Registered number
10040428
JR Revell Ltd
Filleted Accounts
31 March 2024
JR Revell Ltd
Registered number: 10040428
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 49,242 41,373
Current assets
Stocks 47,833 22,922
Debtors 4 174,875 17,789
Cash at bank and in hand 47,609 201,411
270,317 242,122
Creditors: amounts falling due within one year 5 (125,150) (110,926)
Net current assets 145,167 131,196
Total assets less current liabilities 194,409 172,569
Creditors: amounts falling due after more than one year 6 (8,109) (12,532)
Provisions for liabilities (12,312) (10,344)
Net assets 173,988 149,693
Capital and reserves
Share premium 10 10
Profit and loss account 173,978 149,683
Shareholder's funds 173,988 149,693
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Jamie Revell
Director
Approved by the board on 1 October 2024
JR Revell Ltd
Notes to the Accounts
for the year ended 31 March 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.
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:
Plant and machinery 25% Reducing balance
Office equipment & IT 50% Reducing balance
Motor Vehicles 50% Reducing balance
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.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
3 Tangible fixed assets
Motor Vehicles Plant and machinery etc Office equipment Total
£ £ £ £
Cost
At 1 April 2023 59,792 31,005 640 91,437
Additions 33,333 10,026 - 43,359
At 31 March 2024 93,125 41,031 640 134,796
Depreciation
At 1 April 2023 35,909 13,519 636 50,064
Charge for the year 28,608 6,878 4 35,490
At 31 March 2024 64,517 20,397 640 85,554
Net book value
At 31 March 2024 28,608 20,634 - 49,242
At 31 March 2023 23,883 17,486 4 41,373
4 Debtors 2024 2023
£ £
Trade debtors 174,875 14,917
Other debtors - 2,872
174,875 17,789
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 4,423 4,423
Trade creditors 27,425 50,755
Corporation tax 4,981 9,918
Other taxes and social security costs 55,677 36,782
Other creditors 32,644 9,048
125,150 110,926
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 8,109 12,532
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 44,333 42,242
8 Other information
JR Revell Ltd is a private company limited by shares and incorporated in England. Its registered office is:
30 The Glebe
Purleigh
Chelmsford
Essex
CM3 6PB
JR Revell Ltd 10040428 false 2023-04-01 2024-03-31 2024-03-31 VT Final Accounts July 2024 Jamie Revell No description of principal activity 10040428 2022-04-01 2023-03-31 10040428 core:WithinOneYear 2023-03-31 10040428 core:AfterOneYear 2023-03-31 10040428 core:SharePremium 2023-03-31 10040428 core:RetainedEarningsAccumulatedLosses 2023-03-31 10040428 core:AllPeriods 2023-03-31 10040428 2023-04-01 2024-03-31 10040428 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 10040428 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 10040428 bus:Director40 2023-04-01 2024-03-31 10040428 1 2023-04-01 2024-03-31 10040428 2 2023-04-01 2024-03-31 10040428 core:LandBuildings 2023-04-01 2024-03-31 10040428 core:PlantMachinery 2023-04-01 2024-03-31 10040428 core:Vehicles 2023-04-01 2024-03-31 10040428 countries:England 2023-04-01 2024-03-31 10040428 bus:FRS102 2023-04-01 2024-03-31 10040428 bus:FilletedAccounts 2023-04-01 2024-03-31 10040428 2024-03-31 10040428 core:WithinOneYear 2024-03-31 10040428 core:AfterOneYear 2024-03-31 10040428 core:SharePremium 2024-03-31 10040428 core:RetainedEarningsAccumulatedLosses 2024-03-31 10040428 core:LandBuildings 2024-03-31 10040428 core:PlantMachinery 2024-03-31 10040428 core:Vehicles 2024-03-31 10040428 core:AllPeriods 2024-03-31 10040428 2023-03-31 10040428 core:LandBuildings 2023-03-31 10040428 core:PlantMachinery 2023-03-31 10040428 core:Vehicles 2023-03-31 iso4217:GBP xbrli:pure