IRIS Accounts Production v24.1.4.33 SC239888 director 1.1.23 31.12.23 31.12.23 false true false false false true false Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2398882022-12-31SC2398882023-12-31SC2398882023-01-012023-12-31SC2398882021-12-31SC2398882022-01-012022-12-31SC2398882022-12-31SC239888ns15:Scotland2023-01-012023-12-31SC239888ns14:PoundSterling2023-01-012023-12-31SC239888ns10:Director12023-01-012023-12-31SC239888ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC239888ns10:SmallEntities2023-01-012023-12-31SC239888ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC239888ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC239888ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC239888ns10:FullAccounts2023-01-012023-12-31SC23988812023-01-012023-12-31SC239888ns10:OrdinaryShareClass12023-01-012023-12-31SC239888ns10:RegisteredOffice2023-01-012023-12-31SC239888ns5:CurrentFinancialInstruments2023-12-31SC239888ns5:CurrentFinancialInstruments2022-12-31SC239888ns5:Non-currentFinancialInstruments2023-12-31SC239888ns5:Non-currentFinancialInstruments2022-12-31SC239888ns5:ShareCapital2023-12-31SC239888ns5:ShareCapital2022-12-31SC239888ns5:RetainedEarningsAccumulatedLosses2023-12-31SC239888ns5:RetainedEarningsAccumulatedLosses2022-12-31SC239888ns5:NetGoodwill2023-01-012023-12-31SC239888ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC239888ns5:LeaseholdImprovements2023-01-012023-12-31SC239888ns5:FurnitureFittings2023-01-012023-12-31SC239888ns5:ComputerEquipment2023-01-012023-12-31SC239888ns5:NetGoodwill2022-12-31SC239888ns5:NetGoodwill2023-12-31SC239888ns5:NetGoodwill2022-12-31SC239888ns5:LeaseholdImprovements2022-12-31SC239888ns5:FurnitureFittings2022-12-31SC239888ns5:ComputerEquipment2022-12-31SC239888ns5:LeaseholdImprovements2023-12-31SC239888ns5:FurnitureFittings2023-12-31SC239888ns5:ComputerEquipment2023-12-31SC239888ns5:LeaseholdImprovements2022-12-31SC239888ns5:FurnitureFittings2022-12-31SC239888ns5:ComputerEquipment2022-12-31SC239888ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC239888ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC239888ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: SC239888 (Scotland)












Financial Statements

for the Year Ended 31 December 2023

for

Revo-IT Limited

Revo-IT Limited (Registered number: SC239888)






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-IT 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: SC239888 (Scotland)





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

Revo-IT Limited (Registered number: SC239888)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Property, plant and equipment 5 4,205 6,355
Investment property 6 143,925 -
148,130 6,355

CURRENT ASSETS
Inventories 3,000 3,000
Debtors 7 311,388 373,061
Cash at bank 61,465 38,046
375,853 414,107
CREDITORS
Amounts falling due within one year 8 271,348 212,858
NET CURRENT ASSETS 104,505 201,249
TOTAL ASSETS LESS CURRENT
LIABILITIES

252,635

207,604

CREDITORS
Amounts falling due after more than one year 9 (141,379 ) (85,092 )

PROVISIONS FOR LIABILITIES (1,052 ) (1,589 )
NET ASSETS 110,204 120,923

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 110,104 120,823
SHAREHOLDERS' FUNDS 110,204 120,923

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.

Revo-IT Limited (Registered number: SC239888)

Balance Sheet - continued
31 December 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 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-IT Limited (Registered number: SC239888)

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

1. STATUTORY INFORMATION

Revo-IT 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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

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
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.
Leasehold improvements - Evenly over the estimated life of assets
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

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.

Inventories
Inventories 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-IT Limited (Registered number: SC239888)

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 10,000
AMORTISATION
At 1 January 2023
and 31 December 2023 10,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Revo-IT Limited (Registered number: SC239888)

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

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Leasehold and Computer
improvements fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 2,352 13,870 7,601 23,823
DEPRECIATION
At 1 January 2023 1,529 9,931 6,008 17,468
Charge for year 706 591 853 2,150
At 31 December 2023 2,235 10,522 6,861 19,618
NET BOOK VALUE
At 31 December 2023 117 3,348 740 4,205
At 31 December 2022 823 3,939 1,593 6,355

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
Additions 143,925
At 31 December 2023 143,925
NET BOOK VALUE
At 31 December 2023 143,925

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 87,763 74,589
Other debtors 223,625 298,472
311,388 373,061

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 98,356 68,107
Trade creditors 45,955 38,126
Taxation and social security 101,798 82,700
Other creditors 25,239 23,925
271,348 212,858

Revo-IT Limited (Registered number: SC239888)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 138,671 81,765
Other creditors 2,708 3,327
141,379 85,092

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 100 100