IRIS Accounts Production v24.1.4.33 SC641753 director 1.1.23 31.12.23 31.12.23 false true false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC6417532022-12-31SC6417532023-12-31SC6417532023-01-012023-12-31SC6417532021-12-31SC6417532022-01-012022-12-31SC6417532022-12-31SC641753ns15:Scotland2023-01-012023-12-31SC641753ns14:PoundSterling2023-01-012023-12-31SC641753ns10:Director12023-01-012023-12-31SC641753ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC641753ns10:SmallEntities2023-01-012023-12-31SC641753ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC641753ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC641753ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC641753ns10:FullAccounts2023-01-012023-12-31SC641753ns10:OrdinaryShareClass12023-01-012023-12-31SC641753ns10:RegisteredOffice2023-01-012023-12-31SC641753ns5:CurrentFinancialInstruments2023-12-31SC641753ns5:CurrentFinancialInstruments2022-12-31SC641753ns5:Non-currentFinancialInstruments2023-12-31SC641753ns5:Non-currentFinancialInstruments2022-12-31SC641753ns5:ShareCapital2023-12-31SC641753ns5:ShareCapital2022-12-31SC641753ns5:SharePremium2023-12-31SC641753ns5:SharePremium2022-12-31SC641753ns5:FurtherSpecificReserve1ComponentTotalEquity2023-12-31SC641753ns5:FurtherSpecificReserve1ComponentTotalEquity2022-12-31SC641753ns5:RetainedEarningsAccumulatedLosses2023-12-31SC641753ns5:RetainedEarningsAccumulatedLosses2022-12-31SC641753ns5:FurnitureFittings2023-01-012023-12-31SC641753ns5:FurnitureFittings2022-12-31SC641753ns5:FurnitureFittings2023-12-31SC641753ns5:FurnitureFittings2022-12-31SC641753ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC641753ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC641753ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: SC641753 (Scotland)












Financial Statements

for the Year Ended 31 December 2023

for

Revo Commercial Limited

Revo Commercial Limited (Registered number: SC641753)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Revo Commercial Limited

Company Information
for the Year Ended 31 December 2023







DIRECTOR: G Fisher





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC641753 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Revo Commercial Limited (Registered number: SC641753)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,182 6,096
Investment property 5 2,402,140 2,655,336
2,407,322 2,661,432

CURRENT ASSETS
Stocks 25,076 -
Debtors 6 4,879 7,362
Cash at bank 54,440 21,890
84,395 29,252
CREDITORS
Amounts falling due within one year 7 217,382 244,917
NET CURRENT LIABILITIES (132,987 ) (215,665 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,274,335

2,445,767

CREDITORS
Amounts falling due after more than one year 8 (1,614,459 ) (1,874,950 )

PROVISIONS FOR LIABILITIES (17,973 ) (6,515 )
NET ASSETS 641,903 564,302

Revo Commercial Limited (Registered number: SC641753)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 198 198
Share premium 584,426 584,426
Investment Property
revaluation reserve 61,961 61,961
Retained earnings (4,682 ) (82,283 )
SHAREHOLDERS' FUNDS 641,903 564,302

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 September 2024 and were signed by:





G Fisher - Director


Revo Commercial Limited (Registered number: SC641753)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Revo Commercial Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

During the period, the Company acquired a property letting business owned by the Director. The Company assumed beneficial ownership of property assets with a market value of £2,655,336 and responsibility for mortgage debt totalling £1,614,459.73. In consideration for the purchase and net equity in the property assets, being £1,059,598.94, the Company issued 9,840 Ordinary shares at a par value of £0.01 to the Director.

Inventories
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 Income Statement, 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.


Revo Commercial Limited (Registered number: SC641753)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 January 2023
and 31 December 2023 7,483
DEPRECIATION
At 1 January 2023 1,387
Charge for year 914
At 31 December 2023 2,301
NET BOOK VALUE
At 31 December 2023 5,182
At 31 December 2022 6,096

Revo Commercial Limited (Registered number: SC641753)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 2,655,336
Additions 36,031
Disposals (409,721 )
Revaluations 120,494
At 31 December 2023 2,402,140
NET BOOK VALUE
At 31 December 2023 2,402,140
At 31 December 2022 2,655,336

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2020 7,500
Valuation in 2021 67,832
Valuation in 2022 2,457,365
Valuation in 2023 (251,050 )
2,281,647

** TOTAL SHOWN ON CLIENT SCREEN - REVALUATION ANALYSIS - DOES NOT AGREE TO TOTAL OF FIXED ASSET 'COST' ACCOUNT HELD AT END OF YEAR IN RESPECT OF
INVESTMENT PROPERTY

'COST' ACCOUNT TOTAL
Cost/valuation b/f 2,655,336
Additions 36,031
Disposals (409,721 )
Revaluations 120,494
2,402,140

CLIENT SCREEN TOTAL = 2,281,647


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 3,820 5,546
Other debtors 1,059 1,816
4,879 7,362

Revo Commercial Limited (Registered number: SC641753)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 22,580 22,580
Inter-co loan - Revo-IT Ltd 133,798 176,323
Trade creditors 27,444 12,411
Other creditors 33,560 33,603
217,382 244,917

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,614,459 1,874,950

9. SECURED DEBTS

The Royal Bank of Scotland and Shawbrook Bank hold standard securities and bond & floating charges over the assets of the company.

10. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
100 Share capital 1 £1 198 198

During the year to 31st December 2022, the Company acquired a property letting business owned by the Director. The Company assumed beneficial ownership of property assets with a market value of £2,245,000 and responsibility for mortgage debt totalling £1,660,475.61. In consideration for the purchase and net equity in the property assets, being £584,425.99, the Company issued 9,840 Ordinary shares at a par value of £0.01 to the Director.