Company Registration No. 07735089 (England and Wales)
REVTRONIC LIMITED
Unaudited accounts
for the year ended 31 August 2023
REVTRONIC LIMITED
Unaudited accounts
Contents
REVTRONIC LIMITED
Company Information
for the year ended 31 August 2023
Directors
Sohail RASHID
Mohammed Sajjad RASHID
Company Number
07735089 (England and Wales)
Registered Office
46 LISTERHILLS ROAD
BRADFORD
WEST YORKSHIRE
BD7 1HT
Accountants
HLA Accountants
21 Hyde Park Road
Leeds
West Yorkshire
LS6 1PY
REVTRONIC LIMITED
Statement of financial position
as at 31 August 2023
Intangible assets
31,500
31,500
Tangible assets
28,634
31,762
Cash at bank and in hand
809,703
453,358
Creditors: amounts falling due within one year
(462,007)
(126,370)
Net current assets
356,211
333,586
Total assets less current liabilities
416,345
396,848
Creditors: amounts falling due after more than one year
(51,056)
(50,000)
Net assets
365,289
346,848
Called up share capital
100
100
Profit and loss account
365,189
346,748
Shareholders' funds
365,289
346,848
For the year ending 31 August 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 29 May 2024 and were signed on its behalf by
Mohammed Sajjad RASHID
Director
Company Registration No. 07735089
REVTRONIC LIMITED
Notes to the Accounts
for the year ended 31 August 2023
REVTRONIC LIMITED is a private company, limited by shares, registered in England and Wales, registration number 07735089. The registered office is 46 LISTERHILLS ROAD, BRADFORD, WEST YORKSHIRE, BD7 1HT.
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.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
10% diminishing balancing method.
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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
REVTRONIC LIMITED
Notes to the Accounts
for the year ended 31 August 2023
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.
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.
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 rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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.
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.
Government grants Covid 19
Government grants in relation to job retention scheme are credited to profit and loss account , whereas those in relation to expenditure are charged to profit and loss.
Also, local council grants are received in terms of Covid-19 pandemic are credit to profit and loss account under other operating expenses, whereas all fixed cost against these are debited in the profit and loss account too.
repair of electrical equipment especially motor cars electronic equipment.
REVTRONIC LIMITED
Notes to the Accounts
for the year ended 31 August 2023
4
Intangible fixed assets
Goodwill
At 1 September 2022
31,500
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 September 2022
34,547
10,275
-
44,822
At 31 August 2023
34,547
10,275
881
45,703
At 1 September 2022
9,361
3,699
-
13,060
Charge for the year
2,518
1,315
176
4,009
At 31 August 2023
11,879
5,014
176
17,069
At 31 August 2023
22,668
5,261
705
28,634
At 31 August 2022
25,186
6,576
-
31,762
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2023
2022
Trade creditors
85,636
81,886
Taxes and social security
50,790
16,188
Loans from directors
292,094
-
REVTRONIC LIMITED
Notes to the Accounts
for the year ended 31 August 2023
8
Creditors: amounts falling due after more than one year
2023
2022
9
Average number of employees
During the year the average number of employees was 4 (2022: 4).