Riverbase Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07594968 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31ST DECEMBER 2017

FOR

RIVERBASE LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Directors:

Mrs LA 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

92,932

83,461

Current assets

Stocks

28,281

28,770

Debtors

5

19,235

17,364

Cash at bank

210,731

172,944

258,247

219,078

Creditors

Amounts falling due within one year

6

260,165

246,950

Net current liabilities

(1,918

)

(27,872

)

Total assets less current liabilities

91,014

55,589

Creditors

Amounts falling due after more than one year

7

155,000

155,000

Net liabilities

(63,986

)

(99,411

)

Capital and reserves

Called up share capital

9

100

100

Retained earnings

10

(64,086

)

(99,511

)

Shareholders' funds

(63,986

)

(99,411

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors on 24th September 2018 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The balance sheet at the period end shows net liabilities of £63,986 which includes loans from the

directors of £195,000. The directors confirm that the company is able to meet its liabilities as they

fall due. Therefore, they consider it appropriate to adopt the going concern basis in preparing these

accounts.

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%

Plant and equipment - 25%

Stocks

Stocks are valued at the lower of cost and net realisable value, 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 Income

Statement, 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 and 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 and directors

The average number of employees during the year was 46 (2016 - 45 ) .

4.	Tangible fixed assets

Leasehold

Plant &

improvements

equipment

Totals

£

£

£

Cost

At 1st January 2017

39,487

192,042

231,529

Additions

10,977

33,313

44,290

Disposals

-

(96,139

)

(96,139

)

At 31st December 2017

50,464

129,216

179,680

Depreciation

At 1st January 2017

6,234

141,834

148,068

Charge for year

2,523

32,296

34,819

Eliminated on disposal

-

(96,139

)

(96,139

)

At 31st December 2017

8,757

77,991

86,748

Net book value

At 31st December 2017

41,707

51,225

92,932

At 31st December 2016

33,253

50,208

83,461

5.

Debtors: amounts falling due within one year

31.12.17

31.12.16

£

£

Trade debtors

6,105

7,090

Prepayments

2,463

5,190

Other debtors

4,169

-

Amounts owed by related

undertakings

6,498

5,084

19,235

17,364

6.

Creditors: amounts falling due within one year

31.12.17

31.12.16

£

£

Trade creditors

115,258

117,485

Social security & other tax

80,593

75,921

Other creditors

7,039

6,500

Directors' loan accounts

40,000

40,000

Accruals

17,275

7,044

260,165

246,950

7.

Creditors: amounts falling due after more than one year

31.12.17

31.12.16

£

£

Directors' loan accounts

155,000

155,000

8.	Leasing agreements

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

31.12.17

31.12.16

£

£

Within one year

69,055

69,808

Between one and five years

272,000

273,055

341,055

342,863

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

50

A ordinary shares

£1

50

50

25

B ordinary shares

£1

25

25

25

C Ordinary shares

£1

25

25

100

100

10.

Reserves

Retained

earnings

£

At 1st January 2017

(99,511

)

Profit for the year

35,425

At 31st December 2017

(64,086

)

11.	Contingent liabilities

There were no contingent liabilities at 31st December 2017.

12.	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 (2016: £195,000). £155,000 of this amount is considered to be repayable in

more than one year (2016: £155,000).

Interest totalling £4,362 was charged by the directors, at the rate of 2.5% above base rate during the

year (2016: £4,362).

Eatdrinksleep Limited

The company conducted trade on normal commercial terms with Eatdrinksleep Limited in which

the directors Mr ECS Inkin and Mr CHS Inkin are shareholders and directors. The following

transactions were made between Eatdrinksleep Limited and Riverbase Limited during the year:

31.12.17

31.12.16

£

£

Purchases from Eatdrinksleep Limited

13,694

10,748

Management Fees charged by Eatdrinksleep Limited

75,000

71,875

Sales made to Eatdrinksleep Limited

25,867

24,044

Amounts owed from Eatdrinksleep Limited

6,498

5,084

Freehold property

Freehold property is rented from the pension fund of one of the directors. The following

transactions were made between the pension fund and Riverbase Limited during the year:

31.12.17

31.12.16

£

£

Rent charged to the company

68,000

68,000

Amounts owed to the pension fund

(17,000

)

(17,000

)

Amounts owed to the relevant director - represents an interest-free loan

(2,985

)

(2,985

)

13.	Ultimate controlling party

The company is controlled by Mrs LA Smith-Dorrien-Smith, Mr ECS Inkin and Mr CHS Inkin,

shareholders and directors of the company.