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Company Registration No. SC506885 (Scotland)
Revive Eco Ltd. Unaudited accounts for the year ended 31 May 2023
Revive Eco Ltd. Unaudited accounts Contents
Page
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Revive Eco Ltd. Company Information for the year ended 31 May 2023
Directors
Scott Kennedy Harvey Stuart Laud Fergus Moore John Waddell Gabriel Investments Limited
Company Number
SC506885 (Scotland)
Registered Office
Biocity Scotland Bo'Ness Road Newhouse Motherwell ML1 5UH Scotland
Accountants
FinFlare Limited Mitchell House 5 Mitchell Street Edinburgh Midlothian EH6 7BD
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Revive Eco Ltd. Statement of financial position as at 31 May 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
34,909 
26,774 
Current assets
Debtors
9,352 
6,154 
Cash at bank and in hand
127,598 
(1,606)
136,950 
4,548 
Creditors: amounts falling due within one year
(15,418)
(18,968)
Net current assets/(liabilities)
121,532 
(14,420)
Total assets less current liabilities
156,441 
12,354 
Creditors: amounts falling due after more than one year
(18,872)
(29,103)
Net assets/(liabilities)
137,569 
(16,749)
Capital and reserves
Called up share capital
11 
9 
Share premium
469,947 
119,997 
Profit and loss account
(332,389)
(136,755)
Shareholders' funds
137,569 
(16,749)
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 19 February 2024 and were signed on its behalf by
Scott Kennedy Director Company Registration No. SC506885
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Revive Eco Ltd. Notes to the Accounts for the year ended 31 May 2023
1
Statutory information
Revive Eco Ltd. is a private company, limited by shares, registered in Scotland, registration number SC506885. The registered office is Biocity Scotland, Bo'Ness Road, Newhouse, Motherwell, ML1 5UH, Scotland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Going concern
The directors are pleased that the company received continued support from new and existing investors during their recent investment raise, resulting in £225,000 of funding being received post year end to advance their plans towards commercialisation during the coming 12 months.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Government grants
Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received. A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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Revive Eco Ltd. Notes to the Accounts for the year ended 31 May 2023
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line or reducing balance basis over its expected useful life, as follows:
Plant & machinery
4 years straight line
4
Tangible fixed assets
Plant & machinery 
£ 
Cost or valuation
At cost 
At 1 June 2022
36,069 
Additions
19,164 
At 31 May 2023
55,233 
Depreciation
At 1 June 2022
9,295 
Charge for the year
11,029 
At 31 May 2023
20,324 
Net book value
At 31 May 2023
34,909 
At 31 May 2022
26,774 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
VAT
6,590 
2,481 
Accrued income and prepayments
- 
911 
Other debtors
2,762 
2,762 
9,352 
6,154 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
6,406 
493 
Trade creditors
6,974 
- 
Taxes and social security
(10,981)
(3,030)
Other creditors
4,019 
8,060 
Loans from directors
9,000 
10,420 
Accruals
- 
3,025 
15,418 
18,968 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
18,872 
29,103 
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Revive Eco Ltd. Notes to the Accounts for the year ended 31 May 2023
8
Average number of employees
During the year the average number of employees was 5 (2022: 6).
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