Company registration number 04567000 (England and Wales)
RIVERS FINANCE GROUP PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
RIVERS FINANCE GROUP PLC
COMPANY INFORMATION
Directors
R Daryani
M D Friend
S C Bassett
Secretary
J Nicholson
Company number
04567000
Registered office
Amba House
15 College Road
Harrow
Middlesex
HA1 1BA
Auditor
KLSA LLP
Kalamu House
11 Coldbath Square
London
EC1R 5HL
Bankers
Natwest Bank PLC
City of London Office
1 Princess Street
London
EC2R 8BP
Solicitors
Bermans LLP
Cardinal House
20 St Mary's Prsonage
Manchester
M3 2LY
RIVERS FINANCE GROUP PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Company statement of cash flows
14
Notes to the financial statements
15 - 32
RIVERS FINANCE GROUP PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Business review

The Directors are pleased to report that the Group total lending continues to be firm although having slightly decreased by 3% from £16.1 million in 2024 to £15.6 million in 2025, however turnover has increased by 25% to £5.1 million in 2025 from £4.1m in 2024.

Gross profit for the year has increased from £3,103,635 in the prior year to £3,859,460 in the current year and operating profit before interest charges increased by 24% from £1,987,986 in 2024 to £2,465,401 in 2025. The Group returned a profit before tax of £208,432 compared to a profit before tax of £322,756 in the prior year, the reduction is attributable to increased interest rates charged during the year.

The net assets position increased from £2,349,603 in prior year to £2,468,769 at the year-end.

The Directors have successfully increased facilities from existing bank funding lines and are currently in the process of adding new facilities to support its future growth in lending.

The Directors are continuing to invest in the business. The investment in origination and book growth has been continued into 2025 while investment in IT systems to digitalise the business at this stage are now nearly complete while the refurbished offices are completed.

Principal risks and uncertainties

The Directors have considered the principal risks and uncertainties facing the group and company and they continue to assess the significant on going and emerging risks facing the business which fall broadly into the following four categories; strategic/​commercial, operational, systems and financial risks.

The Directors are focused on growth of the business within the context of robust risk management framework and have set a clearly defined credit policy with prescriptive underwriting guidelines which are reviewed and updated regularly.

Future Development

We delivered financial results for the year 2024/​25 in line with our expectations, we have returned to our strategy of strong lending, turnover and portfolio growth. The directors aim to continue with the management policies which have resulted in the group's steady organic growth. They consider that 2025/​26 stronger year with the impact of lower borrowing costs improving profits. This has been further explained on page 2.

The Directors believe the resilient performance and financial position bears out the robustness of the business today and into the future.

Key performance indicators

The key performance indicator of the group is the level of gross loan book (including unearned future finance income) which at the balance sheet date for the group were £34,246,826 (2024: £30,595,855).

 

The key non-financial performance indicators of the group are relationships with key lenders and stakeholders, and customer service satisfaction.

RIVERS FINANCE GROUP PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Section 172 statement

As per the Companies Act, it is a requirement that the director of a company must act in the way he/she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole.

 

The Board of Directors is actively involved in the formulation of the company’s strategy, including consideration of how decisions made will impact the long-term.

 

The company recognises the important role that employees play in the success of the business and ensure that the health, safety and well-being of employees is a top priority.

 

The Board ensures that dealings with customers, lenders and other stakeholders are fair and transparent as we recognise that they are a key part of the success of the business.

 

We behave responsibly and ensure that management operate the business in a responsible manner, operating within the high standards of business conduct and good governance.

Going concern

The group has a history of meeting all obligations when they fall due and strong lending and growth in the business ensure it is able to expand operations and continue with its impeccable debt service record.

 

Customers payment performance has returned to normalised levels, the group has been successful in the year of recovering £679,749 (2024: £331,484) of previously written off bad debt. The directors closely monitor arrears and bad debt provisioning and see these although increasing slightly are still close to normal operating parameters.

 

The directors are continuously monitoring the impact of the inflationary pressures on the operations and adopting policies to mitigate its impact on the performance of the group. They have factored in the increase in operational costs in the daily operations and forecasts.

 

The Group has support of existing funders as evidenced by the renewed facilities during the year.

 

The group has produced forecasts for the next 12 months which considers the inflationary increase in operational costs and the impacts of changing interest rates into its financial costs.

 

Current trading reflects a slight deterioration in collections from customers attributable to the current economic climate. With the level of financial support from the lenders and shareholders, the directors expectation is that they will be able to meet the liabilities as they fall due in the next 12 months.

 

The financial statements are therefore prepared on a going concern basis.

The report was approved by the board and signed on its behalf by:

R Daryani
Director
21 July 2025
RIVERS FINANCE GROUP PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the company and group continued to be that of equipment leasing and the provision of business loans.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid.

 

Preference dividends were paid amounting to £30,250 (2024: £90,750). The Directors have recommended the payment of a Preference dividends as when they fall due in the future.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

R Daryani
M D Friend
S C Bassett
Auditor

The auditor, KLSA LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

RIVERS FINANCE GROUP PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
On behalf of the board
R Daryani
Director
21 July 2025
RIVERS FINANCE GROUP PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIVERS FINANCE GROUP PLC
- 5 -
Opinion

We have audited the financial statements of Rivers Finance Group Plc (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the group's and parent company’s ability to continue as going concern.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

RIVERS FINANCE GROUP PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIVERS FINANCE GROUP PLC
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

RIVERS FINANCE GROUP PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIVERS FINANCE GROUP PLC
- 7 -

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

 

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

There are inherent limitations in the audit procedures described above; any instance of non-compliance with laws and regulations and fraud which is far removed from transactions reflected in the financial statements would diminish the likelihood of detection. Furthermore, the risk of not detecting a material misstatement due to fraud is greater than the risk of not detecting one resulting from error.

 

Fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentation, or through an act of collusion that would mitigate internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Shilpa Chheda (Senior Statutory Auditor)
For and on behalf of KLSA LLP
21 July 2025
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
RIVERS FINANCE GROUP PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
5,083,847
4,058,622
Cost of sales
(1,224,387)
(954,987)
Gross profit
3,859,460
3,103,635
Administrative expenses
(1,394,059)
(1,115,649)
Operating profit
4
2,465,401
1,987,986
Interest receivable and similar income
7
786
-
0
Interest payable and similar expenses
8
(2,257,755)
(1,665,230)
Profit before taxation
208,432
322,756
Tax on profit
9
(59,016)
(83,813)
Profit for the financial year
149,416
238,943
Profit for the financial year is all attributable to the owners of the parent company
Total comprehensive income for the year is all attributable to the owners of the parent company

The Profit And Loss Account has been prepared on the basis that all operations are continuing operations.

RIVERS FINANCE GROUP PLC
GROUP BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
56,043
-
0
Tangible assets
12
67,827
86,721
123,870
86,721
Current assets
Debtors falling due after more than one year
15
15,857,327
14,667,741
Debtors falling due within one year
15
12,711,974
10,804,756
Cash at bank and in hand
400,050
518,283
28,969,351
25,990,780
Creditors: amounts falling due within one year
16
(6,309,459)
(5,525,689)
Net current assets
22,659,892
20,465,091
Total assets less current liabilities
22,783,762
20,551,812
Creditors: amounts falling due after more than one year
17
(20,279,302)
(18,180,529)
Provisions for liabilities
Deferred tax liability
19
35,691
21,680
(35,691)
(21,680)
Net assets
2,468,769
2,349,603
Capital and reserves
Called up share capital
21
1,238,889
1,238,889
Share premium account
210,000
210,000
Profit and loss reserves
1,019,880
900,714
Total equity
2,468,769
2,349,603
The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
21 July 2025
R Daryani
Director
Company registration number 04567000 (England and Wales)
RIVERS FINANCE GROUP PLC
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
60,460
60,460
Current assets
Debtors falling due after more than one year
15
2,650,388
2,575,489
Debtors falling due within one year
15
64,217
116,912
Cash at bank and in hand
40,201
99,349
2,754,806
2,791,750
Creditors: amounts falling due within one year
16
(40,877)
(50,401)
Net current assets
2,713,929
2,741,349
Total assets less current liabilities
2,774,389
2,801,809
Creditors: amounts falling due after more than one year
17
(1,000,000)
(1,000,000)
Net assets
1,774,389
1,801,809
Capital and reserves
Called up share capital
21
1,238,889
1,238,889
Share premium account
210,000
210,000
Profit and loss reserves
325,500
352,920
Total equity
1,774,389
1,801,809

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £2,830 (2024 - £54,303 profit).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
21 July 2025
R Daryani
Director
Company registration number 04567000 (England and Wales)
RIVERS FINANCE GROUP PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
1,238,889
210,000
752,521
2,201,410
Year ended 31 March 2024:
Profit and total comprehensive income
-
-
238,943
238,943
Dividends
10
-
-
(90,750)
(90,750)
Balance at 31 March 2024
1,238,889
210,000
900,714
2,349,603
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
149,416
149,416
Dividends
10
-
-
(30,250)
(30,250)
Balance at 31 March 2025
1,238,889
210,000
1,019,880
2,468,769
RIVERS FINANCE GROUP PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2023
1,238,889
210,000
389,367
1,838,256
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
-
54,303
54,303
Dividends
10
-
-
(90,750)
(90,750)
Balance at 31 March 2024
1,238,889
210,000
352,920
1,801,809
Year ended 31 March 2025:
Profit and total comprehensive income
-
-
2,830
2,830
Dividends
10
-
-
(30,250)
(30,250)
Balance at 31 March 2025
1,238,889
210,000
325,500
1,774,389
RIVERS FINANCE GROUP PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(483,148)
(5,046,450)
Interest paid
(122,696)
(119,993)
Income taxes paid
(64,171)
(79,758)
Net cash outflow from operating activities
(670,015)
(5,246,201)
Investing activities
Purchase of intangible assets
(77,204)
-
Purchase of tangible fixed assets
(18,912)
(97,789)
Interest received
786
-
0
Net cash used in investing activities
(95,330)
(97,789)
Financing activities
Proceeds from borrowings
8,976,786
12,505,688
Repayment of borrowings
(8,308,549)
(7,432,229)
Dividends paid to preference shareholders
(21,125)
(103,313)
Net cash generated from financing activities
647,112
4,970,146
Net decrease in cash and cash equivalents
(118,233)
(373,844)
Cash and cash equivalents at beginning of year
518,283
892,127
Cash and cash equivalents at end of year
400,050
518,283
RIVERS FINANCE GROUP PLC
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
27
(176,594)
113,022
Interest paid
(122,696)
(119,993)
Income taxes paid
(18,102)
-
0
Net cash outflow from operating activities
(317,392)
(6,971)
Investing activities
Interest received
204,369
203,467
Dividends received
75,000
-
0
Net cash generated from investing activities
279,369
203,467
Financing activities
Dividends paid to preference shareholders
(21,125)
(103,313)
Net cash used in financing activities
(21,125)
(103,313)
Net (decrease)/increase in cash and cash equivalents
(59,148)
93,183
Cash and cash equivalents at beginning of year
99,349
6,166
Cash and cash equivalents at end of year
40,201
99,349
RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
1
Accounting policies
Company information

Rivers Finance Group Plc (“the company”) is a limited company domiciled and incorporated in England and Wales. The registered office is Amba House, 15 College Road, Harrow, Middlesex, HA1 1BA.

 

The group consists of Rivers Finance Group Plc and all of its subsidiaries.

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.

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 £.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Rivers Finance Group Plc together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The financial performance of the group is set out in the report of the directors and in the statement of profit or loss and the other comprehensive income. The financial position of the group is set out in the statement of financial position.

 

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Assets leased to customers on finance lease are recognised on the basis of the net investment in the lease. Finance lease income are allocated to accounting periods to give a constant periodic rate of return to the group's net cash investment in the lease in each year recognised on an acturial basis. Document fees and charges are accounted for when receivable.

 

The finance income on agreements under default is recognised based on settlements received from the customer.

1.5
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

The parent company has recognised an intangible asset based on the benefit derived from the issuance of fully paid up shares to a shareholder for preferential lending terms. The shareholder agreed to provide the group loans at preferential rates for a minority stake. The potential benefit derived from the lending at the preferential rates was calculated by comparisons to the commercial rates provided by the group's lenders on other facilities. The potential benefit was discounted to its net present value and has been recognised as an intangible asset.

RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 16 -

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:

Other intangible asset
3 years straight line
1.6
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:

Plant and equipment
33.33% straight line basis
Fixtures and fittings
33.33% straight line basis

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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred. Arrangement fees payable are recognised over the lending period of the debt.

1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and 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.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

1.10
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.

RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 17 -
1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 short term debtors and cash and bank balances.

 

Debtors

Short term debtors are measured at transaction price, less any impairment. Loan receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

 

The group has recognised other debtors based on the benefit derived from the issuance of fully paid up shares to a shareholder for preferential lending terms. The shareholder agreed to provide the group loans at preferential rates for a minority stake. The potential benefit derived from the lending at the preferential rates was calculated by comparisons to the commercial rates provided by the group's lenders on other facilities. The potential benefit was discounted to its net present value and has been recognised as an intangible asset.

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 group after deducting all of its 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.

 

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 18 -
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 group’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 if, and only if, there is 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.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on carrying amount. Commission fees paid to brokers are spread over the term of each agreement.

1.16

Comparatives

There were no changes in comparative figures during the year.

RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

Critical judgements

The following judgements (apart from those involving estimates) made by the directors have had the most significant effect on amounts recognised in the financial statements.

Classification of leases

Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance leases. These decisions depend on· an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis.

Impairment of debtors

The recoverability of debtors is reviewed on a monthly basis and a provision is made for debtors that have defaulted and there is limited likelihood to recover the debt from a guarantor or from the sale of any repossessed asset. These provisions require judgements to be made which include the likelihood of recovery and cost of sale of the asset.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Useful lives, depreciation methods and residual values of tangible fixed assets

Management reviews the useful lives, depreciation methods and residual values of the items of tangible fixed assets on a regular basis. During the financial year, the directors determined no significant changes in the useful lives and residual values. The carrying amounts of tangible fixed assets are disclosed in note 12.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2025
2024
£
£
Turnover analysed by class of business
Turnover
5,083,847
4,058,622
2025
2024
£
£
Other revenue
Interest income
786
-

All turnover arose within the United Kingdom.

RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
37,806
21,425
Amortisation of intangible assets
21,161
-
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
7,500
7,000
Audit of the financial statements of the company's subsidiaries
26,500
22,000
34,000
29,000
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Average number of employees
16
15
3
3

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
663,353
557,883
124,896
-
0
Social security costs
69,582
58,977
13,745
-
Pension costs
11,631
10,841
3,000
3,000
744,566
627,701
141,641
3,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
786
-
0
RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
7
Interest receivable and similar income
(Continued)
- 21 -
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
786
-
8
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost:
Other interest on financial liabilities
52,696
49,993
Other finance costs:
Finance costs for financial instruments measured at fair value through profit or loss
2,135,059
1,545,237
Other interest
70,000
70,000
Total finance costs
2,257,755
1,665,230
9
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
45,005
64,171
Deferred tax
Origination and reversal of timing differences
14,011
19,642
Total tax charge
59,016
83,813

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Profit before taxation
208,432
322,756
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
52,108
80,689
Tax effect of expenses that are not deductible in determining taxable profit
2,184
1,585
Permanent capital allowances in excess of depreciation
(9,287)
-
0
Depreciation in excess of capital allowances
-
0
(18,103)
Deferred tax
14,011
19,642
Taxation charge
59,016
83,813
RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
30,250
90,750
11
Intangible fixed assets
Group
Goodwill
Other intangible asset
Total
£
£
£
Cost
At 1 April 2024
18,765
-
0
18,765
Additions
-
0
77,204
77,204
At 31 March 2025
18,765
77,204
95,969
Amortisation and impairment
At 1 April 2024
18,765
-
0
18,765
Amortisation charged for the year
-
0
21,161
21,161
At 31 March 2025
18,765
21,161
39,926
Carrying amount
At 31 March 2025
-
0
56,043
56,043
At 31 March 2024
-
0
-
0
-
0
The company had no intangible fixed assets at 31 March 2025 or 31 March 2024.
RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2024
11,178
202,142
213,320
Additions
-
0
18,912
18,912
At 31 March 2025
11,178
221,054
232,232
Depreciation and impairment
At 1 April 2024
7,228
119,371
126,599
Depreciation charged in the year
-
0
37,806
37,806
At 31 March 2025
7,228
157,177
164,405
Carrying amount
At 31 March 2025
3,950
63,877
67,827
At 31 March 2024
3,950
82,771
86,721
The company had no tangible fixed assets at 31 March 2025 or 31 March 2024.
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
60,460
60,460
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
60,460
Carrying amount
At 31 March 2025
60,460
At 31 March 2024
60,460
14
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
14
Subsidiaries
(Continued)
- 24 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Rivers SPV Limited
England and Wales
Equipment leasing company
Ordinary
0
100.00
Rivers Funding Limited
England and Wales
Finance company
Ordinary
0
100.00
Rivers Finance Limited
England and Wales
Finance company
Ordinary
0
100.00
Rivers Leasing PLC
England and Wales
Equipment leasing company
Ordinary
100.00
-
Rivers SPV2 Limited
England and Wales
Finance company
Ordinary
0
100.00

Rivers SPV2 Limited is exempt from statutory audit by virtue of section 479a of The Companies Act 2006. The company was dormant throughout the year and so the profit or loss for the year ended 31 March 2024 was £Nil.

15
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
10,924,324
9,041,817
-
0
-
0
Other debtors
76,647
134,868
58,070
107,849
Prepayments and accrued income
1,711,003
1,628,071
6,147
9,063
12,711,974
10,804,756
64,217
116,912
Amounts falling due after more than one year:
Trade debtors
15,857,327
14,667,741
-
0
-
0
Amounts due from group undertakings
-
-
2,650,388
2,575,489
15,857,327
14,667,741
2,650,388
2,575,489
Total debtors
28,569,301
25,472,497
2,714,605
2,692,401

Included within other debtors is a financial asset recognised by the parent company based on the benefit derived from the issuance of fully paid up shares to a shareholder for preferential lending terms. The shareholder agreed to provide the group loans at preferential rates for a minority stake. The potential benefit derived from the lending at the preferential rates was calculated by comparisons to the commercial rates provided by the group's lenders on other facilities. The potential benefit was discounted to its net present value and has been recognised as a financial asset.

The amounts due from group undertakings are unsecured and interest is being charged.

RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
15
Debtors
(Continued)
- 25 -
Included within trade debtors are net investments in finance leases and loans as analysed below:
2025
2024
£
£
Gross receivables from finance leases and loans:
No later than 1 year
14,765,529
12,403,088
Later than 1 year and no later than 5 years
19,481,297
18,192,768
Unearned future finance income on finance leases and loans
(7,465,175)
(6,886,298)
26,781,651
23,709,558
The finance leases and loans are receivable as follows:
2025
2024
£
£
No later than 1 year
10,924,324
9,041,817
Later than 1 year and no later than 5 years
15,857,327
14,667,741
26,781,651
23,709,558

All amounts are secured on the assets to which they relate.

16
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other loans
18
5,875,319
5,170,796
-
0
-
0
Trade creditors
174,385
110,245
-
(315)
Corporation tax payable
45,005
64,171
-
0
18,102
Other taxation and social security
130,778
93,658
1,750
1,750
Dividends payable
27,125
18,000
27,125
18,000
Other creditors
5,248
4,892
-
0
-
0
Accruals and deferred income
51,599
63,927
12,002
12,864
6,309,459
5,525,689
40,877
50,401
17
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Other borrowings
18
20,279,302
18,180,529
1,000,000
1,000,000
RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 26 -
18
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Other loans
26,154,621
23,351,325
1,000,000
1,000,000
Payable within one year
5,875,319
5,170,796
-
0
-
0
Payable after one year
20,279,302
18,180,529
1,000,000
1,000,000

Other loans due within and after more than one year include £4,468,717 (2024: £4,176,348) secured by a debenture dated 2 January 2015 and a guarantee from the company and £4,059,253 (2024: £3,939,372) secured by guarantee from the director, R Daryani. Other loans due within and after more than one year of £7,270,107 (2024: £5,592,466) are secured by a charge on a group entity. Commercial rate of interest is paid on the loans.

 

Included within other loans are discounting loan facilities which are secured by the assignment of certain trade debtors of the group. The company and the director, R Daryani, have provided security and guarantees in respect of these loans.

 

The amounts owed to group undertakings are interest bearing and unsecured.

 

19
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
35,691
21,680
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
21,680
-
Charge to profit or loss
14,011
-
Liability at 31 March 2025
35,691
-
RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 27 -
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
11,631
10,841

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

21
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A1 Ordinary shares of 5p each
6,650,000
6,650,000
332,500
332,500
A2 Ordinary shares of 5p each
777,778
777,778
38,889
38,889
B Ordinary shares of 5p each
350,000
350,000
17,500
17,500
7,777,778
7,777,778
388,889
388,889
2025
2024
2025
2024
Preference share capital
Number
Number
£
£
Issued and fully paid
A Preference shares of 5p each
5,000,000
5,000,000
250,000
250,000
B Preference shares of 5p each
12,000,000
12,000,000
600,000
600,000
17,000,000
17,000,000
850,000
850,000
Preference shares classified as equity
850,000
850,000
Total equity share capital
1,238,889
1,238,889
RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
21
Share capital
(Continued)
- 28 -

The holders of the A1 ordinary shares have:

- the right to vote (one vote per share)

- the right to receive dividends at the discretion of the board

- the rights to participate in a distribution (including on a winding-up) in accordance with article 12.1 of the company's articles of association

- shares are not redeemable or liable to be redeemed

 

The holders of the A2 ordinary shares have:

- the right to vote (one vote per share)

- the right to receive dividends at the discretion of the board

- the rights to participate in a distribution (including on a winding-up) in accordance with article 12.1 of the company's articles of association

- shares are not redeemable or liable to be redeemed

 

The holders of the B ordinary shares have:

- no voting rights

- the right to receive dividends at the discretion of the board

- the rights to participate in a distribution (including on a winding-up) in accordance with article 12.1 of the company's articles of association

- shares are not redeemable or liable to be redeemed

 

The holders of the A preference shares have:

- no voting rights

- the right to receive dividends at the discretion of the board

- the rights to participate in a distribution (including on a winding-up) in accordance with article 12.1 of the company's articles of association

- shares are redeemable at the discretion of the board

 

The holders of the B preference shares have:

- no voting rights

- the right to receive dividends at the discretion of the board

- the rights to participate in a distribution (including on a winding-up) in accordance with article 12.1 of the company's articles of association

- shares are redeemable at the discretion of the board

22
Financial commitments, guarantees and contingent liabilities

The company has given cross guarantees for loan facilities of its subsidiary.

 

The group has provided a charge over the shares held in its subsidiaries, Rivers Finance Limited and Rivers SPV Limited for a debt obtained from a lender.

 

The subsidiaries have provided a debenture over their assets as security for the debts of the group.

RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 29 -
23
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
65,000
65,000
-
-
Between two and five years
260,000
260,000
-
-
In over five years
224,562
289,562
-
-
549,562
614,562
-
-
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
17,800
17,800
-
-
Between two and five years
43,695
61,495
-
-
61,495
79,295
-
-
RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 30 -
24
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
124,896
121,024

Transactions with related parties

 

The company has taken advantage of the exemption available in FRS 102 (s33 "Related Party Disclosure"), whereby it has not disclosed transactions with other group companies.

 

Included within debtors:

- Receivable from SymlConnect Limited amounting to £281,864 (2024: £158,158), R Daryani is a shareholder of the company. Included within debtors due within one year is £106,277 (2024: £41,078) and included in non-current trade debtors is £175,587 (2024: £117,080).

 

Included within creditors are loans from:

- Conister bank amounting to £9,356,544 (2024: £8,643,139) on which interest of £850,379 (2024: £598,050) was charged for the year. Conister bank is a shareholder of the parent company Rivers Finance Group Plc.

- GH Daryani & Co Limited amounting to £615,205 (2024: £850,000) on which interest of £68,765 (2024: £58,965) was charged for the year. GH Daryani & Co Limited, related by virtue of common shareholder.

- R & P Daryani amounting to £500,000 (2024: £500,000) on which interest of £35,000 (2024: £35,000) was charged for the year. R & P Daryani are the shareholders of the company.

 

Other loans (Note 17) are secured by a cross guarantee from the director and the parent company Rivers Finance Group Plc.

 

The company paid commissions of £2,472 (2024: £2,964) to an employee during the year.

 

The company also paid commissions of £10,859 (2024: £19,309) to Mr M Friend during the year. Mr M Friend is a director of the company.

 

Included within administrative expenses is an amount of £65,000 (2024: £59,980) relating to rent and service charges to GH Daryani & Co Limited, related by virtue of common shareholder.

25
Controlling party

The ultimate controlling party is R Daryani, by virtue of his majority shareholding in the company.

RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 31 -
26
Cash absorbed by group operations
2025
2024
£
£
Profit for the year after tax
149,416
238,943
Adjustments for:
Taxation charged
59,016
83,813
Finance costs
2,257,755
1,665,230
Investment income
(786)
-
0
Amortisation and impairment of intangible assets
21,161
-
Depreciation and impairment of tangible fixed assets
37,806
21,425
Movements in working capital:
Increase in debtors
(3,096,804)
(7,074,437)
Increase in creditors
89,288
18,576
Cash absorbed by operations
(483,148)
(5,046,450)
27
Cash (absorbed by)/generated from operations - company
2025
2024
£
£
Profit for the year after tax
2,830
54,303
Adjustments for:
Taxation charged
-
0
18,102
Finance costs
122,696
119,993
Investment income
(279,369)
(203,467)
Movements in working capital:
(Increase)/decrease in debtors
(22,204)
123,349
(Decrease)/increase in creditors
(547)
742
Cash (absorbed by)/generated from operations
(176,594)
113,022
28
Analysis of changes in net debt - group
1 April 2024
Cash flows
Market value movements
31 March 2025
£
£
£
£
Cash at bank and in hand
518,283
(118,233)
-
400,050
Borrowings excluding overdrafts
(23,351,325)
(668,237)
(2,135,059)
(26,154,621)
(22,833,042)
(786,470)
(2,135,059)
(25,754,571)
RIVERS FINANCE GROUP PLC
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 32 -
29
Analysis of changes in net debt - company
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
99,349
(59,148)
40,201
Borrowings excluding overdrafts
(1,000,000)
-
(1,000,000)
(900,651)
(59,148)
(959,799)
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