Riverbase Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07594968 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2022

FOR

RIVERBASE LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

Mrs LAM Smith-Dorrien-Smith

CHS Inkin

ECS Inkin

Registered office:

Network House

Thorn Office Centre

Rotherwas

Hereford

Herefordshire

HR2 6JT

Registered number:

07594968 (England and Wales)

Fixed assets

Tangible assets

4

131,203

133,884

Current assets

Stocks

5

32,246

24,027

Debtors

6

34,895

25,326

Cash at bank and in hand

488,002

605,181

555,143

654,534

Creditors

Amounts falling due within one year

7

444,935

569,603

Net current assets

110,208

84,931

Total assets less current liabilities

241,411

218,815

Creditors

Amounts falling due after more than one year

8

(220,000

)

(230,000

)

Provisions for liabilities

10

(10,900

)

(3,900

)

Net assets/(liabilities)

10,511

(15,085

)

Capital and reserves

Called up share capital

11

100

100

Retained earnings

10,411

(15,185

)

Shareholders' funds

10,511

(15,085

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28th September 2023 and were signed on its behalf by:

ECS Inkin - Director

1.	Statutory information

Riverbase Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover, all of which arises in the UK, represents revenue recognised in the accounts. Revenue is

recognised when the company fulfils its contractual obligations to customers by supplying goods

and services and excludes value added tax.

Tangible fixed assets

Tangible fixed assets are stated in the Balance Sheet at cost less depreciation.

Depreciation is provided at the following rates on the straight line method in order to write off each

asset over its estimated useful life:

Leasehold improvements

5% Straight line

Plant & equipment

20-25% Straight line

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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 receivables and cash and bank balances, 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at the cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition of the financial asset, the estimated future cash flows have been affected. 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 assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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 company after deducing all of its liabilities.

Basic financial liabilities, including trade and other payables are measured at the transaction price. Other financial liabilities, including bank loans and preference shares that are classified as debt, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences 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 tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are 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.

Operating leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs & other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	Employees (including officers)

The average number of employees during the year was 58 (2021 - 60 ) .

4.	Tangible fixed assets

Leasehold

Plant &

improvements

equipment

Totals

£

£

£

Cost

At 1st January 2022

107,656

94,031

201,687

Additions

-

30,854

30,854

At 31st December 2022

107,656

124,885

232,541

Depreciation

At 1st January 2022

21,708

46,095

67,803

Charge for year

5,382

28,153

33,535

At 31st December 2022

27,090

74,248

101,338

Net book value

At 31st December 2022

80,566

50,637

131,203

At 31st December 2021

85,948

47,936

133,884

5.

Stocks

31.12.22

31.12.21

£

£

Stocks

32,246

24,027

6.

Debtors: amounts falling due within one year

31.12.22

31.12.21

£

£

Trade debtors

1,236

13

Amounts owed by related undertakings

9,365

-

Prepayments

20,515

23,180

Other debtors

3,779

480

Corporation tax

-

1,653

34,895

25,326

7.

Creditors: amounts falling due within one year

31.12.22

31.12.21

£

£

Bank loans & overdrafts

10,000

10,000

Trade creditors

135,679

105,645

Amounts owed to related undertakings

-

13,880

Corporation tax

3,200

-

Social security & other tax

104,104

302,740

VAT

65,917

48,735

Other creditors

98,300

74,282

Accruals & deferred income

27,735

14,321

444,935

569,603

8.

Creditors: amounts falling due after more than one year

31.12.22

31.12.21

£

£

Bank loans two to five years

25,000

35,000

Directors' loan accounts

195,000

195,000

220,000

230,000

9.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.22

31.12.21

£

£

Within one year

70,500

68,000

Between one and five years

312,000

272,000

382,500

340,000

10.	Provisions for liabilities

31.12.22

31.12.21

£

£

Deferred tax

10,900

3,900

Deferred tax

£

Balance at 1st January 2022

3,900

Provided during year

7,000

Balance at 31st December 2022

10,900

11.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

50

A Ordinary shares

£1

50

50

25

B Ordinary shares

£1

25

25

25

C Ordinary shares

£1

25

25

100

100

12.	Contingent liabilities

There were no contingent liabilities at 31st December 2022.

13.	Related party disclosures

The directors

During the year, the directors of the company used current accounts with the company to record amounts due to them and amounts drawn by them. At the end of the year, the balance was £195,000 owed by the company (2021: £195,000).The whole amount is considered to be repayable in more than one year (2021: £195,000).

Interest totalling £6,748 was charged by the directors, at the rate of 3.5% during the year (2021: £4,350).

Other related parties

The following transactions took place with related parties on normal commercial terms during the year:

31.12.22

£

Purchases

(100,186

)

Management fees

(75,000

)

Rent

(68,000

)

Sales

43,181

Amounts owed to related parties

(19,985

)

Amounts owed by related parties

9,365