Registration number: 03106391

River Systems Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 8

River Systems Limited

(Registration number: 03106391)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	5	896,055	898,376
Current assets
Stocks	6	1,633	2,099
Debtors	7	71,327	87,480
Cash at bank and in hand		2,417	3,170
		75,377	92,749
Creditors: Amounts falling due within one year	8	(136,524)	(123,667)
Net current liabilities		(61,147)	(30,918)
Total assets less current liabilities		834,908	867,458
Creditors: Amounts falling due after more than one year	8	(593,574)	(606,238)
Net assets		241,334	261,220
Capital and reserves
Called up share capital	9	100	100
Retained earnings		241,234	261,120
Shareholders' funds		241,334	261,220

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.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 August 2025 and signed on its behalf by:
 

......................................... D R Payne Director

River Systems Limited

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

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Sankey Marine
Worcester Road
Evesham
Worcestershire
WR11 4TA
United Kingdom

These financial statements were authorised for issue by the Board on 26 August 2025.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of permenant moorings, income related to boating activities and the operation of a clubhouse in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

River Systems Limited

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

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
Land and buildings	Nil
Leasehold properties	5% straight line
Plant and machinery	25% reducing balance
Fixtures and equipment	33.33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Fifteen years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold and services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

River Systems Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

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

River Systems Limited

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

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 January 2024	200,000	200,000
At 31 December 2024	200,000	200,000
Amortisation
At 1 January 2024	200,000	200,000
At 31 December 2024	200,000	200,000
Carrying amount
At 31 December 2024	-	-

5	Tangible assets

	Land and buildings £	Leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £
Cost or valuation
At 1 January 2024	891,964	20,800	3,438	52,107
At 31 December 2024	891,964	20,800	3,438	52,107
Depreciation
At 1 January 2024	-	18,980	3,260	47,693
Charge for the year	-	1,040	178	-
Eliminated on disposal	-	-	-	1,103
At 31 December 2024	-	20,020	3,438	48,796
Carrying amount
At 31 December 2024	891,964	780	-	3,311
At 31 December 2023	891,964	1,820	178	4,414

River Systems Limited

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

	Total £
Cost or valuation
At 1 January 2024	968,309
At 31 December 2024	968,309
Depreciation
At 1 January 2024	69,933
Charge for the year	1,218
Eliminated on disposal	1,103
At 31 December 2024	72,254
Carrying amount
At 31 December 2024	896,055
At 31 December 2023	898,376

River Systems Limited

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

6

Stocks

	2024 £	2023 £
Finished goods and goods for resale	1,633	2,099

7

Debtors

Current	2024 £	2023 £
Trade debtors	63,524	23,537
Prepayments	7,803	7,248
Other debtors	-	56,695
	71,327	87,480

8

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	10	63,509	46,515
Trade creditors		35,727	17,039
Taxation and social security		11,781	30,699
Accruals and deferred income		25,507	29,414
		136,524	123,667

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Due after one year
Loans and borrowings	10	593,574	606,238

9	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	100	100	100	100

River Systems Limited

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

10	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £
Bank borrowings	307,083	350,396
Other borrowings	286,491	255,842
	593,574	606,238

Current loans and borrowings

	2024 £	2023 £
Bank borrowings	44,296	40,717
Bank overdrafts	19,213	5,798
	63,509	46,515

Bank borrowings

Bank Loan is denominated in Sterling with a nominal interest rate of 3.5% above base . The carrying amount at year end is £331,396 (2023 - £368,847). Bank loan is secured against the assets of the company.