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Registered number: 13574606
RIVERSIDE VIEWS PROPERTIES LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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RIVERSIDE VIEWS PROPERTIES LTD
REGISTERED NUMBER: 13574606
BALANCE SHEET
AS AT 31 AUGUST 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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RIVERSIDE VIEWS PROPERTIES LTD
REGISTERED NUMBER: 13574606
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the Profit and Loss Account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................
A Nagrecha
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The notes on pages 3 to 8 form part of these financial statements.
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RIVERSIDE VIEWS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
Riverside Views Properties Ltd is a private company, limited by shares, which is incorporated in England and Wales, registration number 13574606. The registered office is Unit 4, Watling Gate, 297-303 Edgware Road, London, NW9 6NB.
Principal activity
The principal activity of the Company during the year was that of property investment and management.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is British Pound Sterling (£).
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
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Exemption from preparing consolidated financial statements
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The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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RIVERSIDE VIEWS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
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 the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss Account.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at transaction price, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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RIVERSIDE VIEWS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
2.Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, 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 arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
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 objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.
The average number of employees, including directors, during the year was 1 (2023 - 1).
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RIVERSIDE VIEWS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Freehold investment property
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The 2024 valuations were made by the director, on an open market value for existing use basis.
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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RIVERSIDE VIEWS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Creditors: Amounts falling due after more than one year
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The loan has a repayment term of 8 years remaining and has a interest rate chargeable of 9% per annum.
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During the year ended 31 August 2023, the directors identified that a number of balances in the prior year had been misstated due to incorrect accounting for transactions between group companies and misclassification of balances within the balance sheet. In addition, certain income and expenses had been omitted from the profit and loss account. As a result of these errors, the following adjustments have been made to the comparatives:
Other creditors, previously stated as £945,549, have been restated to £6,509, reflecting a reduction of £939,040.
Cash at bank and in hand balance, previously reported as £23,236, has been restated to £24,730, an increase of £1,494.
Other debtors, which had previously been reported as £nil, have been restated to £1,586.
Amounts owed to group undertakings, also previously reported as £nil, have now been recognised at £100.
Corporation tax payable, originally stated as £225, has been adjusted to £7,447, an increase of £7,222.
In addition to the above balance sheet adjustments, the following changes were made to the profit and loss account:
Dividend income of £463,266 from the Company's subsidiary, which had previously been omitted, has now been recognised.
An impairment charge of £469,414 has been recognised in respect of the Company's investment in its subsidiary.
Loan interest of £21,054 has been recognised in relation to a shareholder loan, which had previously not been accounted for.
As a result of the adjustments above, the previously reported profit before tax was £1,186 and is now restated as a loss before tax of £26,016.
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RIVERSIDE VIEWS PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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Prior year adjustment (continued)
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Furthermore, the adjustments also impacted the Company's net assets. The previously reported net assets of £962 were restated to a net liability position of £26,240, reflecting a decrease of £27,202.
Finally, it was also identified that a balance of £962,000 included within creditors falling due within one year should have been classified as due after more than one year. This has now been corrected by reclassifying the amount to creditors falling due after more than one year. This adjustment had no effect on the profit and loss or net assets.
These adjustments have been reflected in the comparative figures in these financial statements in accordance with the requirements of FRS 102 Section 1A.10.
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Related party transactions
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In accordance with FRS 102 35.1 AC the Company is exempt from the requirements to disclose
transactions with wholly owned members of the group.
No other transactions with related parties were undertaken such as are required to be disclosed under
Financial Reporting Standard 102, section 1AC 35.
All transactions are considered to be at arms length.
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The ultimate controlling parties are Rajiv Ruparelia and Naiya Khagram.
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