REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 MARCH 2021 |
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RIVERSEA PROPERTY COMPANY LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 29 MARCH 2021 |
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FOR |
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RIVERSEA PROPERTY COMPANY LIMITED |
RIVERSEA PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 01439664) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 MARCH 2021 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 | to | 6 |
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RIVERSEA PROPERTY COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 29 MARCH 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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57 London Road |
High Wycombe |
Buckinghamshire |
HP11 1BS |
RIVERSEA PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 01439664) |
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STATEMENT OF FINANCIAL POSITION |
29 MARCH 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Fair value reserve | 8 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement 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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RIVERSEA PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 01439664) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 29 MARCH 2021 |
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1. | STATUTORY INFORMATION |
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Riversea Property Company Limited is a private company limited by shares and incorporated in England and Wales. The address of the company's registered office is 115 Mount Street, London, W1K 3NQ. The registered number is 01439664. |
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The presentation currency of these financial statements is Sterling (£), being the currency of the primary economic market in which the entity operates (its functional currency). All amounts in these financial statements have been rounded to the nearest pound unless stated otherwise. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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2. | ACCOUNTING POLICIES |
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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, modified to include certain items at fair value. |
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In light of the rapid global spread of the Coronavirus "COVID-19" since early 2020, the directors have reviewed and assessed the potential impact on the Company over the next twelve months. Following this, the directors consider there to be little impact on the Company's ability to act as a going concern. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Taxation |
Tax on the profit or loss 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 directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. |
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Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. |
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Deferred tax |
Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Differences between accumulated depreciation and tax allowances for the cost of a fixed asset, if and when all conditions for retaining the tax allowances have been met, are not provided for. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense. |
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Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or substantively enacted at the balance sheet date. Deferred tax balances are not discounted. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
RIVERSEA PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 01439664) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 MARCH 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Leasing incentives |
The company from time to time provides incentives to enter into new lease agreements. These incentives may take the form of an initial period of the lease being rent free or at a reduced rent. In accordance with the standard accounting treatment for lease incentives, the rent free period or reduction in rent is allocated on a straight line basis over the full lease term or, where a lease commenced prior to the date of transition to Section 1A of FRS 102, up to the rent review date. |
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Investment property |
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. |
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Investment properties are measured at cost upon initial recognition. The initial cost of the property comprises of its purchase price and any directly attributable expenditure. |
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Subsequently, investment property is measured at fair value at each reporting date with changes in fair value recognised in the income statement in the period that they arise. No depreciation is provided in respect of investment properties applying the fair value model. |
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Financial instruments |
The company has applied the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instrument Issues" of FRS 102 to its financial statements. |
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Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Freehold |
investment |
properties |
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COST OR VALUATION |
At 30 March 2020 |
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Revaluations | ( |
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At 29 March 2021 |
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NET BOOK VALUE |
At 29 March 2021 |
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At 29 March 2020 |
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RIVERSEA PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 01439664) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 MARCH 2021 |
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4. | TANGIBLE FIXED ASSETS - continued |
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Independent professional revaluations of all investment properties, taking into account the open market conditions, were carried out as at 29 March 2021. The future impact COVID 19 will have on the open market conditions is unknown. |
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In respect of the fixed assets stated at valuations, the comparable historical cost values are as follows: |
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2021 | 2020 |
£ | £ |
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Historical cost | 655,900 | 655,900 |
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5. | DEBTORS |
2021 | 2020 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Trade debtors |
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Aggregate amounts |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2020 |
value: | £ | £ |
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Ordinary | £1 | 1,000 | 1,000 |
RIVERSEA PROPERTY COMPANY LIMITED (REGISTERED NUMBER: 01439664) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 29 MARCH 2021 |
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8. | RESERVES |
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Fair value
reserve |
£ |
At 1 April 2020 | 329,100 |
Revaluation of investment properties | (85,000 | ) |
At 31 March 2021 | 244,100 |
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9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The report of the Auditors was unqualified. |
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for and on behalf of Seymour Taylor Limited, Statutory Auditor |
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10. | RELATED PARTY DISCLOSURES |
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As at the balance sheet date an amount of £63,000 (2020: £63,000) was owed by Fellfoot Property Company Limited, a company with common directors and one common shareholder. This loan is interest free and repayable on demand. |