REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Revcoat Technologies Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Revcoat Technologies Limited |
Revcoat Technologies Limited (Registered number: 05698732) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Revcoat Technologies Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
West Barn, c/o Down Farm |
Hindon |
Salisbury |
Wiltshire |
SP3 5TA |
Revcoat Technologies Limited (Registered number: 05698732) |
Balance Sheet |
30 November 2023 |
30.11.23 | 30.11.22 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Revcoat Technologies Limited (Registered number: 05698732) |
Balance Sheet - continued |
30 November 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Revcoat Technologies Limited (Registered number: 05698732) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | STATUTORY INFORMATION |
Revcoat Technologies Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements relate to Revcoat Technologies Limited as an individual entity. |
Turnover |
Turnover represents the value of goods and services supplied from ordinary activities, and stated after trade discounts, other sales taxes and net of value added tax. Turnover is recognised at the point of delivery which is also the date of raising the invoice. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is capitalised as an Intangible asset and written off on a 5 year straight line basis. |
Revcoat Technologies Limited (Registered number: 05698732) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
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 of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Pension costs and other post-retirement benefits |
The company operates a defined contributions pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate. |
Going concern |
At 30 November 2023 the company had net liabilities of £337,463 2022: (£226,102) |
The director of the holding company, JCGS No 2 Ltd, has confirmed that the company will continue to provide financial support to Revcoat Technologies Ltd for the foreseeable future and that they will not seek full repayment of the inter-company loan until Revcoat Technologies Ltd is in a financial position to enable the loan to be repaid. Included within the above, as detailed in Note 10 are amounts owed to the holding company of £1,722.372 (2022:£1,247,658). |
The director has considered the future position of the company and is of the opinion that the company will return to profitability in the foreseeable future. |
In view of the above and as the holding company has sufficient assets to be able to support this, the director considers that the going concern basis for the preparation of the accounts is appropriate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
AMORTISATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Revcoat Technologies Limited (Registered number: 05698732) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2022 |
Additions |
At 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
DEPRECIATION |
At 1 December 2022 |
Charge for year |
At 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 December 2022 |
and 30 November 2023 |
NET BOOK VALUE |
At 30 November 2023 |
At 30 November 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 466,511 | 141,749 |
Other debtors |
Revcoat Technologies Limited (Registered number: 05698732) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Hire purchase contracts (see note 11) |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.11.23 | 30.11.22 |
£ | £ |
Bank loans (see note 10) |
Hire purchase contracts (see note 11) |
10. | LOANS |
Bounceback Loan |
The company has received a bounceback loan. This loan is unsecured, interest and repayment free for the first 12 months, followed by 60 repayments with an interest rate of 2.5%. |
11. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
30.11.23 | 30.11.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable operating | leases |
30.11.23 | 30.11.22 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
12. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.11.23 | 30.11.22 |
£ | £ |
Hire purchase contracts | 236,521 | 358,206 |
Revcoat Technologies Limited (Registered number: 05698732) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
13. | DEFERRED TAX |
£ |
Balance at 1 December 2022 | ( |
) |
Excess of capital allowances |
over depreciation | (12,199 | ) |
Losses (added)/utilised | 119 |
Balance at 30 November 2023 | ( |
) |
14. | CONTINGENT LIABILITIES |
The company has provided a cross guarantee to the company's bankers on behalf of European Exhaust and Catalyst Limited for the value of it's overdraft facility which at 30 November 2023 was £Nil (2022: £Nil). |
15. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The loan made to the director is interest free and is repayable on demand. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |