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Registered number: 14770097 EAST RIVERSIDE LIMITED UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
EAST RIVERSIDE LIMITED REGISTERED NUMBER: 14770097 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 4 |  | 9,969,992 |  | 9,969,992
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 276,060 |  | 133,920 |
Cash at bank and in hand | 6 | 2,776 |  | - |
|  | 278,836 |  | 133,920 |
Creditors: amounts falling due within one year | 7 | (353,841) |  | (234,664) |
Net current liabilities |  |  | (75,005) |  | (100,744)
Total assets less current liabilities |  |  | 9,894,987 |  | 9,869,248
Creditors: amounts falling due after more than one year | 8 |  | (8,739,574) |  | (8,490,723)
Net assets |  |  | 1,155,413 |  | 1,378,525
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 1 |  | 1
Other reserves |  |  | 1,521,830 |  | 1,521,830
Profit and loss account |  |  | (366,418) |  | (143,306)
|  |  | 1,155,413 |  | 1,378,525
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. 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 statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. Page 1
EAST RIVERSIDE LIMITED REGISTERED NUMBER: 14770097 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 DECEMBER 2024 The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
J A McDaniel
Director
Date: 1 October 2025
The notes on pages 3 to 8 form part of these financial statements. Page 2
EAST RIVERSIDE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
East Riverside Limited is a private company limited by shares and registered in England and Wales. The Company's registered number is 14770097. Its registered office is 50 Great Marlborough Street, London W1F 7JS. The principal activity of the Company is that of property investment. The Company's functional and presentational currency is GBP. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The parent company has confirmed that East Riverside Limited will continue to be supported financially for at least 12 months following the accounts being signed.
| 2.3 | Revenue
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 principally comprises rental income, exclusive of value added tax. Rental income from investment property leased out under operating leases is recognised in the statement of comprehensive income on an accruals basis over the term of the lease. Premiums received to terminate rental agreement are recognised in the statement of comprehensive income when they arise.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | 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 the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. Page 3
EAST RIVERSIDE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.6 | Borrowing costs
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 statement of comprehensive income 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.
| 2.7 | Investment property
Investment property is measured initially at its cost, including related transaction costs such as advisory costs, notary costs, transfer taxes and borrowing costs. After initial recognition, investment property is carried at fair value determined annually 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. Changes in fair value are recognised in the statement of comprehensive income. Investment property is derecognised when it has been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Gains and losses on disposal of the investment property is recognised in the statement of comprehensive income in the year of disposal.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans 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.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.
| 2.10 | 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.
| 2.11 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Page 4
EAST RIVERSIDE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
Company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 Company after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Page 5
EAST RIVERSIDE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
3. | Employees
| The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
4. | Investment property
|  | Investment property
|  | £
| Valuation |
| At 1 January 2024 | 9,969,992
| At 31 December 2024 | 9,969,992
There has been no valuation of the investment property by an independent valuer. The directors are of the opinion that the initial cost remains the fair value of the property based on the market conditions at the balance sheet date.
Page 6
EAST RIVERSIDE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Other debtors | 257,644 | 95,144
| Prepayments and accrued income | 18,416 | 38,776
|  | 276,060 | 133,920
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,776 | -
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 15,454 | 3,990
| Other taxation and social security | - | 21,178
| Accruals and deferred income | 338,387 | 209,496
|  | 353,841 | 234,664
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Bank loans | 5,071,722 | 5,038,267
| Amounts owed to group undertakings | 3,667,852 | 3,452,456
|  | 8,739,574 | 8,490,723
Page 7
EAST RIVERSIDE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Loans
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts falling due 2-5 years |  |
| Bank loans | 5,071,722 | 5,038,267
| Bank borrowings The Company's bank loan is denominated in Sterling with the rate of interest being the aggregate of the applicable SONIA for that day and 3.1% margin. The final instalment is due July 2027. The carrying amount at the year end is £5,071,722 of which £5,156,000 is the nominal loan less deferred transaction costs of £84,278 (2023: £5,038,267 of which £5,156,000 is the nominal loan less deferred transaction costs of £117,733).
10. | Related party transactions
| Shareholder loan
|  | 2024 | 2023
|  | £ | £
| Balance brought forward | 3,452,456 | -
| Advanced | - | 3,310,146
| Repaid | (328,603) | -
| Interest capitalised | 543,999 | 142,310
|  | 3,667,852 | 3,452,456
| The shareholder loan is unsecured and incurs interest at a rate of 15%. The shareholder loan terminates on 11 July 2028.
11. | Controlling party
The Company's immediate parent is East Riverside Holdco Limited, registered in England and Wales. The ultimate parent is Meadow Evergreen LP, incorporated in Delaware, USA.
Page 8