as otherwise they would be in breach of their long leasehold interests.

Income and expenditure
Turnover represents the recovery of service charge expenses from tenants net of VAT.

FIRST RIVERSIDE MANAGEMENT LIMITED (REGISTERED NUMBER: 02013378)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - not provided
Fixtures and fittings - 20% on reducing balance

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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 surplus or deficit.

Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash at bank and in hand
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.

FIRST RIVERSIDE MANAGEMENT LIMITED (REGISTERED NUMBER: 02013378)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 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 the contractual provisions of the instrument.

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 assets, which include debtors and cash and bank balances, are initially measured at transaction price including transactions 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 rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the 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.

Changes in fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Surplus / deficit on tenants contributions
Any net surplus for the year on profit and loss is transferred to the sinking fund for use in future expenses. Any deficit is treated as amounts recoverable from tenants.

FIRST RIVERSIDE MANAGEMENT LIMITED (REGISTERED NUMBER: 02013378)

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

2. ACCOUNTING POLICIES - continued

Judgements and key sources of estimation uncertainty
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 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 future periods where the revision affects both current and future periods.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 November 2023
and 31 October 2024 1 12,741 12,742
DEPRECIATION
At 1 November 2023 - 11,373 11,373
Charge for year - 273 273
At 31 October 2024 - 11,646 11,646
NET BOOK VALUE
At 31 October 2024 1 1,095 1,096
At 31 October 2023 1 1,368 1,369

The value of the company's interest in its long leasehold property is shown as £1 as all the income producing interests in the property (being industrial buildings on the site) are subject to long leases at nominal ground rents.

The remainder of the property, which is not let, forms the common parts of the estate and is not capable of beneficial use as it is subject to rights of way in favour of the tenants of the industrial buildings.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts recoverable from tenants 49,320 55,062
Other debtors 22,333 22,638
71,653 77,700

FIRST RIVERSIDE MANAGEMENT LIMITED (REGISTERED NUMBER: 02013378)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 24,405 36,128
Taxation and social security 894 -
Other creditors 47,754 46,181
73,053 82,309

7. RELATED PARTY DISCLOSURES

At the year end an amount of £30,202 (2023: £29,781) was owed to Mr Bethell (director), by way of a loan from him to cover expenses due to low cashflow. This loan was interest free with no fixed date for repayment, but is repayable on demand.

A management charge of £3,000 (2023: £3,000) has been charged by Mr Bethell for management of the estate.

At the Balance Sheet date, the following balances existed between the company and it's associated interests.

Second Riverside Syndicate Management: £1,404 Credit
Richmond Developments Ltd: £4,371 Credit

8. MEMBERS' LIABILITY

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.