Company registration number 02788087 (England and Wales)
REVIVAL BLUE LIMITED
FORMERLY KNOWN AS CHEM-DRY U.K LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
REVIVAL BLUE LIMITED
FORMERLY KNOWN AS CHEM-DRY U.K LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
REVIVAL BLUE LIMITED
FORMERLY KNOWN AS CHEM-DRY U.K LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
5
6,809,116
4,859,794
Cash at bank and in hand
522,533
176,012
7,331,649
5,035,806
Creditors: amounts falling due within one year
6
(3,391,634)
(2,631,158)
Net current assets
3,940,015
2,404,648
Capital and reserves
Called up share capital
4,500,102
4,500,102
Profit and loss reserves
(560,087)
(2,095,454)
Total equity
3,940,015
2,404,648

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
Director
Company registration number 02788087 (England and Wales)
REVIVAL BLUE LIMITED
FORMERLY KNOWN AS CHEM-DRY U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Revival Blue Limited 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.

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

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the 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

The company manages property insurance claims, acting as an agent between insurance companies (and their intermediaries) and suppliers or as the principal contractor, depending on the commercial agreement with the client. Revival Blue raises invoices to the insurance client or policy holder on behalf of the suppliers and collects payment. Revival Blue pays the suppliers for works carried out to agreed payment terms regardless of whether the insurer has paid Revival Blue. Management fees are invoiced to and received directly from the insurance companies. Accordingly turnover represents management fees for claims handling services and gross revenues for repair services relating to insurance claims.

 

Invoices are raised upon fulfilment of instructions but profits are accrued equally over three months for normal jobs and over an appropriate longer period for profits on surge work resulting from natural disasters. Turnover is exclusive of Value Added Tax.

1.4
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.

REVIVAL BLUE LIMITED
FORMERLY KNOWN AS CHEM-DRY U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial liabilities

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

1.5
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.

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.

1.6
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.

1.7
Retirement benefits

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

REVIVAL BLUE LIMITED
FORMERLY KNOWN AS CHEM-DRY U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Commissions receivable for services rendered

Commissions are accrued equally over three months for normal jobs. Commission on surge work resulting from natural disasters are accrued over an appropriate longer period. In both cases the period of accrual represents as estimate of the time taken to complete and sign off a job. The estimates are based on experience over a number of years of operations.

3
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
9,390
237
REVIVAL BLUE LIMITED
FORMERLY KNOWN AS CHEM-DRY U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Employees

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

2023
2022
Number
Number
Total
24
24
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
738,187
362,791
Amounts owed by group undertakings
4,002,220
4,002,220
Other debtors
1,156,773
494,783
5,897,180
4,859,794
Deferred tax asset
455,968
-
0
6,353,148
4,859,794
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset
455,968
-
0
Total debtors
6,809,116
4,859,794
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,980,972
1,312,020
Amounts owed to group undertakings
1,061,393
828,684
Taxation and social security
180,304
73,557
Other creditors
168,965
416,897
3,391,634
2,631,158
REVIVAL BLUE LIMITED
FORMERLY KNOWN AS CHEM-DRY U.K LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
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
8
Related party transactions

On 31 October 2022 the entire share capital of the Company was purchased by Revival Group Limited.

 

Revival Group Limited 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.

 

 

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