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REGISTERED NUMBER: 05698732 (England and Wales)















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: Mrs P C Clark
Mr P Clark
Mr J Slade
Mr P Newby





SECRETARY: Mr J Slade





REGISTERED OFFICE: Units 2 &3 Parklands Industrial Estate
Forest Road
Denmead
Waterlooville
Hampshire
PO7 6TJ





REGISTERED NUMBER: 05698732 (England and Wales)





ACCOUNTANTS: Sheppard & Co Limited
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 99,203 95,788
Tangible assets 5 286,403 354,273
Investments 6 100 100
385,706 450,161

CURRENT ASSETS
Stocks 692,837 699,349
Debtors 7 776,042 588,749
Cash at bank and in hand 22,812 100,328
1,491,691 1,388,426
CREDITORS
Amounts falling due within one year 8 (2,018,217 ) (1,802,396 )
NET CURRENT LIABILITIES (526,526 ) (413,970 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(140,820

)

36,191

CREDITORS
Amounts falling due after more than one
year

9

(196,643

)

(262,293

)
NET LIABILITIES (337,463 ) (226,102 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (337,464 ) (226,103 )
SHAREHOLDERS' FUNDS (337,463 ) (226,102 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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


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

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 22 August 2024 and were signed on its behalf by:





Mr P Clark - Director


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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Type Approval Costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 20% on cost and Straight line over 3 years
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost
Equipment - 25% on cost

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 18 (2022 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 December 2022 696,339
Additions 47,304
At 30 November 2023 743,643
AMORTISATION
At 1 December 2022 600,551
Charge for year 43,889
At 30 November 2023 644,440
NET BOOK VALUE
At 30 November 2023 99,203
At 30 November 2022 95,788

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 1,413,866 1,609 18,900 10,934 1,445,309
Additions 14,500 - - - 14,500
At 30 November 2023 1,428,366 1,609 18,900 10,934 1,459,809
DEPRECIATION
At 1 December 2022 1,071,443 1,609 7,067 10,917 1,091,036
Charge for year 76,053 - 6,300 17 82,370
At 30 November 2023 1,147,496 1,609 13,367 10,934 1,173,406
NET BOOK VALUE
At 30 November 2023 280,870 - 5,533 - 286,403
At 30 November 2022 342,423 - 11,833 17 354,273

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 366,169
DEPRECIATION
At 1 December 2022 35,569
Charge for year 67,200
At 30 November 2023 102,769
NET BOOK VALUE
At 30 November 2023 263,400
At 30 November 2022 330,600

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 December 2022
and 30 November 2023 100
NET BOOK VALUE
At 30 November 2023 100
At 30 November 2022 100

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 73,929 125,357
Amounts owed by participating interests 466,511 141,749
Other debtors 235,602 321,643
776,042 588,749

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) 10,176 9,997
Hire purchase contracts (see note 11) 55,471 121,685
Trade creditors 85,461 286,028
Amounts owed to group undertakings 1,722,372 1,247,658
Taxation and social security 109,043 105,489
Other creditors 35,694 31,539
2,018,217 1,802,396

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans (see note 10) 15,593 25,772
Hire purchase contracts (see note 11) 181,050 236,521
196,643 262,293

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 55,471 121,685
Between one and five years 181,050 236,521
236,521 358,206

Non-cancellable operating leases
30.11.23 30.11.22
£    £   
Within one year 100,662 50,000
Between one and five years 100,662 135,417
In more than five years 115,659 -
316,983 185,417

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 (147,972 )
Excess of capital allowances
over depreciation (12,199 )
Losses (added)/utilised 119
Balance at 30 November 2023 (160,052 )

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 Mrs P C Clark.