Company registration number 05327353 (England and Wales)
REVIVE CORPORATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
REVIVE CORPORATION LIMITED
CONTENTS
Page
Balance sheet
4 - 5
Notes to the financial statements
7 - 13
REVIVE CORPORATION LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The directors present their annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company continued to be that of trading in computer and audio software and equipment.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A H Inglis
G D Munro
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
A H Inglis
Director
6 November 2023
REVIVE CORPORATION LIMITED
CHARTERED ACCOUNTANTS' INDEPENDENT ASSURANCE REPORT ON THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF REVIVE CORPORATION LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
To the Board of Directors of Revive Corporation Limited (‘the Company')
We have performed certain procedures in respect of the Company's unaudited financial statements for the year ended 31 March 2023 set out on pages 3 to 13, made enquiries of the Company's directors and assessed accounting policies adopted by the directors, in order to gather sufficient evidence for our conclusion in this report.
This report is made solely to the Company's directors, as a body, in accordance with the terms of our engagement letter dated 5 July 2017. It has been released to the directors on the basis that this report shall not be copied, referred to or disclosed, in whole (save for the directors' own internal purposes or as may be required by law or by a competent regulator) or in part, without our prior written consent. Our work has been undertaken so that we might state to the directors those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors as a body for our work, for this report or the conclusions we have formed.
Respective responsibilities
You have confirmed that you have met your duty as set out in the directors' statement on page 1. You consider that the Company is exempt from the statutory requirement for an audit for the year ended 31 March 2023. Our responsibility is to form and express an independent conclusion, based on the work carried out, to you on the financial statements.
Scope
We conducted our engagement in accordance with the Institute of Chartered Accountants in England and Wales' Interim Technical Release AAF 03/06. Our work was based primarily upon enquiry, analytical procedures and assessing accounting policies in accordance with the Financial Reporting Standard 102. If we considered it to be necessary, we also performed limited examination of evidence relevant to certain balances and disclosures in the financial statements where we became aware of matters that might indicate a risk of material misstatement in the financial statements. The terms of our engagement exclude any requirement to carry out a comprehensive assessment of the risks of material misstatement, a consideration of fraud, laws, regulations and internal controls, and we have not done so. We are not required to, and we do not, express an audit opinion on these financial statements.
Conclusion
Based on our work, nothing has come to our attention to refute the directors' confirmation that in accordance with the Companies Act 2006 the financial statements give a true and fair view of the state of the Company's affairs as at  31 March 2023 and of its loss for the year then ended and have been properly prepared in accordance the Financial Reporting Standard for Smaller Entities.
UHY Hacker Young
6 November 2023
Chartered Accountants
PO Box 501
The Nexus Building
Broadway
Letchworth Garden City
Herts
SG6 9BL
REVIVE CORPORATION LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
2023
2022
Notes
£
£
Turnover
14,876,417
14,199,337
Cost of sales
(14,108,591)
(13,495,245)
Gross profit
767,826
704,092
Administrative expenses
(563,759)
(492,121)
Operating profit
204,067
211,971
Interest receivable and similar income
1,889
38
Interest payable and similar expenses
(78,556)
(70,422)
Profit before taxation
127,400
141,587
Tax on profit
3
(40,801)
(38,486)
Profit for the financial year
86,599
103,101
REVIVE CORPORATION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 4 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
384
2,777
Tangible assets
5
2,942
4,482
3,326
7,259
Current assets
Stocks
560,069
757,274
Debtors
6
887,679
1,555,503
Cash at bank and in hand
553,327
265,121
2,001,075
2,577,898
Creditors: amounts falling due within one year
7
(301,404)
(813,307)
Net current assets
1,699,671
1,764,591
Total assets less current liabilities
1,702,997
1,771,850
Creditors: amounts falling due after more than one year
8
(1,141,375)
(1,191,375)
Provisions for liabilities
(527)
(979)
Net assets
561,095
579,496
Capital and reserves
Called up share capital
100,030
100,030
Profit and loss reserves
461,065
479,466
Total equity
561,095
579,496

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 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.

REVIVE CORPORATION LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 6 November 2023 and are signed on its behalf by:
A H Inglis
Director
Company Registration No. 05327353
REVIVE CORPORATION LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2021
100,030
453,495
553,525
Year ended 31 March 2022:
Profit and total comprehensive income for the year
-
103,101
103,101
Dividends
-
(77,130)
(77,130)
Balance at 31 March 2022
100,030
479,466
579,496
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
86,599
86,599
Dividends
-
(105,000)
(105,000)
Balance at 31 March 2023
100,030
461,065
561,095
REVIVE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
1
Accounting policies
Company information

Revive Corporation Limited is a private company limited by shares incorporated in England and Wales. The registered office is 23 Business Centre West, Avenue One, Letchworth Garden City, Herts, SG6 2HB.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and 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.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date 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.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website design
25% straight line
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.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
25% reducing balance
REVIVE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 8 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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).

An impairment loss is recognised 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.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 balance sheet 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.

Impairment of financial assets

Financial assets, other than those held at fair value, which are dealt with through profit and loss, are assessed for indicators of impairment at each reporting end date.

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 when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, 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.

REVIVE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 9 -
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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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 profit and loss account 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.

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 profit and loss account, 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.

REVIVE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 10 -
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
Retirement benefits

Payments to retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
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.

2
Employees

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

2023
2022
Number
Number
Total
14
16
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
41,253
38,235
Deferred tax
Origination and reversal of timing differences
(452)
251
Total tax charge
40,801
38,486
REVIVE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
4
Intangible fixed assets
Website design
£
Cost
At 1 April 2022 and 31 March 2023
9,570
Amortisation and impairment
At 1 April 2022
6,793
Amortisation charged for the year
2,393
At 31 March 2023
9,186
Carrying amount
At 31 March 2023
384
At 31 March 2022
2,777
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022
50,346
Additions
373
At 31 March 2023
50,719
Depreciation and impairment
At 1 April 2022
45,864
Depreciation charged in the year
1,913
At 31 March 2023
47,777
Carrying amount
At 31 March 2023
2,942
At 31 March 2022
4,482
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
532,287
1,076,121
Other debtors
355,392
479,382
887,679
1,555,503
REVIVE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
50,000
50,000
Trade creditors
182,134
698,135
Corporation tax
41,253
38,235
Other taxation and social security
4,893
7,733
Other creditors
15,046
7,806
Accruals and deferred income
8,078
11,398
301,404
813,307

The bank loan is secured by fixed and floating charges over the asset to which it relates.

 

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
129,167
179,167
Other creditors
1,012,208
1,012,208
1,141,375
1,191,375

The bank loan is secured by fixed and floating charges over the asset to which it relates.

Included in the balance sheet are £800,000 7% redeemable preference shares which are redeemable by the company by 30 April 2025. Given their nature these are presented in the financial statements as a non-current liability.

9
Financial commitments, guarantees and contingent liabilities

During the period the company remained party to an ongoing appeal against an assessment raised by HM Revenue & Customs in respect of input VAT reclaimed on supplies in a particular supply-chain. An Upper Tier Tribunal (UTT) finding set aside an earlier First Tier Tribunal (FTT) decision and instructed that the case be remitted to a newly constituted FTT for a specific, central, issue to be re-heard and with a view to that new FTT reaching a conclusion on the recoverability or otherwise of the VAT in question.

 

That hearing took place in the first quarter of calendar year 2023. The Tribunal reserved its decision to a later date and at today’s date that decision has yet to be issued/received.

 

The outcome and timing of any potential cash inflow or outflow in connection with this issue is currently unascertainable.

 

 

REVIVE CORPORATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
50,875
7,400
11
Related party transactions

At the reporting end date the company owed £4,537 (2022: £3,693) to A H Inglis and £4,388 (2022: £2,793) to G D Munro, directors.

These loans are interest free and there are no terms for repayments.

12
Controlling party

The company was controlled throughout the period by the directors, acting in concert.

REVIVE CORPORATION LIMITED
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2023
2023
2022
£
£
Administrative expenses
Wages and salaries
285,604
317,260
Social security costs
20,327
23,328
Staff recruitment costs
896
-
Staff pension costs
5,803
6,217
Directors' remuneration
16,000
16,000
Directors' pension costs
20,000
-
Rent
21,820
21,304
Rates
282
224
Power, light and heat
2,780
2,310
Property repairs and maintenance
3,154
1,483
Insurance
43,034
38,413
Computer running costs
8,247
13,572
Travelling expenses
19,238
10,286
Consultancy fees
35,310
7,903
Accountancy
4,528
6,668
Bank charges
3,736
7,308
Bad and doubtful debts
6,260
388
Printing and stationery
1,901
2,948
Telecommunications
6,774
7,354
Sundry expenses
1,436
1,451
Amortisation
2,393
2,393
Depreciation
1,913
2,895
Loss on foreign exchange
52,323
2,416
563,759
492,121
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