Company registration number 07376100 (England and Wales)
RIVERS LEASING PLC
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
RIVERS LEASING PLC
COMPANY INFORMATION
Directors
R Daryani
M D Friend
S C Bassett
Secretary
J Nicholson
Company number
07376100
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 LEASING PLC
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Company statement of cash flows
15
Notes to the financial statements
16 - 32
RIVERS LEASING PLC
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 1 -

The directors present the strategic report for the year ended 31 March 2026.

Business review

The Directors are pleased to report that the Group’s total lending reached a new record of £18.3 million during the financial year, up 17% from £16.1 million in 2025. Turnover increased by 20% to £6.1 million in 2026, from £5.1 million in 2025.

Gross profit increased from £3,859,460 in 2025 to £4,724,160 in 2026 while Operating profit before interest charges increased by 19% from £2,619,244 in 2025 to £3,128,173 in 2026.

The Group returned a profit before tax of £529,233 compared to £280,602 in 2025, an 88% increase.

The net assets position increased from £754,844 in prior year to £1,076,613 at the year-end.

The Directors have successfully renewed 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 continue to invest in the business. The investment in origination and book growth has been continued into 2026 while investment in IT systems projects to improve operational efficiencies are in progress.

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 2025/​26 ahead of 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 2026/​27 will be a stronger year with the impact of lower borrowing costs improving profits and the requirement for additional borrowings reducing. 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 (in cluding unearned future finance income) which at the balance sheet date for the group were £39,000,677 (20 25: £34,246,826) a 14% increase.

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

RIVERS LEASING PLC
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 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 although are marginally increasing due to the poor economic environment. However, the group has had another successful year recovering previously written of bad debt with £583,795 collected in 2026 along with the £679,749 recovered in 2025. The directors closely monitor arrears and bad debt provisioning and see these increasing slightly as the general economic backdrop declines. The group has increased bad debt provisioning accordingly.

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 increasing interest rates into its financial costs.

The level of financial support from the lenders and shareholders continues, 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.

On behalf of the board

R Daryani
Director
7 August 2026
RIVERS LEASING PLC
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2026.

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.

The directors are satisfied with the financial performance of the business.

Dividends were paid during the year amounted to £100,000 (2025: £75,000). The Directors do not recommend payment of a further dividend for the current financial year.

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:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.

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 LEASING PLC
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -
On behalf of the board
R Daryani
Director
7 August 2026
RIVERS LEASING PLC
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RIVERS LEASING PLC
- 5 -
Opinion

We have audited the financial statements of Rivers Leasing PLC (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2026 which comprise the group profit and loss account, 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:

- give a true and fair view of the state of the group's and the parent company's affairs as at 31 March 2026 and of the group's profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

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:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

RIVERS LEASING PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIVERS LEASING 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 identifie d material misstatements in the strategic report or the directors' r eport.

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:

- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, 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:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector; and

- we focused on specific laws and regulations which we considered may have a direct material effect on the operations of the company financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation.

RIVERS LEASING PLC
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RIVERS LEASING 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:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

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

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance; and

- enquiring of management as to actual and potential litigation and claims.

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 is available on the Financial Reporting Council’s website at: https://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.

Kunal Bharadva (Senior Statutory Auditor)
For and on behalf of KLSA LLP
7 August 2026
Chartered Accountants
Statutory Auditor
Kalamu House
11 Coldbath Square
London
EC1R 5HL
RIVERS LEASING PLC
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
2026
2025
Notes
£
£
Turnover
3
6,132,201
5,083,847
Cost of sales
(1,408,041)
(1,224,387)
Gross profit
4,724,160
3,859,460
Administrative expenses
(1,595,987)
(1,240,216)
Operating profit
4
3,128,173
2,619,244
Interest payable and similar expenses
7
(2,598,940)
(2,338,642)
Profit before taxation
529,233
280,602
Tax on profit
8
(107,464)
(59,016)
Profit for the financial year
421,769
221,586
Profit for the financial year is all attributable to the owners of the parent company.
RIVERS LEASING PLC
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
2026
2025
£
£
Profit for the year
421,769
221,586
Other comprehensive income
-
-
Total comprehensive income for the year
421,769
221,586
Total comprehensive income for the year is all attributable to the owners of the parent company.
RIVERS LEASING PLC
GROUP BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 10 -
2026
2025
Notes
£
£
£
£
Fixed assets
Intangible assets
10
30,305
56,043
Tangible assets
11
27,640
67,827
57,945
123,870
Current assets
Debtors
14
32,557,930
28,505,084
Cash at bank and in hand
435,096
359,849
32,993,026
28,864,933
Creditors: amounts falling due within one year
15
(7,866,072)
(6,269,344)
Net current assets
25,126,954
22,595,589
Total assets less current liabilities
25,184,899
22,719,459
Creditors: amounts falling due after more than one year
16
(24,093,800)
(21,928,924)
Provisions for liabilities
Deferred tax liability
18
14,486
35,691
(14,486)
(35,691)
Net assets
1,076,613
754,844
Capital and reserves
Called up share capital
20
50,000
50,000
Profit and loss reserves
1,026,613
704,844
Total equity
1,076,613
754,844
The financial statements were approved by the board of directors and authorised for issue on 7 August 2026 and are signed on its behalf by:
07 August 2026
R Daryani
Director
Company registration number 07376100 (England and Wales)
RIVERS LEASING PLC
COMPANY BALANCE SHEET
AS AT 31 MARCH 2026
31 March 2026
- 11 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
11
27,640
67,827
Investments
12
6,002
6,002
33,642
73,829
Current assets
Debtors falling due after more than one year
14
13,774,749
12,188,360
Debtors falling due within one year
14
8,606,048
6,985,345
Cash at bank and in hand
313,323
183,186
22,694,120
19,356,891
Creditors: amounts falling due within one year
15
(7,646,260)
(6,159,981)
Net current assets
15,047,860
13,196,910
Total assets less current liabilities
15,081,502
13,270,739
Creditors: amounts falling due after more than one year
16
(14,914,280)
(13,174,404)
Provisions for liabilities
Deferred tax liability
18
6,910
21,680
(6,910)
(21,680)
Net assets
160,312
74,655
Capital and reserves
Called up share capital
20
50,000
50,000
Profit and loss reserves
110,312
24,655
Total equity
160,312
74,655

As permitted by s408 Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £185,658 (2025 - £238,386 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 7 August 2026 and are signed on its behalf by:
07 August 2026
R Daryani
Director
Company registration number 07376100 (England and Wales)
RIVERS LEASING PLC
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
50,000
558,258
608,258
Year ended 31 March 2025:
Profit and total comprehensive income
-
221,586
221,586
Dividends
9
-
(75,000)
(75,000)
Balance at 31 March 2025
50,000
704,844
754,844
Year ended 31 March 2026:
Profit and total comprehensive income
-
421,769
421,769
Dividends
9
-
(100,000)
(100,000)
Balance at 31 March 2026
50,000
1,026,613
1,076,613
RIVERS LEASING PLC
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2024
50,000
(138,731)
(88,731)
Year ended 31 March 2025:
Profit and total comprehensive income for the year
-
238,386
238,386
Dividends
9
-
(75,000)
(75,000)
Balance at 31 March 2025
50,000
24,655
74,655
Year ended 31 March 2026:
Profit and total comprehensive income
-
185,657
185,657
Dividends
9
-
(100,000)
(100,000)
Balance at 31 March 2026
50,000
110,312
160,312
RIVERS LEASING PLC
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 14 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
25
(903,201)
(306,554)
Income taxes paid
(45,005)
(46,069)
Net cash outflow from operating activities
(948,206)
(352,623)
Investing activities
Purchase of intangible assets
-
(77,204)
Purchase of tangible fixed assets
(2,892)
(18,912)
Net cash used in investing activities
(2,892)
(96,116)
Financing activities
Proceeds from borrowings
11,332,665
8,019,666
Repayment of borrowings
(10,206,320)
(7,555,012)
Dividends paid to equity shareholders
(100,000)
(75,000)
Net cash generated from financing activities
1,026,345
389,654
Net increase/(decrease) in cash and cash equivalents
75,247
(59,085)
Cash and cash equivalents at beginning of year
359,849
418,934
Cash and cash equivalents at end of year
435,096
359,849
RIVERS LEASING PLC
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
- 15 -
2026
2025
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
26
(1,688,727)
(800,750)
Investing activities
Purchase of tangible fixed assets
(2,892)
(18,912)
Dividends received
400,000
475,000
Net cash generated from investing activities
397,108
456,088
Financing activities
Proceeds from borrowings
10,375,545
8,019,666
Repayment of borrowings
(8,853,789)
(7,724,911)
Dividends paid to equity shareholders
(100,000)
(75,000)
Net cash generated from financing activities
1,421,756
219,755
Net increase/(decrease) in cash and cash equivalents
130,137
(124,907)
Cash and cash equivalents at beginning of year
183,186
308,093
Cash and cash equivalents at end of year
313,323
183,186
RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 16 -
1
Accounting policies
Company information

Rivers Leasing PLC (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Amba House, 15 College Road, Harrow, HA1 IBA.

The group consists of Rivers Leasing 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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Rivers Leasing 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 2026. 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 g roup.

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.

A t the time of approving the financial statements, t he directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus t he 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 is 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 actuarial 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.

RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 17 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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:

Development costs
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. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to the profit or loss during the period in which they are incurred.

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 assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

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 credited or charged to or .

1.7
Fixed asset investments

Equity in vest ments 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.

I n 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.

RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 18 -
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.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Cash and cash equivalents

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 LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 19 -
1.11
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to the related parties and investments in the non-puttable 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 present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade receivable or payable, 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 instruments constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

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 is found, an impairment loss is recognised in the income statement.

For financial asset 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 an 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 as asset's carrying amount and best estimate, 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 amounts reported in the balance sheet w hen there is a legally enforceable right to set off the recogni s ed amounts and there is an intention to settle on a net basis or to reali se t he 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.

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.

RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 20 -
Basic financial 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 paymen ts 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.

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, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

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.

RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 21 -
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

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.17

Comparatives

There were no changes in comparative figures during the year.

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 intangible fixed assets and tangible fixed assets

Management reviews the useful lives, depreciation methods and residual values of the items of in tangible fixed assets and 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 in tangible fixed assets and tangible fixed assets are disclosed in note 10 and 1 1.

RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 22 -
3
Turnover
2026
2025
£
£
Turnover analysed by class of business
Turnover
6,132,201
5,083,847
4
Operating profit
2026
2025
£
£
Operating profit for the year is stated after charging:
Depreciation of owned tangible fixed assets
43,079
37,806
Amortisation of intangible assets
25,738
21,161
5
Auditor's remuneration
2026
2025
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
18,000
17,500
Audit of the financial statements of the company's subsidiaries
11,000
9,000
29,000
26,500
6
Employees

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

Group
Company
2026
2025
2026
2025
Number
Number
Number
Number
Average number of employees
17
16
17
16

Their aggregate remuneration comprised:

Group
Company
2026
2025
2026
2025
£
£
£
£
Wages and salaries
585,110
538,457
585,110
538,457
Social security costs
78,326
55,837
78,326
55,837
Pension costs
9,638
8,631
9,638
8,631
673,074
602,925
673,074
602,925
RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 23 -
7
Interest payable and similar expenses
2026
2025
£
£
Other finance costs:
Finance costs for financial instruments measured at fair value through profit or loss
2,598,940
2,338,642
8
Taxation
2026
2025
£
£
Current tax
UK corporation tax on profits for the current period
128,703
45,005
Adjustments in respect of prior periods
(34)
-
0
Total current tax
128,669
45,005
Deferred tax
Origination and reversal of timing differences
(21,205)
14,011
Total tax charge
107,464
59,016

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:

2026
2025
£
£
Profit before taxation
529,233
280,602
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2025: 25.00%)
132,308
70,151
Tax effect of expenses that are not deductible in determining taxable profit
1,508
2,184
Group relief
(21,594)
(18,043)
Permanent capital allowances in excess of depreciation
-
0
(9,287)
Under/(over) provided in prior years
(34)
-
0
Depreciation in excess of capital allowance
16,481
-
0
Deferred tax
(21,205)
14,011
Taxation charge
107,464
59,016
9
Dividends
2026
2025
Recognised as distributions to equity holders:
£
£
Final paid
100,000
75,000
RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 24 -
10
Intangible fixed assets
Group
Development costs
£
Cost
At 1 April 2025 and 31 March 2026
77,204
Amortisation and impairment
At 1 April 2025
21,161
Amortisation charged for the year
25,738
At 31 March 2026
46,899
Carrying amount
At 31 March 2026
30,305
At 31 March 2025
56,043
The company had no intangible fixed assets at 31 March 2026 or 31 March 2025.
11
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2025
11,178
221,054
232,232
Additions
-
0
2,892
2,892
At 31 March 2026
11,178
223,946
235,124
Depreciation and impairment
At 1 April 2025
7,228
157,177
164,405
Depreciation charged in the year
-
0
43,079
43,079
At 31 March 2026
7,228
200,256
207,484
Carrying amount
At 31 March 2026
3,950
23,690
27,640
At 31 March 2025
3,950
63,877
67,827
RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
11
Tangible fixed assets
(Continued)
- 25 -
Company
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2025
11,178
221,054
232,232
Additions
-
0
2,892
2,892
At 31 March 2026
11,178
223,946
235,124
Depreciation and impairment
At 1 April 2025
7,228
157,177
164,405
Depreciation charged in the year
-
0
43,079
43,079
At 31 March 2026
7,228
200,256
207,484
Carrying amount
At 31 March 2026
3,950
23,690
27,640
At 31 March 2025
3,950
63,877
67,827
12
Fixed asset investments
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Investments in subsidiaries
13
-
0
-
0
6,002
6,002
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2025 and 31 March 2026
6,002
Carrying amount
At 31 March 2026
6,002
At 31 March 2025
6,002
13
Subsidiaries

Details of the company's subsidiaries at 31 March 2026 are as follows:

RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
13
Subsidiaries
(Continued)
- 26 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Rivers Finance Limited
England and Wales
Finance company
Ordinary
100.00
Rivers SPV Limited
England and Wales
Equipment leasing company
Ordinary
100.00
Rivers Funding Limited
England and Wales
Finance company
Ordinary
100.00
Rivers SPV2 Limited
England and Wales
Finance company
Ordinary
100.00

Rivers SPV2 Limited was dormant for the year ended 31 March 2026.

14
Debtors
Group
Company
2026
2025
2026
2025
Amounts falling due within one year:
£
£
£
£
Trade debtors
13,345,020
10,924,324
6,733,272
5,288,936
Other debtors
150,620
18,577
141,043
-
0
Prepayments and accrued income
1,759,518
1,704,856
1,731,733
1,696,409
15,255,158
12,647,757
8,606,048
6,985,345
Amounts falling due after more than one year:
Trade debtors
17,302,772
15,857,327
11,326,927
9,860,404
Amounts owed by group undertakings
-
0
-
0
2,447,822
2,327,956
17,302,772
15,857,327
13,774,749
12,188,360
Total debtors
32,557,930
28,505,084
22,380,797
19,173,705

T he amounts due from group undertak i ngs are unsecured and interest is charged at commercial rates.

Included within trade debtors are net investments in finance leases and loans as analysed below:
Group
Company
2026
2025
2026
2025
£
£
£
£
Gross receivables from finance leases and loans:
No later than 1 year
17,802,300
14,765,529
9,664,599
7,715,444
Later than 1 year and no later than 5 years
21,198,377
19,481,297
14,080,593
12,259,572
Unearned future finance income on finance leases and loans
(8,352,883)
(7,465,175)
(5,684,993)
(4,825,676)
30,647,794
26,781,651
18,060,199
15,149,340
RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
14
Debtors
(Continued)
- 27 -
The finance leases and loans are receivable as follows:
2026
2025
2026
2025
£
£
£
£
No later than 1 year
13,345,022
10,924,324
6,733,272
5,288,936
Later than 1 year and no later than 5 years
17,302,772
15,857,327
11,326,927
9,860,404
30,647,794
26,781,651
18,060,199
15,149,340

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

15
Creditors: amounts falling due within one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Other borrowings
17
7,296,585
5,875,319
7,296,585
5,875,319
Trade creditors
37,183
174,384
37,183
174,384
Corporation tax payable
128,669
45,005
-
0
-
0
Other taxation and social security
231,318
129,028
153,787
77,386
Other creditors
7,529
5,248
7,529
5,248
Accruals and deferred income
164,788
40,360
151,176
27,644
7,866,072
6,269,344
7,646,260
6,159,981
16
Creditors: amounts falling due after more than one year
Group
Company
2026
2025
2026
2025
Notes
£
£
£
£
Other borrowings
17
21,583,321
19,279,302
12,403,801
10,531,782
Amounts owed to group undertakings
2,510,479
2,649,622
2,510,479
2,642,622
24,093,800
21,928,924
14,914,280
13,174,404
17
Loans and overdrafts
Group
Company
2026
2025
2026
2025
£
£
£
£
Other loans
28,879,906
25,154,621
19,700,386
16,407,101
Payable within one year
7,296,585
5,875,319
7,296,585
5,875,319
Payable after one year
21,583,321
19,279,302
12,403,801
10,531,782
RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
17
Loans and overdrafts
(Continued)
- 28 -

The outstanding amounts are repayable by either monthly or quarterly instalments over the period of the loan agreements. The loan agreements did not exceed five years from the end of the financial year ended 31 March 2026.

Other loans due within and after more than one year include £5,708,062 (2025: £4,468,717) secured by a debenture dated 2 January 2015 and a guarantee from the parent company, Rivers Finance Group Plc; and £5,667,081 (2025: £4,059,253) secured by guarantee from the director, R Daryani. Other loans due within and after more than one year of £7,985,308 (2025: £7,270,107) secured by a charge on the company.

Included within other loans are discounting loan facilities which are secured by the assignment of certain trade debtors of the company. The parent company, Rivers Finance Group Plc, 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.

18
Deferred taxation

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

Liabilities
Liabilities
2026
2025
Group
£
£
Accelerated capital allowances
14,486
35,691
Liabilities
Liabilities
2026
2025
Company
£
£
Accelerated capital allowances
6,910
21,680
Group
Company
2026
2026
Movements in the year:
£
£
Liability at 1 April 2025
35,691
21,680
Credit to profit or loss
(21,205)
(14,770)
Liability at 31 March 2026
14,486
6,910
19
Retirement benefit schemes
2026
2025
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
9,638
8,631
RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
19
Retirement benefit schemes
(Continued)
- 29 -

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.

20
Share capital
Group and company
2026
2025
2026
2025
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
21
Financial commitments, guarantees and contingent liabilities

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.

22
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
2026
2025
2026
2025
£
£
£
£
Within one year
65,000
65,000
65,000
65,000
Between two and five years
260,000
260,000
260,000
260,000
In over five years
159,562
224,562
159,562
224,562
484,562
549,562
484,562
549,562
Lessor

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

Group
Company
2026
2025
2026
2025
£
£
£
£
Within one year
17,800
17,800
17,800
17,800
Between two and five years
25,895
43,695
25,895
43,695
43,695
61,495
43,695
61,495
RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 30 -
23
Related party transactions
Remuneration of key management personnel

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 £Nil (2025: £281,864), R Daryani is a shareholder of the company. Included within debtors due within one year is £Nil (2025: £106,277) and included in non-current trade debtors is £Nil (2025: £175,587).

- Receivable from Eskuta Limited amounting to £375,203 (2025: £472,930), R Daryani is a shareholder of the company. Included within debtors due within one year is £97,727 (2025: £97,727) and included in non-current trade debtors is £277,476 (2025: £375,203).

- Receivable from The Cat Show Live Limited amounting to £173,635 (2025: £36,148), R Daryani is a shareholder of the company. Included within debtors due within one year is £59,425 (2025: £26,909) and included in non-current trade debtors is £114,210 (2025: £9,239).

Included within creditors are loans from:

- Conister bank amounting to £9,519,454 (2025: £9,356,544) on which interest of £868,586 (2025: £850,379) was charged for the year. Conister bank is a shareholder of the parent company Rivers Finance Group Plc.

- GH Daryani & Co Limited amounting to £Nil (2025: £115,205) on which interest of £13,664 (2025: £33,765) was charged for the year. GH Daryani & Co Limited, related by virtue of common shareholder.

Included within creditors is a loan from the parent entity, Rivers Finance Group Plc of £2,510,479 (2025: £2,649,622). Interest amounting to £198,159 (2025: £203,583) was charged during the year.

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 £8,500 (2025: £2,472) to an employee during the year.

The company also paid commissions of £Nil (2025: £10,859) 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 (2025: £65,000) relating to rent and service charges to GH Daryani & Co Limited, related by virtue of common shareholder.

24
Controlling party

The ultimate parent undertaking is Rivers Finance Group Plc by virtue of its holding of 100% of the issued share capital of the company, and by virtue of the control exercised by that company over the finance and business decisions made.

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

RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 31 -
25
Cash absorbed by group operations
2026
2025
£
£
Profit for the year after tax
421,769
221,586
Adjustments for:
Taxation charged
107,464
59,016
Finance costs
2,598,940
2,338,642
Amortisation and impairment of intangible assets
25,738
21,161
Depreciation and impairment of tangible fixed assets
43,079
37,806
Movements in working capital:
Increase in debtors
(4,052,846)
(3,149,500)
(Decrease)/increase in creditors
(47,345)
164,735
Cash absorbed by operations
(903,201)
(306,554)
26
Cash absorbed by operations - company
2026
2025
£
£
Profit for the year after tax
185,657
238,386
Adjustments for:
Taxation credited
(14,770)
-
0
Finance costs
1,771,529
1,551,421
Investment income
(400,000)
(475,000)
Depreciation and impairment of tangible fixed assets
43,079
37,806
Movements in working capital:
Increase in debtors
(3,207,092)
(2,313,695)
(Decrease)/increase in creditors
(67,130)
160,332
Cash absorbed by operations
(1,688,727)
(800,750)
27
Analysis of changes in net debt - group
1 April 2025
Cash flows
Market value movements
31 March 2026
£
£
£
£
Cash at bank and in hand
359,849
75,247
-
435,096
Borrowings excluding overdrafts
(25,154,621)
(1,126,345)
(2,598,940)
(28,879,906)
(24,794,772)
(1,051,098)
(2,598,940)
(28,444,810)
RIVERS LEASING PLC
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 32 -
28
Analysis of changes in net debt - company
1 April 2025
Cash flows
Market value movements
31 March 2026
£
£
£
£
Cash at bank and in hand
183,186
130,137
-
313,323
Borrowings excluding overdrafts
(16,407,101)
(1,521,756)
(1,771,529)
(19,700,386)
(16,223,915)
(1,391,619)
(1,771,529)
(19,387,063)
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