REEVOY LIMITED

Company Registration Number:
12948359 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

REEVOY LIMITED

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

REEVOY LIMITED

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

The principal activity of the company is that of the wholesale of textiles, clothing, footwear, furniture, carpets, lighting equipment and other Non-specialised wholesale trade.



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

Ankur Khetan
Ishan Dadhich
Mohit Agarwal


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
23 September 2023

And signed on behalf of the board by:
Name: Ankur Khetan
Status: Director

REEVOY LIMITED

Profit And Loss Account

for the Period Ended 31 December 2022

2022 15 months to 31 December 2021


£

£
Turnover: 379,055 172,444
Cost of sales: ( 161,057 ) ( 75,552 )
Gross profit(or loss): 217,998 96,892
Distribution costs: 0 0
Administrative expenses: ( 445,119 ) ( 299,287 )
Other operating income: 0 0
Operating profit(or loss): (227,121) (202,395)
Interest receivable and similar income: 0 0
Interest payable and similar charges: ( 127,381 ) ( 15,733 )
Profit(or loss) before tax: (354,502) (218,128)
Tax: 0 0
Profit(or loss) for the financial year: (354,502) (218,128)

REEVOY LIMITED

Balance sheet

As at 31 December 2022

Notes 2022 15 months to 31 December 2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 593,791 130,842
Tangible assets:   0 0
Investments: 4 1,123,563 1,083
Total fixed assets: 1,717,354 131,925
Current assets
Stocks:   0 0
Debtors: 5 878,721 2,790,676
Cash at bank and in hand: 1,195,937 99,672
Investments:   0 0
Total current assets: 2,074,658 2,890,348
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 685,509 ) ( 1,678,706 )
Net current assets (liabilities): 1,389,149 1,211,642
Total assets less current liabilities: 3,106,503 1,343,567
Creditors: amounts falling due after more than one year:   0 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 3,106,503 1,343,567
Capital and reserves
Called up share capital: 4,837 4,232
Share premium account: 2,793,897 1,557,463
Other reserves: 880,399 0
Profit and loss account: (572,630 ) (218,128 )
Total Shareholders' funds: 3,106,503 1,343,567

The notes form part of these financial statements

REEVOY LIMITED

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

This report was approved by the board of directors on 23 September 2023
and signed on behalf of the board by:

Name: Ankur Khetan
Status: Director

The notes form part of these financial statements

REEVOY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Interest income:Interest on loans and advances to customers made by the company are recognised in the profit and loss account when due based on the effective interest rate method.Fees and commissions:Setup fees arising from negotiating or arranging a transaction, are recognised when the act has been completed or the service has been delivered.Commissions are recognised at the agreed rate on the net invoice value.

    Intangible fixed assets amortisation policy

    Intangible assets are recognized at cost and are subsequently measured at cost less accumulated amortization and accumulated impairment losses.Intangible assets are recognized where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably, the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.Amortization is recognized so as to write off the cost or valuation of assets less their residual values over their useful lives. However, no amortization was recognized during the period as the asset was still being developed and was not yet in operation as of 31 December 2022.

    Other accounting policies

    Accounting Policies:Accounting Convention:The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.The financial statements are prepared in sterling but USD is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.The company has taken advantage of the exempt on under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.Going Concern:Reevoy Limited has two line of business i.e. Factoring and Sourcing. Management has decided to temporarily suspend the factoring business for a while but sourcing business is in continuation nature.The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.Derecognition of Intangible assets:An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in profit or loss when the asset is derecognised.Investment:A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity to obtain benefits from its activities.Investment in Subsidiaries are valued at cost.Impairment of tangible and intangible assets:At each reporting 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 to.Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than it carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment lossbeen recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.Cash and cash equivalents:Cash and cash equivalents 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.Financial assets:Financial assets are recognized in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognized in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.Financial assets at fair value through profit or loss:When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognized in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognized in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.Financial assets held at amortized cost:Financial instruments are classified as financial assets measured at amortized cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (e.g. trade receivables). They are initially recognized at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortized cost using the effective interest rate method, less provision for impairment where necessary.Financial assets at fair value through other comprehensive income:Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.A debt instrument measured at fair value through other comprehensive income is recognized initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognized.The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset.After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.Impairment of financial assets:Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.Derecognition of financial assets:Financial assets are derecognized only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.Financial liabilities:The company recognizes financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities’.Financial liabilities at fair value through profit or loss:Financial liabilities are classified as measured at fair value through profit or loss when the financial liability is held for trading. A financial liability is classified as held for trading if:* it has been incurred principally for the purpose of selling or repurchasing it in the near term, or* on initial recognition it is part of a portfolio of identified financial instruments that the company manages together and has a recent actual pattern of short-term profit taking, or* it is a derivative that is not a financial guarantee contract or a designated and effective hedging instrument.Financial liabilities at fair value through profit or loss are stated at fair value with any gains or losses arising on remeasurement recognized in profit or loss.Other financial liabilities:Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortized cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.Derecognition of financial liabilities:Financial liabilities are derecognized when, and only when, the company’s obligations are discharged, cancelled, or they expire.Equity instruments:Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognized as liabilities once they are no longer at the discretion of the company.Employee benefits:The costs of short-term employee benefits are recognized as a liability and an expense, unless those costs are required to be recognized as part of the cost of inventories or non-current assets.The cost of any unused holiday entitlement is recognized in the period in which the employee’s services are received.Termination benefits are recognized immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.Foreign exchange:Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.Critical accounting estimates and judgements: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 recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.Expected credit losses:Estimates are made in respect of the recoverable value of trade debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the aging profile of debtors is considered.

REEVOY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 15 months to 31 December 2021
    Average number of employees during the period 3 3

REEVOY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 January 2022 0 130,842 130,842
Additions 0 462,949 462,949
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 31 December 2022 0 593,791 593,791
Amortisation
At 1 January 2022 0 0 0
Charge for year 0 0 0
On disposals 0 0 0
Other adjustments 0 0 0
At 31 December 2022 0 0 0
Net book value
At 31 December 2022 0 593,791 593,791
At 31 December 2021 0 130,842 130,842

REEVOY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Fixed assets investments note

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity to obtain benefits from its activities.Investment in Subsidiaries are valued at cost

REEVOY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Debtors

2022 15 months to 31 December 2021
£ £
Trade debtors 242,209 2,722,966
Prepayments and accrued income 47,125 65,675
Other debtors 589,387 2,035
Total 878,721 2,790,676
Debtors due after more than one year: 0 0

REEVOY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Creditors: amounts falling due within one year note

2022 15 months to 31 December 2021
£ £
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 150,256 579,161
Taxation and social security 4,756 11,640
Accruals and deferred income 3,130 14,085
Other creditors 527,367 1,073,820
Total 685,509 1,678,706

REEVOY LIMITED

Notes to the Financial Statements

for the Period Ended 31 December 2022

7. Financial Commitments

Contingent Liability and commitments:There is no contingent liabilities and commitments as on 31 December 2022.