Registered number
06457487
Revive! Auto Innovations (Cambridge) Limited
Unaudited Filleted Accounts
30 June 2024
Revive! Auto Innovations (Cambridge) Limited
Registered number: 06457487
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 405,509 315,256
Current assets
Stocks 95,570 98,815
Debtors 5 465,755 264,358
Cash at bank and in hand 27,465 24,163
588,790 387,336
Creditors: amounts falling due within one year 6 (430,996) (334,908)
Net current assets 157,794 52,428
Total assets less current liabilities 563,303 367,684
Creditors: amounts falling due after more than one year 7 (396,118) (251,456)
Provisions for liabilities (90,786) (70,096)
Net assets 76,399 46,132
Capital and reserves
Called up share capital 400 400
Profit and loss account 75,999 45,732
Shareholders' funds 76,399 46,132
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
N R Holmes
Director
Approved by the board on 3 October 2024
Revive! Auto Innovations (Cambridge) Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 7 years
Motor Vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 23 17
3 Intangible fixed assets Goodwill
£
Cost
At 1 July 2023 61,080
At 30 June 2024 61,080
Amortisation
At 1 July 2023 61,080
At 30 June 2024 61,080
Net book value
At 30 June 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2023 41,252 276,875 300,322 618,449
Additions 44,241 83,385 51,922 179,548
Disposals - - (10,250) (10,250)
At 30 June 2024 85,493 360,260 341,994 787,747
Depreciation
At 1 July 2023 17,308 105,649 180,236 303,193
Charge for the year 15,889 40,205 25,706 81,800
On disposals - - (2,755) (2,755)
At 30 June 2024 33,197 145,854 203,187 382,238
Net book value
At 30 June 2024 52,296 214,406 138,807 405,509
At 30 June 2023 23,944 171,226 120,086 315,256
5 Debtors 2024 2023
£ £
Trade debtors 277,533 250,428
Other debtors 188,222 13,930
465,755 264,358
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 50,683 17,522
Obligations under finance lease and hire purchase contracts 85,235 72,650
Trade creditors 104,512 68,560
Taxation and social security costs 126,140 108,209
Other creditors 64,426 67,967
430,996 334,908
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 148,087 20,833
Obligations under finance lease and hire purchase contracts 192,941 153,001
Other creditors 55,090 77,622
396,118 251,456
8 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 238,753 291,809
9 Other information
Revive! Auto Innovations (Cambridge) Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Glenmore Business Park
Ely Road
Waterbeach
Cambs
CB25 9FX
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