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Registered number: 10163697
RVP Investments Limited
Directors' Report and
Unaudited Financial Statements
For The Year Ended 31 December 2023
Directors' Report and Unaudited Financial Statements
Contents
Page
Company Information 1
Directors' Report 2
Accountants' Report 3
Profit and Loss Account 4
Balance Sheet 5—6
Statement of Changes in Equity 7
Notes to the Financial Statements 8—10
Page 1
Company Information
Directors M V Hooper
A F Phillips
Company Number 10163697
Registered Office Bank House
81 St Judes Road
Englefield Green
TW20 0DF
Accountants Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 1
Page 2
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of investment holdings.
Directors
The directors who held office during the year were as follows:
M V Hooper
A F Phillips
Small Company Rules
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
On behalf of the board
A F Phillips
Director
05/04/2024
Page 2
Page 3
Accountants' Report
In accordance with the engagement letter, and in order to assist you to fulfil your duties under the Companies Act 2006, we have compiled the financial statements of the company from the accounting records and information and explanations you have given to us.
This report is made to the directors in accordance with the terms of our engagement. Our work has been undertaken to prepare for approval by the directors the financial statements that we have been engaged to compile, to report to the directors that we have done so, and to state those matters that we have agreed to state to them in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's directors for our work or for this report.
You have acknowledged on the balance sheet as at year ended 31 December 2023 your duty to ensure that the company has kept proper accounting records and to prepare financial statements that give a true and fair view under the Companies Act 2006. You consider that the company is exempt from the statutory requirement for an audit for the year.
We have not been instructed to carry out an audit of the financial statements. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
05/04/2024
Exceed Accountants Limited
Bank House, 81 St Judes Road
Englefield Green
TW20 0DF
Page 3
Page 4
Profit and Loss Account
2023 2022
Notes $ $
TURNOVER 10,000 8,786
GROSS PROFIT 10,000 8,786
Administrative expenses 1,792 6,166
Profit/(loss) on revaluation of investments 72,576 (417,340 )
OPERATING PROFIT/(LOSS) AND PROFIT/(LOSS) BEFORE TAXATION 84,368 (402,388 )
Tax on Profit/(loss) (654,349 ) -
LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR (569,981 ) (402,388 )
The notes on pages 8 to 10 form part of these financial statements.
Page 4
Page 5
Balance Sheet
2023 2022
Notes $ $ $ $
FIXED ASSETS
Investments 4 2,608,524 2,538,406
2,608,524 2,538,406
CURRENT ASSETS
Debtors 5 17,484 7,275
17,484 7,275
Creditors: Amounts Falling Due Within One Year 6 (10,246 ) (12,048 )
NET CURRENT ASSETS (LIABILITIES) 7,238 (4,773 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,615,762 2,533,633
PROVISIONS FOR LIABILITIES
Deferred Taxation 7 (652,110 ) -
NET ASSETS 1,963,652 2,533,633
CAPITAL AND RESERVES
Called up share capital 8 115 115
Revaluation reserve 1,956,331 2,535,865
Profit and Loss Account 7,206 (2,347 )
SHAREHOLDERS' FUNDS 1,963,652 2,533,633
Page 5
Page 6
For the year ending 31 December 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 in accordance with the provisions applicable to companies subject to the small companies' regime.
On behalf of the board
A F Phillips
Director
05/04/2024
The notes on pages 8 to 10 form part of these financial statements.
Page 6
Page 7
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
$ $ $ $
As at 1 January 2022 115 2,953,205 (17,299 ) 2,936,021
Loss for the year and total comprehensive income - - (402,388 ) (402,388)
Transfer to/ from revaluation reserve - - 417,340 417,340
Transfer to/from Profit & Loss Account - (417,340 ) - (417,340)
As at 31 December 2022 and 1 January 2023 115 2,535,865 (2,347 ) 2,533,633
Loss for the year and total comprehensive income - - (569,981 ) (569,981)
Transfer to/ from revaluation reserve - - 579,534 579,534
Transfer to/from Profit & Loss Account - (579,534 ) - (579,534)
As at 31 December 2023 115 1,956,331 7,206 1,963,652
Page 7
Page 8
Notes to the Financial Statements
1. General Information
RVP Investments Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10163697 . The registered office is Bank House, 81 St Judes Road, Englefield Green, TW20 0DF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 8
Page 9
2.4. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.5. Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost or revaluation.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Investments
Unlisted
$
Cost
As at 1 January 2023 2,538,406
Disposals (2,458 )
Revaluations 72,576
As at 31 December 2023 2,608,524
Provision
As at 1 January 2023 -
As at 31 December 2023 -
Net Book Value
As at 31 December 2023 2,608,524
As at 1 January 2023 2,538,406
Cost or valuation at 31st December 2023 is represented by:
Shares in group undertaking
Cost: $83
Valuation in 2019: $1,744,064
Valuation in 2020: $843,846
Valuation in 2021: $365,295
Valuation in 2022: -$417,340
Valuation in 2023: $72,576
Group company: VA Filtration (SA) Pty Ltd
Registered in Australia 100% owned 100 shares of AUS$1 each - USD$83
...CONTINUED
Page 9
Page 10
4. Investments - continued
Profit for the year USD$67,058
Net Assets USD$2,608,524
Group company: VA Filtration Argentina Ltd
Registered in Argentina 100% owned 100 shares of Pesos 23,8 each were sold during the year at cost.
5. Debtors
2023 2022
$ $
Due within one year
Other debtors 17,484 7,275
17,484 7,275
6. Creditors: Amounts Falling Due Within One Year
2023 2022
$ $
Corporation tax 2,239 -
Other creditors 5,868 10,016
Accruals and deferred income 2,139 2,032
10,246 12,048
7. Deferred Taxation
The provision for deferred tax is made up as follows:
2023 2022
$ $
Other timing differences 652,110 -
8. Share Capital
2023 2022
Allotted, called up and fully paid $ $
90 Ordinary Shares of £ 1.28 each 115 115
9. Related Party Transactions
Included under creditors is an amount of $6,150 (2022: $6,135) owed to VA Filtration (SA) Pty Ltd, a 100% owned subsidary. This loan is interest free and repayable on demand.
The ultiamte controlling party was the company directors.
Page 10