Company registration number 06654478 (England and Wales)
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
COMPANY INFORMATION
Directors
Mr J L Stokes
Mrs J E Stokes
Secretary
Mrs J E Stokes
Company number
06654478
Registered office
Chancery House
53-64 Chancery Lane
London
WC2A 1QS
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
Church Green West
Redditch
Worcestershire
B97 4EA
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The River Partnership Executive Search Ltd for the year ended 30 September 2024 which comprise, the balance sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of The River Partnership Executive Search Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The River Partnership Executive Search Ltd and state those matters that we have agreed to state to the board of directors of The River Partnership Executive Search Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The River Partnership Executive Search Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that The River Partnership Executive Search Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The River Partnership Executive Search Ltd. You consider that The River Partnership Executive Search Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of The River Partnership Executive Search Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
6 May 2025
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
16,080
11,188
Tangible assets
4
8,219
41,709
24,299
52,897
Current assets
Debtors
5
671,705
1,101,204
Cash at bank and in hand
358,490
397,545
1,030,195
1,498,749
Creditors: amounts falling due within one year
6
(837,408)
(1,127,834)
Net current assets
192,787
370,915
Total assets less current liabilities
217,086
423,812
Creditors: amounts falling due after more than one year
7
(61,184)
(133,011)
Provisions for liabilities
9
(1,377)
(4,226)
Net assets
154,525
286,575
Capital and reserves
Called up share capital
10
10
10
Profit and loss reserves
154,515
286,565
Total equity
154,525
286,575
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 6 May 2025 and are signed on its behalf by:
Mr J L Stokes
Director
Company registration number 06654478 (England and Wales)
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
1
Accounting policies
Company information
The River Partnership Executive Search Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Chancery House, 53-64 Chancery Lane, London, WC2A 1QS.
1.1
Accounting convention
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer software
20% on cost
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
10% / 20% on cost
Fixtures and fittings
20% on cost
Computer equipment
33% on cost
Motor vehicles
20% on cost
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.
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
No depreciation is provided on improvements to property. This treatment may be a departure from the
requirements of the Companies Act 2006 concerning depreciation of fixed assets, however, the company
follows a program of regular refurbishment and maintenance of its properties which includes the
reinstatement of the fabric of the buildings where necessary in order to maintain them to a high standard.
Accordingly in the opinion of the director any element of depreciation would be immaterial and no provision
has been made, as the residual value would be in excess of cost.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
10
21
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
3
Intangible fixed assets
Other
£
Cost
At 1 October 2023
13,400
Additions
7,800
At 30 September 2024
21,200
Amortisation and impairment
At 1 October 2023
2,212
Amortisation charged for the year
2,908
At 30 September 2024
5,120
Carrying amount
At 30 September 2024
16,080
At 30 September 2023
11,188
4
Tangible fixed assets
Improvements to property
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 October 2023
52,740
27,750
19,832
47,350
147,672
Additions
2,026
2,026
Disposals
(52,740)
(52,740)
At 30 September 2024
27,750
21,858
47,350
96,958
Depreciation and impairment
At 1 October 2023
30,814
21,354
15,065
38,730
105,963
Depreciation charged in the year
2,865
2,105
8,620
13,590
Eliminated in respect of disposals
(30,814)
(30,814)
At 30 September 2024
24,219
17,170
47,350
88,739
Carrying amount
At 30 September 2024
3,531
4,688
8,219
At 30 September 2023
21,926
6,396
4,767
8,620
41,709
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
378,502
339,554
Amounts owed by group undertakings
251,815
405,683
Other debtors
41,388
355,967
671,705
1,101,204
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
116,677
75,072
Trade creditors
21,317
116,216
Amounts owed to group undertakings
45,879
18,609
Taxation and social security
125,254
81,519
Other creditors
528,281
836,418
837,408
1,127,834
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
61,184
133,011
8
Secured debts
The following secured debts are included within creditors:
2024
2023
£
£
Bank loans
177,861
208,083
Bank loans are secured by way of a fixed and floating charge over all assets of the company and by way of a government-backed guarantee.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
1,377
4,226
THE RIVER PARTNERSHIP EXECUTIVE SEARCH LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
10
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of 1p each
1,000
1,000
10
10
Ordinary B of 1p each
1
1
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
12
Control
Ultimate parent company
The ultimate parent company is River Partnership London Holdings Ltd, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mr J L Stokes by virtue of his controlling interest in the ultimate parent company.
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