RIVE-IT Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 13792225 (England and Wales)

FINANCIAL STATEMENTS

FOR THE PERIOD

9 DECEMBER 2021 TO 30 DECEMBER 2022

FOR

RIVE-IT LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mrs D M Corby

Mr P Ingram

REGISTERED OFFICE:

Vantage Point House

Silverhills Road

Decoy Industrial Estate

Newton Abbot

Devon

TQ12 5ND

REGISTERED NUMBER:

13792225 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

Vantage Point House

Silverhills Road

Decoy Industrial Estate

Newton Abbot

Devon

TQ12 5ND

FIXED ASSETS

Intangible assets

4

102,858

CURRENT ASSETS

Debtors

5

31,422

Cash at bank

828

32,250

CREDITORS

Amounts falling due within one year

6

148,568

NET CURRENT LIABILITIES

(116,318

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(13,460

)

CAPITAL AND RESERVES

Called up share capital

202

Share premium

24,998

Retained earnings

(38,660

)

SHAREHOLDERS' FUNDS

(13,460

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 December 2022.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 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 29 November 2023 and were signed on its behalf by:

Mrs D M Corby - Director

1.	STATUTORY INFORMATION

RIVE-IT 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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Software is being amortised evenly over its estimated useful life of five years.

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL.

4.	INTANGIBLE FIXED ASSETS

Software

£

COST

Additions

128,573

At 30 December 2022

128,573

AMORTISATION

Amortisation for period

25,715

At 30 December 2022

25,715

NET BOOK VALUE

At 30 December 2022

102,858

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

VAT

27,196

Prepayments

4,226

31,422

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

17,487

Other creditors

10,000

Directors' current accounts

120,281

Accrued expenses

800

148,568

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the period ended 30 December 2022:

£

Mrs D M Corby

Balance outstanding at start of period

-

Amounts advanced

25,200

Amounts repaid

(145,481

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

(120,281

)

Loans are unsecured, interest free and repayable on demand.