21 false false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2023 - FRS102_2023 154,472 154,472 xbrli:pure xbrli:shares iso4217:GBP 04916700 2023-01-01 2023-12-31 04916700 2023-12-31 04916700 2022-12-31 04916700 2022-01-01 2022-12-31 04916700 2022-12-31 04916700 2021-12-31 04916700 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 04916700 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 04916700 core:PlantMachinery 2023-01-01 2023-12-31 04916700 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 04916700 core:MotorVehicles 2023-01-01 2023-12-31 04916700 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 04916700 bus:Director4 2023-01-01 2023-12-31 04916700 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 04916700 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 04916700 core:PlantMachinery 2022-12-31 04916700 core:FurnitureFittingsToolsEquipment 2022-12-31 04916700 core:MotorVehicles 2022-12-31 04916700 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 04916700 core:PlantMachinery 2023-12-31 04916700 core:FurnitureFittingsToolsEquipment 2023-12-31 04916700 core:MotorVehicles 2023-12-31 04916700 core:WithinOneYear 2023-12-31 04916700 core:WithinOneYear 2022-12-31 04916700 core:AfterOneYear 2023-12-31 04916700 core:AfterOneYear 2022-12-31 04916700 core:ShareCapital 2023-12-31 04916700 core:ShareCapital 2022-12-31 04916700 core:RetainedEarningsAccumulatedLosses 2023-12-31 04916700 core:RetainedEarningsAccumulatedLosses 2022-12-31 04916700 core:BetweenOneFiveYears 2023-12-31 04916700 core:BetweenOneFiveYears 2022-12-31 04916700 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 04916700 core:PlantMachinery 2022-12-31 04916700 core:FurnitureFittingsToolsEquipment 2022-12-31 04916700 core:MotorVehicles 2022-12-31 04916700 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-12-31 04916700 core:LeasedAssetsHeldAsLessee 2023-12-31 04916700 core:LeasedAssetsHeldAsLessee core:PlantMachinery 2022-12-31 04916700 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-12-31 04916700 core:LeasedAssetsHeldAsLessee 2022-12-31 04916700 bus:SmallEntities 2023-01-01 2023-12-31 04916700 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 04916700 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 04916700 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 04916700 bus:FullAccounts 2023-01-01 2023-12-31 04916700 bus:OrdinaryShareClass1 2023-12-31 04916700 bus:OrdinaryShareClass1 2022-12-31 04916700 core:ComputerEquipment 2023-01-01 2023-12-31 04916700 core:ComputerEquipment 2022-12-31 04916700 core:ComputerEquipment 2023-12-31
COMPANY REGISTRATION NUMBER: 04916700
REVO DEVELOPMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
REVO DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
375,485
437,749
Current assets
Stocks
598,201
1,078,790
Debtors
7
739,699
711,163
Cash at bank and in hand
30,445
55,241
------------
------------
1,368,345
1,845,194
Creditors: amounts falling due within one year
8
1,436,673
1,437,506
------------
------------
Net current (liabilities)/assets
( 68,328)
407,688
---------
---------
Total assets less current liabilities
307,157
845,437
Creditors: amounts falling due after more than one year
9
202,566
154,917
Provisions
( 254,928)
31,953
---------
---------
Net assets
359,519
658,567
---------
---------
Capital and reserves
Called up share capital
10
100
100
Profit and loss account
359,419
658,467
---------
---------
Shareholders funds
359,519
658,567
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
REVO DEVELOPMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 4 September 2024 , and are signed on behalf of the board by:
Mr M D Yates
Director
Company registration number: 04916700
REVO DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 37 Lanchester Way, Royal Oak Industrial Estate, Daventry, Northamptonshire, NN11 8PH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Copyright
-
50% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property
-
20% straight line
Workshop equipment
-
25% straight line
Office furniture and equipment
-
25% straight line
Motor vehicles
-
25% straight line
Computer equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 21 (2022: 27 ).
5. Intangible assets
Development costs
£
Cost
At 1 January 2023 and 31 December 2023
154,472
---------
Amortisation
At 1 January 2023 and 31 December 2023
154,472
---------
Carrying amount
At 31 December 2023
---------
At 31 December 2022
---------
6. Tangible assets
Long leasehold property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Exhibition & computer equipment
Total
£
£
£
£
£
£
Cost
At 1 Jan 2023
444,651
165,776
192,584
394,914
188,218
1,386,143
Additions
6,342
115,745
880
122,967
Disposals
( 206,277)
( 206,277)
---------
---------
---------
---------
---------
------------
At 31 Dec 2023
444,651
172,118
192,584
304,382
189,098
1,302,833
---------
---------
---------
---------
---------
------------
Depreciation
At 1 Jan 2023
228,536
153,611
135,395
247,881
182,971
948,394
Charge for the year
18,611
9,765
14,957
68,805
4,627
116,765
Disposals
( 137,811)
( 137,811)
---------
---------
---------
---------
---------
------------
At 31 Dec 2023
247,147
163,376
150,352
178,875
187,598
927,348
---------
---------
---------
---------
---------
------------
Carrying amount
At 31 Dec 2023
197,504
8,742
42,232
125,507
1,500
375,485
---------
---------
---------
---------
---------
------------
At 31 Dec 2022
216,115
12,165
57,189
147,033
5,247
437,749
---------
---------
---------
---------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Plant and machinery
Motor vehicles
Total
£
£
£
At 31 December 2023
114,839
114,839
----
---------
---------
At 31 December 2022
8,039
63,221
71,260
-------
---------
---------
7. Debtors
2023
2022
£
£
Trade debtors
291,583
241,629
Amounts owed by group undertakings and undertakings in which the company has a participating interest
79,159
84,622
Other debtors
368,957
384,912
---------
---------
739,699
711,163
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
8,443
6,037
Trade creditors
522,406
550,843
Social security and other taxes
62,496
60,262
Other creditors
843,328
820,364
------------
------------
1,436,673
1,437,506
------------
------------
Within other creditors is an amount of £15,410 (2022 £15,608) in relation to hire purchase contracts. The debt is secured on the asset hired.
The bank loan is secured by way of a charge over the leasehold property
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
100,945
106,164
Other creditors
101,621
48,753
---------
---------
202,566
154,917
---------
---------
Within other creditors is an amount of £101,621 (2022 £48,753) in relation to hire purchase contracts. The debt is secured on the asset hired.
The bank loan is secured by way of a charge over the leasehold property
Included within creditors: amounts falling due after more than one year is an amount of £70,307 (2022: £73,545) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The loan is repayable over 15 years at an interest rate of 2.57% above base rate
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
143,598
143,160
Later than 1 year and not later than 5 years
351,582
489,633
---------
---------
495,180
632,793
---------
---------