RIVIERA_LODGE_PROPERTY_MA - Accounts


Company Registration No. 07473551 (England and Wales)
RIVIERA LODGE PROPERTY MANAGEMENT LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
RIVIERA LODGE PROPERTY MANAGEMENT LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
RIVIERA LODGE PROPERTY MANAGEMENT LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Intangible assets
4
40,000
44,000
Tangible assets
5
722
-
0
40,722
44,000
Current assets
Debtors
6
26,183
22,005
Cash at bank and in hand
127,561
104,402
153,744
126,407
Creditors: amounts falling due within one year
7
(42,391)
(43,523)
Net current assets
111,353
82,884
Net assets
152,075
126,884
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
151,975
126,784
Total equity
152,075
126,884

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 22 December 2021 and are signed on its behalf by:
H  Panayiotou
P Panayiotou
Director
Director
Company Registration No. 07473551
RIVIERA LODGE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information

Riviera Lodge Property Management Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Francis House, 2 Park Road, Barnet, Hertfordshire, EN5 5RN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Computer equipment
33.33% straight line
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

RIVIERA LODGE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 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, with 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

RIVIERA LODGE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

There are no significant judgements or estimates involved in the preparation of the financial statements.

 

RIVIERA LODGE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2021
2020
Number
Number
Total
4
3
4
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2020 and 31 March 2021
80,000
Amortisation and impairment
At 1 April 2020
36,000
Amortisation charged for the year
4,000
At 31 March 2021
40,000
Carrying amount
At 31 March 2021
40,000
At 31 March 2020
44,000
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2020
-
0
Additions
1,083
At 31 March 2021
1,083
Depreciation and impairment
At 1 April 2020
-
0
Depreciation charged in the year
361
At 31 March 2021
361
Carrying amount
At 31 March 2021
722
At 31 March 2020
-
0
RIVIERA LODGE PROPERTY MANAGEMENT LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 6 -
6
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
14,693
19,009
Other debtors
11,490
2,996
26,183
22,005
7
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
996
8,136
Corporation tax
19,579
18,067
Other taxation and social security
7,138
9,336
Other creditors
14,678
7,984
42,391
43,523
2021-03-312020-04-01false22 December 2021CCH SoftwareCCH Accounts Production 2021.300No description of principal activityMrs D PanayiotouMiss H PanayiotouMr P Panayiotou074735512020-04-012021-03-31074735512021-03-3107473551core:NetGoodwill2021-03-3107473551core:NetGoodwill2020-03-31074735512019-04-012020-03-31074735512020-03-3107473551core:OtherPropertyPlantEquipment2021-03-3107473551core:OtherPropertyPlantEquipment2020-03-3107473551core:CurrentFinancialInstrumentscore:WithinOneYear2021-03-3107473551core:CurrentFinancialInstrumentscore:WithinOneYear2020-03-3107473551core:CurrentFinancialInstruments2021-03-3107473551core:CurrentFinancialInstruments2020-03-3107473551core:ShareCapital2021-03-3107473551core:ShareCapital2020-03-3107473551core:RetainedEarningsAccumulatedLosses2021-03-3107473551core:RetainedEarningsAccumulatedLosses2020-03-3107473551bus:Director22020-04-012021-03-3107473551bus:Director32020-04-012021-03-3107473551core:Goodwill2020-04-012021-03-3107473551core:ComputerEquipment2020-04-012021-03-3107473551core:NetGoodwill2020-03-3107473551core:NetGoodwill2020-04-012021-03-3107473551core:OtherPropertyPlantEquipment2020-03-3107473551core:OtherPropertyPlantEquipment2020-04-012021-03-3107473551core:WithinOneYear2021-03-3107473551core:WithinOneYear2020-03-3107473551bus:PrivateLimitedCompanyLtd2020-04-012021-03-3107473551bus:SmallCompaniesRegimeForAccounts2020-04-012021-03-3107473551bus:FRS1022020-04-012021-03-3107473551bus:AuditExemptWithAccountantsReport2020-04-012021-03-3107473551bus:Director12020-04-012021-03-3107473551bus:FullAccounts2020-04-012021-03-31xbrli:purexbrli:sharesiso4217:GBP