Registered number
07750457
Revlac Auto Engineers Limited
Filleted Accounts
31 May 2023
Revlac Auto Engineers Limited
Registered number: 07750457
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 4,967 5,836
Current assets
Stocks 1,000 1,000
Debtors 5 52,229 34,357
Cash at bank and in hand 28,208 27,137
81,437 62,494
Creditors: amounts falling due within one year 6 (57,071) (43,084)
Net current assets 24,366 19,410
Total assets less current liabilities 29,333 25,246
Provisions for liabilities (1,450) (1,110)
Net assets 27,883 24,136
Capital and reserves
Called up share capital 1 1
Profit and loss account 27,882 24,135
Shareholder's funds 27,883 24,136
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
M Chesson
Director
Approved by the board on 21 February 2024
Revlac Auto Engineers Limited
Notes to the Accounts
for the year ended 31 May 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:
Plant and machinery 25% of reducing balance
Fixtures, fittings, tools and equipment 25% of reducing balance
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.
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.
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 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 87,416
At 31 May 2023 87,416
Amortisation
At 1 June 2022 87,416
At 31 May 2023 87,416
Net book value
At 31 May 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 22,250 3,600 25,850
Additions 788 - 788
At 31 May 2023 23,038 3,600 26,638
Depreciation
At 1 June 2022 18,897 1,117 20,014
Charge for the year 1,036 621 1,657
At 31 May 2023 19,933 1,738 21,671
Net book value
At 31 May 2023 3,105 1,862 4,967
At 31 May 2022 3,353 2,483 5,836
5 Debtors 2023 2022
£ £
Trade debtors 39,166 22,452
Other debtors 13,063 11,905
52,229 34,357
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 21,575 22,244
Taxation and social security costs 20,969 15,040
Other creditors 14,527 5,800
57,071 43,084
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 51,915 71,729
8 Other information
Revlac Auto Engineers Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4 Park Farm
Inworth
Colchester
Essex
CO5 9SH
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