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REGISTERED NUMBER: SC661044 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Reventas Limited

Reventas Limited (Registered number: SC661044)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


Reventas Limited (Registered number: SC661044)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £   
FIXED ASSETS
Tangible assets 4 38,153 52,461

CURRENT ASSETS
Debtors 5 287,343 219,033
Cash at bank 181,520 1,023,586
468,863 1,242,619
CREDITORS
Amounts falling due within one year 6 (1,124,065 ) (1,049,502 )
NET CURRENT (LIABILITIES)/ASSETS (655,202 ) 193,117
TOTAL ASSETS LESS CURRENT
LIABILITIES

(617,049

)

245,578

CREDITORS
Amounts falling due after more than one year 7 (570,842 ) (537,866 )

PROVISIONS FOR LIABILITIES (7,249 ) -
NET LIABILITIES (1,195,140 ) (292,288 )

CAPITAL AND RESERVES
Called up share capital 270 270
Retained earnings (1,195,410 ) (292,558 )
(1,195,140 ) (292,288 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Reventas Limited (Registered number: SC661044)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:





K V Ross - Director


Reventas Limited (Registered number: SC661044)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Reventas Limited is a private company, limited by shares, domiciled in Scotland, registration number SC661044. The registered office is Impact Technology Centre, Fraser Road, Kirkton Campus, Livingston, EH54 7BU.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods in respect of the remanufacturing of plastic materials, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Reventas Limited (Registered number: SC661044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Going concern
The company is in the research phase of its life cycle. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for at least 12 months. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2022 - 14 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 57,230
DEPRECIATION
At 1 January 2023 4,769
Charge for year 14,308
At 31 December 2023 19,077
NET BOOK VALUE
At 31 December 2023 38,153
At 31 December 2022 52,461

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2023
and 31 December 2023 57,230
DEPRECIATION
At 1 January 2023 4,769
Charge for year 14,308
At 31 December 2023 19,077
NET BOOK VALUE
At 31 December 2023 38,153
At 31 December 2022 52,461

Reventas Limited (Registered number: SC661044)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 43,560 -
Other debtors 243,783 219,033
287,343 219,033

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Hire purchase contracts 7,024 7,024
Trade creditors 179,680 124,230
Amounts owed to associates 23,540 25,417
Taxation and social security 21,299 7,683
Other creditors 892,522 885,148
1,124,065 1,049,502

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
as restated
£    £   
Hire purchase contracts 30,842 37,865
Other creditors 540,000 500,001
570,842 537,866

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
as restated
£    £   
Hire purchase contracts 37,866 44,889

Amounts due on HP are secured over the assets to which they relate.

9. RELATED PARTY DISCLOSURES

At the balance sheet date, the company was due £23,540 (2022: £25,417) to companies under common control.