Company registration number SC330704 (Scotland)
RAVEL (SCOTLAND) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
RAVEL (SCOTLAND) LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
RAVEL (SCOTLAND) LIMITED
COMPANY INFORMATION
- 1 -
Director
Mr R Colaluca
Secretary
Mrs L Colaluca
Company number
SC330704
Registered office
C/O Consilium Chartered Accountants
169 West George Street
Glasgow
United Kingdom
G2 2LB
Accountants
Consilium Chartered Accountants
169 West George Street
Glasgow
Scotland
G2 2LB
RAVEL (SCOTLAND) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
0
180,126
Investment properties
5
431,460
-
0
Investments
6
-
0
200
431,460
180,326
Current assets
Stocks
-
2,900
Debtors
7
76,494
257,398
Cash at bank and in hand
8,269
20,068
84,763
280,366
Creditors: amounts falling due within one year
8
(501,936)
(175,971)
Net current (liabilities)/assets
(417,173)
104,395
Total assets less current liabilities
14,287
284,721
Creditors: amounts falling due after more than one year
9
(33,325)
(261,159)
Provisions for liabilities
12
-
0
(12,122)
Net (liabilities)/assets
(19,038)
11,440
Capital and reserves
Called up share capital
12
100
100
Profit and loss reserves
(19,138)
11,340
Total equity
(19,038)
11,440

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

RAVEL (SCOTLAND) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 28 August 2024
Mr R Colaluca
Director
Company Registration No. SC330704
RAVEL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
1
Accounting policies
Company information

Ravel (Scotland) Limited is a private company limited by shares incorporated in Scotland. The registered office is C/O Consilium Chartered Accountants, 169 West George Street, Glasgow, United Kingdom, G2 2LB. The company's registration number is SC330704.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The balance sheet shows that liabilities exceed assets by £19,038 including a liability of £441,096 to the director. The director has confirmed that he will not seek repayment of this loan in advance of other creditors. On this basis the director considers in appropriate to prepare the financial statements on a going concern basis.

1.2
Turnover

The turnover shown in the profit and loss account represents the value of all goods sold during the year, at selling price exclusive of Value Added Tax. Income is recognised at the point of sale to the customer.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
5% straight line
Leasehold improvements
10% reducing balance
Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

RAVEL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Investment properties

Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account.

1.6
Fixed asset investments

Interests in subsidiary undertakings are recognised at cost.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is calculated using the first-in first-out method and includes the normal cost of transporting stock to its present location and condition.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

RAVEL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Total
4
12
RAVEL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 7 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 September 2022 and 31 August 2023
226,500
Amortisation and impairment
At 1 September 2022 and 31 August 2023
226,500
Carrying amount
At 31 August 2023
-
0
At 31 August 2022
-
0
4
Tangible fixed assets
Freehold property
Leasehold improvements
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 September 2022
178,345
105,855
265,165
549,365
Additions
-
0
-
0
3,950
3,950
Disposals
-
0
(105,855)
(269,115)
(374,970)
Transfer to investment property
(178,345)
-
0
-
0
(178,345)
At 31 August 2023
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 September 2022
115,179
43,868
210,192
369,239
Depreciation charged in the year
16,300
6,199
14,071
36,570
Eliminated in respect of disposals
-
0
(50,067)
(224,263)
(274,330)
Transfer to investment property
(131,479)
-
0
-
0
(131,479)
At 31 August 2023
-
0
-
0
-
0
-
0
Carrying amount
At 31 August 2023
-
0
-
0
-
0
-
0
At 31 August 2022
63,166
61,987
54,973
180,126
5
Investment property
2023
£
Fair value
At 1 September 2022
-
0
Additions
253,115
Transfer from Freehold property
178,345
At 31 August 2023
431,460
RAVEL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
5
Investment property
(Continued)
- 8 -

During the year the company began leasing the property that it owned therefore it has been reclassified from Freehold property to Investment property in the company’s balance sheet.

 

Investment properties were valued on an open market basis on 31 August 2023 by the director.

6
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
-
0
200
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 September 2022
200
Disposals
(200)
At 31 August 2023
-
Carrying amount
At 31 August 2023
-
At 31 August 2022
200
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
64,000
-
0
Other debtors
12,494
257,398
76,494
257,398
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
6,969
48,890
Trade creditors
6,254
5,247
Taxation and social security
16,583
104,664
Other creditors
472,130
17,170
501,936
175,971
RAVEL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
8
Creditors: amounts falling due within one year
(Continued)
- 9 -

Bank loans of £nil (2022 - £42,910) are secured by a standard security and floating charge over the assets of the company.

9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
33,325
261,159

Bank loans of £nil (2022 - £220,963) are secured by a standard security and floating charge over the assets of the company.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments: Bank loans > 5 years
-
12,756
10
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
11
-
0
12,122
11
Deferred taxation

The following are the major deferred tax liabilities recognised by the company and movements thereon:

2023
2022
Balances:
£
£
Accelerated capital allowances
-
12,122
2023
Movements in the year:
£
Liability at 1 September 2022
12,122
Transfer on disposal
(12,122)
Liability at 31 August 2023
-

 

RAVEL (SCOTLAND) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 10 -
12
Called up share capital
2023
2022
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
13
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

At the year end the balance due to the director was £441,096 (2022 - £76,209 due from the director). The loan is unsecured, interest free and has no fixed repayment terms.

 

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

 

2023-08-312022-09-01false28 August 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityMr R ColalucaMrs L ColalucafalsefalseSC3307042022-09-012023-08-31SC330704bus:Director12022-09-012023-08-31SC330704bus:CompanySecretary12022-09-012023-08-31SC330704bus:RegisteredOffice2022-09-012023-08-31SC3307042023-08-31SC3307042022-08-31SC330704core:LandBuildingscore:OwnedOrFreeholdAssets2023-08-31SC330704core:LeaseholdImprovements2023-08-31SC330704core:FurnitureFittings2023-08-31SC330704core:LandBuildingscore:OwnedOrFreeholdAssets2022-08-31SC330704core:LeaseholdImprovements2022-08-31SC330704core:FurnitureFittings2022-08-31SC330704core:CurrentFinancialInstrumentscore:WithinOneYear2023-08-31SC330704core:CurrentFinancialInstrumentscore:WithinOneYear2022-08-31SC330704core:Non-currentFinancialInstrumentscore:AfterOneYear2023-08-31SC330704core:Non-currentFinancialInstrumentscore:AfterOneYear2022-08-31SC330704core:CurrentFinancialInstruments2023-08-31SC330704core:CurrentFinancialInstruments2022-08-31SC330704core:ShareCapital2023-08-31SC330704core:ShareCapital2022-08-31SC330704core:RetainedEarningsAccumulatedLosses2023-08-31SC330704core:RetainedEarningsAccumulatedLosses2022-08-31SC330704core:Goodwill2022-09-012023-08-31SC330704core:LandBuildingscore:OwnedOrFreeholdAssets2022-09-012023-08-31SC330704core:LeaseholdImprovements2022-09-012023-08-31SC330704core:FurnitureFittings2022-09-012023-08-31SC3307042021-09-012022-08-31SC330704core:Goodwill2022-08-31SC330704core:Goodwill2023-08-31SC330704core:Goodwill2022-08-31SC330704core:LandBuildingscore:OwnedOrFreeholdAssets2022-08-31SC330704core:LeaseholdImprovements2022-08-31SC330704core:FurnitureFittings2022-08-31SC3307042022-08-31SC330704core:WithinOneYear2023-08-31SC330704core:WithinOneYear2022-08-31SC330704core:Non-currentFinancialInstruments2023-08-31SC330704core:Non-currentFinancialInstruments2022-08-31SC330704bus:PrivateLimitedCompanyLtd2022-09-012023-08-31SC330704bus:SmallCompaniesRegimeForAccounts2022-09-012023-08-31SC330704bus:FRS1022022-09-012023-08-31SC330704bus:AuditExemptWithAccountantsReport2022-09-012023-08-31SC330704bus:FullAccounts2022-09-012023-08-31xbrli:purexbrli:sharesiso4217:GBP