Registered number
08384362
Revent (UK) Ltd
Filleted Accounts
28 February 2023
Revent (UK) Ltd
Registered number: 08384362
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 - 7,000
Tangible assets 4 29,926 35,207
29,926 42,207
Current assets
Stocks 3,080 4,120
Debtors 5 63,123 26,524
Cash at bank and in hand 259 423
66,462 31,067
Creditors: amounts falling due within one year 6 (329,880) (326,353)
Net current liabilities (263,418) (295,286)
Total assets less current liabilities (233,492) (253,079)
Creditors: amounts falling due after more than one year 7 (39,747) (45,911)
Net liabilities (273,239) (298,990)
Capital and reserves
Called up share capital 100 100
Profit and loss account (273,339) (299,090)
Shareholders' funds (273,239) (298,990)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Shahzad Ahmad
Director
Approved by the board on 2 October 2023
Revent (UK) Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor Vehicle 25% Straight Line Method
Plant and Machinery 15% Reducing Balance Method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Government Grants
The accrual model accounting policy is adopted for the grants. During the year, the company received an amount of £827.04 as R&D Tax Creditas grant from London Borough of Islington.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 17,500
At 28 February 2023 17,500
Amortisation
At 1 March 2022 10,500
Provided during the year 7,000
At 28 February 2023 17,500
Net book value
At 28 February 2023 -
At 28 February 2022 7,000
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 94,813
At 28 February 2023 94,813
Depreciation
At 1 March 2022 59,606
Charge for the year 5,281
At 28 February 2023 64,887
Net book value
At 28 February 2023 29,926
At 28 February 2022 35,207
5 Debtors 2023 2022
£ £
Trade debtors 50,123 9,764
Other debtors 13,000 16,760
63,123 26,524
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 19,921 18,438
Trade creditors 10,557 3,817
Taxation and social security costs 16,967 6,964
Other creditors 282,435 297,134
329,880 326,353
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 39,747 45,911
8 Other information
Revent (UK) Ltd is a private company limited by shares and incorporated in England.
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