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REGISTERED NUMBER: 12410288 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 January 2023

for

Of Rev Advance One Limited

Of Rev Advance One Limited (Registered number: 12410288)






Contents of the Financial Statements
for the year ended 31 January 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Of Rev Advance One Limited

Company Information
for the year ended 31 January 2023







DIRECTORS: Mr D V Lipinski
Mr J Auty
Mr A Lin





REGISTERED OFFICE: 71-75 Shelton Street
Covent Garden
London
England
WC2H9JQ





REGISTERED NUMBER: 12410288 (England and Wales)






Of Rev Advance One Limited (Registered number: 12410288)

Statement of Financial Position
31 January 2023

2023 2022
Notes £ £
CURRENT ASSETS
Debtors 5 1,385,700 541,251

CREDITORS
Amounts falling due within one year 6 (1,381,631 ) (530,866 )
NET CURRENT ASSETS 4,069 10,385
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,069

10,385

PROVISIONS FOR LIABILITIES (4,068 ) (10,384 )
NET ASSETS 1 1

CAPITAL AND RESERVES
Called up share capital 7 1 1
SHAREHOLDERS' FUNDS 1 1

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

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

The directors acknowledge their 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 Board of Directors and authorised for issue on 16 October 2024 and were signed on its behalf by:





Mr D V Lipinski - Director


Of Rev Advance One Limited (Registered number: 12410288)

Notes to the Financial Statements
for the year ended 31 January 2023

1. STATUTORY INFORMATION

Of Rev Advance One Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates if necessary. It also requires management to exercise judgement in applying the company accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Of Rev Advance One Limited (Registered number: 12410288)

Notes to the Financial Statements - continued
for the year ended 31 January 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement consitutes a financing transaction, where the transaction is measured at the present value if the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of 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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditor are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently at amortised cost using the effective interest method.

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 statement of financial position date.


Of Rev Advance One Limited (Registered number: 12410288)

Notes to the Financial Statements - continued
for the year ended 31 January 2023

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

4. EMPLOYEES AND DIRECTORS

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Amounts owed by group undertakings 1,116,592 821
Other debtors 269,108 540,430
1,385,700 541,251

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Bank loans and overdrafts 32 32
Amounts owed to group undertakings 1,041,445 394,709
Other creditors 340,154 136,125
1,381,631 530,866

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
10,000 Ordinary £0.0001 1 1

8. RELATED PARTY DISCLOSURES

At the balance sheet date a total of £1,041,445 (2022: £394,709) was payable to the parent company MTL Financial Ltd.

At the balance sheet date a total of £1,116,592 (2022: £824) was due from Of Rev Advance USA Inc., who is a subsidiary of MTL Financial Ltd.

9. PARENT COMPANY

The controlling party is MTL Financial Ltd.