Company registration number 06232817 (England and Wales)
REPC SOLUTIONS LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
REPC SOLUTIONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
REPC SOLUTIONS LTD
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
6
12,454
19,129
Current assets
Debtors
7
182,564
145,737
Cash at bank and in hand
51,734
7,061
234,298
152,798
Creditors: amounts falling due within one year
8
(86,191)
(61,265)
Net current assets
148,107
91,533
Total assets less current liabilities
160,561
110,662
Provisions for liabilities
-
0
(2,110)
Net assets
160,561
108,552
Capital and reserves
Called up share capital
111
111
Profit and loss reserves
160,450
108,441
Total equity
160,561
108,552

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

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

The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
T Owen
P Hayman
Director
Director
Company registration number 06232817 (England and Wales)
REPC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

REPC Solutions Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 66 High Street, Aylesbury, HP20 1SE.

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.

REPC Solutions Ltd is a wholly owned subsidiary of MAGroup Limited and the results of REPC Solutions Ltd are included in the consolidated financial statements of MAGroup Limited which are available from 66 High Street, Aylesbury, HP20 1SE.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that thetrue company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents revenues earned on property restoration projects and leak detection services. Income from leak detection services is recognised upon completion of the work. Income from repairs services is recognised in accordance with the level of completion of works and the costs incurred. Turnover is exclusive of Value Added Tax.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

REPC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

1.5
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:

Plant and equipment
15% straight line basis
Computers
33% straight line basis

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 profit or loss.

1.6
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price.

1.7
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.

REPC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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.

1.8
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.

1.9
Retirement benefits

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

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

REPC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -

There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

3
Employees

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

2023
2022
Number
Number
Total
6
6
4
Taxation
2023
2022
£
£
Deferred tax
Origination and reversal of timing differences
(20,012)
-
0
5
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
153,243
Amortisation and impairment
At 1 January 2023 and 31 December 2023
153,243
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
REPC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Tangible fixed assets
Plant and equipment
Computers
Total
£
£
£
Cost
At 1 January 2023
300,219
3,173
303,392
Additions
6,554
-
0
6,554
At 31 December 2023
306,773
3,173
309,946
Depreciation and impairment
At 1 January 2023
282,271
1,992
284,263
Depreciation charged in the year
12,638
591
13,229
At 31 December 2023
294,909
2,583
297,492
Carrying amount
At 31 December 2023
11,864
590
12,454
At 31 December 2022
17,948
1,181
19,129
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,531
-
0
Amounts owed by group undertakings
130,734
127,242
Other debtors
31,397
18,495
164,662
145,737
Deferred tax asset
5,967
-
0
170,629
145,737
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
11,935
-
0
Total debtors
182,564
145,737
REPC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
10,087
7,353
Amounts owed to group undertakings
28,021
24,284
Taxation and social security
33,140
15,506
Other creditors
14,943
14,122
86,191
61,265
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Simmonds
Statutory Auditor:
UHY Hacker Young
Date of audit report:
2 September 2024
10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
10,700
7,219
11
Related party transactions

The company is a wholly owned subsidiary of MAGroup Limited. As the parent produces consolidated financial statements the company has taken advantage of the exemption not to disclose transactions with other wholly owned group companies.

12
Parent company

The immediate parent company is Revival Group Limited, a company incorporated in England and Wales.

 

The ultimate parent company is MAGroup Limited, a company incorporated in England and Wales.

REPC SOLUTIONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Parent company
(Continued)
- 8 -

The ultimate controlling party is P Hayman who owns a majority of the shares in MAGroup Limited.

 

The name of the smallest and largest group into which the company is consolidated is MAGroup Limited.

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