Registration number: 07323102

Riverhead Asset Finance Limited

(Registration number: 07323102)

Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	3	1,881	51,979
Current assets
Debtors	4	764,857	749,536
Cash at bank and in hand		104,218	72,591
		869,075	822,127
Creditors: Amounts falling due within one year	5	(92,189)	(100,964)
Net current assets		776,886	721,163
Total assets less current liabilities		778,767	773,142
Creditors: Amounts falling due after more than one year	5	-	(78,537)
Provisions for liabilities		-	2,465
Net assets		778,767	697,070
Capital and reserves
Called up share capital		11	11
Retained earnings		778,756	697,059
Shareholders' funds		778,767	697,070

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Director's Report and the Profit and Loss Account has been taken.

Riverhead Asset Finance Limited

(Registration number: 07323102)

Balance Sheet as at 31 December 2024 (continued)

These financial statements, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the director on 25 September 2025
 

.........................................

Mr P A Concannon

Director

Riverhead Asset Finance Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	Accounting policies

Riverhead Asset Finance Limited is a private company, limited by shares, domiciled in England and Wales, company number 07323102. The registered office is at 14 St Chads Way, Sprotbrough, Doncaster, DN5 7LF.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of preparation

Riverhead Asset Finance Limited is a company limited by shares incorporated in England within the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.

Going concern

After due consideration of all relevant factors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts.

Revenue recognition

Turnover comprises the value of the consideration received for the provision of services in the ordinary course of the company’s activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in statement of income and retained earnings, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Riverhead Asset Finance Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

1	Accounting policies (continued)

Deferred tax shall be recognised in respect of all timing differences at the reporting date, except as otherwise required by FRS102. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Unrelieved tax losses and other deferred tax assets shall be recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	25% straight line
Motor vehicles	25% reducing balance
Buildings	5% straight line

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of income and retained earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Riverhead Asset Finance Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 3).

Riverhead Asset Finance Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

3	Tangible assets

	Buildings £	Fixtures and fittings £	Motor vehicles  £	Total £
Cost
At 1 January 2024	18,927	14,910	59,923	93,760
Additions	-	756	-	756
Disposals	(18,927)	(1,451)	(59,923)	(80,301)
At 31 December 2024	-	14,215	-	14,215
Depreciation
At 1 January 2024	3,699	11,866	26,216	41,781
Charge for the year	946	1,919	4,916	7,781
Eliminated on disposal	(4,645)	(1,451)	(31,132)	(37,228)
At 31 December 2024	-	12,334	-	12,334
Carrying amount
At 31 December 2024	-	1,881	-	1,881
At 31 December 2023	15,228	3,044	33,707	51,979

Included within the net book value of land and buildings above is £Nil (2023 - £15,228) in respect of freehold land and buildings.
 

4

Debtors

	2024 £	2023 £
Other debtors	764,857	749,536
	764,857	749,536

Riverhead Asset Finance Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5

Creditors

	2024  £	2023  £
Due within one year
Other loans	39,382	48,649
Trade creditors	-	1,920
Social security and other taxes	-	367
Accrued expenses	3,763	4,443
Corporation tax liability	49,044	45,585
	92,189	100,964
Due after one year
HP and finance lease liabilities	-	34,923
Other loans	-	43,614
	-	78,537

Loans to connected companies

During the year the company made loans to Riverhead Asset Management Limited, a company in which the director is a director and 100% shareholder.
At the balance sheet date the amount due from Riverhead Asset Management Limited was £754,184 (2023 - £739,946)