REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31ST DECEMBER 2021 |
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RIVERBASE LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED |
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31ST DECEMBER 2021 |
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FOR |
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RIVERBASE LIMITED |
RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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Company information | 1 |
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Balance sheet | 2 |
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Notes to the financial statements | 4 |
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RIVERBASE LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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Directors: |
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Registered office: |
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Registered number: |
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RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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BALANCE SHEET |
31ST DECEMBER 2021 |
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31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
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Current assets |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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Creditors |
Amounts falling due within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Creditors |
Amounts falling due after more than one
year |
8 |
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Provisions for liabilities | 10 | ( |
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Net liabilities | ( |
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Capital and reserves |
Called up share capital | 11 |
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Retained earnings | ( |
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Shareholders' funds | ( |
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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. |
RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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BALANCE SHEET - continued |
31ST DECEMBER 2021 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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1. | Statutory information |
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Riverbase Limited is a
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2. | Accounting policies |
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Basis of preparing the financial statements |
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The balance sheet at the year end shows net liabilities of £15,085 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. |
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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. |
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Tangible fixed assets |
Tangible fixed assets are stated in the Balance Sheet at cost less depreciation. |
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Depreciation is provided at the following rates on the straight line method in order to write off each |
asset over its estimated useful life: |
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Leasehold improvements - 5% Straight line |
Plant & equipment - 20-25% Straight line |
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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. |
RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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2. | Accounting policies - continued |
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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. |
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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. |
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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. |
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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. |
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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. |
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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 |
RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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2. | Accounting policies - continued |
amortised cost using the effective interest method. |
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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. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are |
discharged or cancelled. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Operating leases |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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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. |
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3. | Employees (including officers) |
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The average number of employees during the year was
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RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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4. | Tangible fixed assets |
Leasehold | Plant & |
improvements | equipment | Totals |
£ | £ | £ |
Cost |
At 1st January 2021 |
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Additions |
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Disposals |
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At 31st December 2021 |
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Depreciation |
At 1st January 2021 |
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Charge for year |
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Eliminated on disposal |
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At 31st December 2021 |
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Net book value |
At 31st December 2021 |
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At 31st December 2020 |
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5. | Stocks |
31.12.21 | 31.12.20 |
£ | £ |
Stocks |
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6. | Debtors: amounts falling due within one year |
31.12.21 | 31.12.20 |
£ | £ |
Trade debtors |
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Prepayments |
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Other debtors | 480 | 8,751 |
Corporation tax |
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Accrued income |
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RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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7. | Creditors: amounts falling due within one year |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans & overdrafts |
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Trade creditors |
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Amounts owed to related undertakings | 13,880 | 31,761 |
Social security & other tax |
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VAT | 48,735 | 2,309 |
Other creditors |
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Accruals & deferred income |
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8. | Creditors: amounts falling due after more than one year |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans - 2-5 years |
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Directors' loan accounts | 195,000 | 195,000 |
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9. | Leasing agreements |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.21 | 31.12.20 |
£ | £ |
Within one year |
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Between one and five years |
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10. | Provisions for liabilities |
31.12.21 | 31.12.20 |
£ | £ |
Deferred tax | 3,900 | - |
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Deferred tax |
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Provided during year |
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Losses | (3,500 | ) |
Balance at 31st December 2021 |
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RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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11. | Called up share capital |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.21 | 31.12.20 |
value: | £ | £ |
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A Ordinary shares | £1 | 50 | 50 |
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B Ordinary shares | £1 | 25 | 25 |
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C Ordinary shares | £1 | 25 | 25 |
100 | 100 |
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12. | Contingent liabilities |
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There were no contingent liabilities at 31st December 2021. |
RIVERBASE LIMITED (REGISTERED NUMBER: 07594968) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST DECEMBER 2021 |
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13. | Related party disclosures |
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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 (2020: £195,000).The whole amount is considered to be repayable in more than one year (2020: £195,000). |
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Interest totalling £4,350 was charged by the directors, at the rate of 2.5% above base rate during the year (2020: £4,350). |
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Eatdrinksleep Limited |
The company conducted trade on normal commercial terms with Eatdrinksleep Limited, a company in which the directors ECS Inkin and CHS Inkin are shareholders and directors. The following transactions were made between Eatdrinksleep Limited and Riverbase Limited during the year: |
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31.12.21 | 31.12.20 |
£ | £ |
Purchases from Eatdrinksleep Limited | 12,557 | 11,031 |
Management fees charged by Eatdrinksleep Limited | 56,250 | 56,250 |
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Sales made to Eatdrinksleep Limited | 17,331 | 12,585 |
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Amounts owed from Eatdrinksleep Limited | - | - |
Amounts owed to Eatdrinksleep Limited | 13,880 | 31,761 |
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Freehold property |
Freehold property is rented from the pension fund and property trust of one of the directors. The following transactions were made between the pension fund and Riverbase Limited during the year: |
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31.12.21 | 31.12.20 |
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Rent charged to the company | 46,750 | 28,000 |
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Amounts owed to the pension fund/property trust | (21,474 | ) | (35,524 | ) |
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Amounts owed to the relevant director - represents an interest-free loan | (2,985 | ) | (2,985 | ) |
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14. | Ultimate controlling party |
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The company is controlled by Mrs LAM Smith-Dorrien-Smith, ECS Inkin and CHS Inkin, |
shareholders and directors of the company. |