Registered number
06457487
Revive! Auto Innovations (Cambridge) Limited
Unaudited Filleted Accounts
30 June 2023
Revive! Auto Innovations (Cambridge) Limited
Registered number: 06457487
Balance Sheet
as at 30 June 2023
Notes 2023 2021
£ £
Fixed assets
Tangible assets 4 315,256 193,908
Current assets
Stocks 98,815 84,315
Debtors 5 264,358 119,167
Cash at bank and in hand 24,163 27,590
387,336 231,072
Creditors: amounts falling due within one year 6 (334,908) (183,225)
Net current assets 52,428 47,847
Total assets less current liabilities 367,684 241,755
Creditors: amounts falling due after more than one year 7 (251,456) (183,840)
Provisions for liabilities (70,096) (30,195)
Net assets 46,132 27,720
Capital and reserves
Called up share capital 400 400
Profit and loss account 45,732 27,320
Shareholders' funds 46,132 27,720
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.
N R Holmes
Director
Approved by the board on 29 November 2023
Revive! Auto Innovations (Cambridge) Limited
Notes to the Accounts
for the period from 1 January 2022 to 30 June 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:
Leasehold land and buildings over the lease term
Plant and machinery over 7 years
Fixtures, fittings, tools and equipment over 5 years
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2021
Number Number
Average number of persons employed by the company 17 15
3 Intangible fixed assets Goodwill
£
Cost
At 1 January 2022 61,080
At 30 June 2023 61,080
Amortisation
At 1 January 2022 61,080
At 30 June 2023 61,080
Net book value
At 30 June 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 46,352 162,899 251,025 460,276
Additions 8,527 125,078 122,526 256,131
Disposals (13,627) (11,102) (73,229) (97,958)
At 30 June 2023 41,252 276,875 300,322 618,449
Depreciation
At 1 January 2022 18,496 74,790 173,082 266,368
Charge for the period 12,439 41,679 37,445 91,563
On disposals (13,627) (10,820) (30,291) (54,738)
At 30 June 2023 17,308 105,649 180,236 303,193
Net book value
At 30 June 2023 23,944 171,226 120,086 315,256
At 31 December 2021 27,856 88,109 77,943 193,908
5 Debtors 2023 2021
£ £
Trade debtors 250,428 114,259
Other debtors 13,930 4,908
264,358 119,167
6 Creditors: amounts falling due within one year 2023 2021
£ £
Bank loans and overdrafts 17,522 19,842
Obligations under finance lease and hire purchase contracts 72,650 30,028
Trade creditors 68,560 66,364
Taxation and social security costs 108,209 28,615
Other creditors 67,967 38,376
334,908 183,225
7 Creditors: amounts falling due after one year 2023 2021
£ £
Bank loans 20,833 49,405
Obligations under finance lease and hire purchase contracts 153,001 53,593
Other creditors 77,622 80,842
251,456 183,840
8 Other financial commitments 2023 2021
£ £
Total future minimum payments under non-cancellable operating leases 291,809 238,000
9 Other information
Revive! Auto Innovations (Cambridge) Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Glenmore Business Park
Ely Road
Waterbeach
Cambs
CB25 9FX
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