Registered number
05247496
Revolution Viewing Ltd
Filleted Accounts
31 October 2023
Revolution Viewing Ltd
Registered number: 05247496
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 106,035 80,067
Tangible assets 4 14,099 11,748
120,134 91,815
Current assets
Debtors 5 104,387 82,963
Cash at bank and in hand 75,580 57,620
179,967 140,583
Creditors: amounts falling due within one year 6 (365,141) (261,704)
Net current liabilities (185,174) (121,121)
Total assets less current liabilities (65,040) (29,306)
Creditors: amounts falling due after more than one year 7 (36,667) (58,664)
Provisions for liabilities (2,679) (2,232)
Net liabilities (104,386) (90,202)
Capital and reserves
Called up share capital 50,075 50,075
Share premium 10 10
Profit and loss account (154,471) (140,287)
Shareholders' funds (104,386) (90,202)
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.
T Greveson
Director
Approved by the board on 24 January 2024
Revolution Viewing Ltd
Notes to the Accounts
for the year ended 31 October 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.
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:
Plant and machinery over 3 or 4 years
Fixtures, fittings, tools and equipment over 4 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 20 30
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2022 134,898
Additions 86,308
At 31 October 2023 221,206
Amortisation
At 1 November 2022 54,831
Provided during the year 60,340
At 31 October 2023 115,171
Net book value
At 31 October 2023 106,035
At 31 October 2022 80,067
The development cost is being written off in equal annual instalments over its estimated economic life of 3 years.
4 Tangible fixed assets
Plant and machinery etc Fixtures &
fittings
Total
£ £ £
Cost
At 1 November 2022 237,593 10,043 247,636
Additions 7,797 124 7,921
At 31 October 2023 245,390 10,167 255,557
Depreciation
At 1 November 2022 226,151 9,737 235,888
Charge for the year 5,466 104 5,570
At 31 October 2023 231,617 9,841 241,458
Net book value
At 31 October 2023 13,773 326 14,099
At 31 October 2022 11,442 306 11,748
5 Debtors 2023 2022
£ £
Trade debtors 73,512 56,893
Other debtors 30,875 26,070
104,387 82,963
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22,000 22,003
Trade creditors 26,222 12,414
Deferred Income 176,068 161,685
Taxation and social security costs 60,829 3,950
Other creditors 80,022 61,652
365,141 261,704
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 36,667 58,664
8 Going concern basis
The board of directors are satisfied that the company will continue to operate within it's funding facilities, is demonstrating a profitable future position and is therefore considered a going concern.
9 Controlling party
The company is controlled by T Greveson, a director.
10 Other information
Revolution Viewing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
103 Kirstall Road
LEEDS
LS3 1JL
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