Registered number
09886827
Revive Property Limited
Filleted Abridged Accounts
31 March 2024
Revive Property Limited
Registered number: 09886827
Abridged Balance Sheet
as at 31 March 2024
2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 3 1,756,568 1,756,568
Current assets
Debtors 6 85,625 243,485
Cash at bank and in hand 113,243 59,074
198,868 302,559
Creditors: amounts falling due within one year (26,266) (114,129)
Net current assets 172,602 188,430
Total assets less current liabilities 1,929,170 1,944,998
Creditors: amounts falling due after more than one year (1,554,941) (1,610,878)
Provisions for liabilities 5 (140,803) (140,803)
Net assets 233,426 193,317
Capital and reserves
Called up share capital 100 100
Fair value reserve 5 422,409 422,409
Profit and loss account (189,083) (229,192)
Shareholders' funds 233,426 193,317
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.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A) of the Companies Act 2006.
M Lakhani
Director
Approved by the board on 31 October 2024
Revive Property Limited
Notes to the Abridged Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The abridged 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 consists of rents receivable.
Tangible fixed assets
Freehold residential properties are stated at fair value as determined by the Directors based on their knowledge of the market as it prevailed at the balance-sheet date. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Costs of freehold residential properties includes expenditure incurred following purchase to the extent that it is considered essential to bring the property to be classed as fit for habitation. When such expenditure is incurred on properties which are purchased in a habitable state, these are treated as revenue costs.
Depreciation is provided on all tangible fixed assets, other than freehold land and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land & buildings No depreciation
Office equipment over 3 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets Total
£
Cost
At 1 April 2023 1,758,166
At 31 March 2024 1,758,166
Depreciation
At 1 April 2023 1,598
At 31 March 2024 1,598
Net book value
At 31 March 2024 1,756,568
At 31 March 2023 1,756,568
Land and buildings are stated at fair value as at the balance-sheet date and as determined by the Directors in October 2021. The fair value of the properties held as at 31 March 2024 are considered to have remained materially unchanged in the intervening period.
4 Loans 2024 2023
£ £
Secured mortgage-lender loans 1,258,575 1,258,575
The Company has given fixed charges over its assets in order to secure lending facilities.
The Directors have given personal guarantees in order to secure lending facilities.
5 Fair value reserve
Gains on revaluations Deferred tax provision Gain net of tax provision
At 1 April 2023 563,212 140,803 422,409
Gains/losses this year - - -
At 31 March 2024 563,212 140,803 422,409
Deferred tax has been provided in respect of all revaluation amounts at an anticipated corporation tax rate of 25%. There is uncertainty whether any other losses will be available or eligible to reduce the incidence of deferred tax at the time when liability crystalises. Therefore any reduction which may be achieved in this liability at the time of a disposal is to be recognised in that future accounting period when such benefit would be more reliably quantified.
6 Related party transactions
The Directors have made loans to the Company. There are no fixed terms for repayment or for the payment of interest. The balance as at the year end was £13,008 (2023 £149,451).
MML Bisley Ltd (MMLB) was a UK registered Company in which M Lakhani had a controlling interest. The Company had extended loan amounts which together with interest charges had stood at £132,187 during the year. By the balance sheet date of 31 January 2024, MMBL had settled the balance in full.
Revive Bowburn Ltd (RB) is a UK registered Company in which the Directors have a controlling interest. The Company has extended loans to RB. There are no fixed terms of repayment. Interest is payable at the rate of 12% pa at the time when RB repays the loans. At the balance sheet date, the loan amount and the accrued interest amounting to £69,963 remains due to the Company.
Revive Group Holdings Ltd (RGH) is a UK registered Company in which the Directors have a controlling interest. The Company has extended loans to RGH. There are no fixed terms of repayment. Interest is payable at the rate of 12% pa at the time when RGH repays the loans. At the balance sheet date, the loan amount and the accrued interest amounting to £15,663 remains due to the Company.
7 Other information
Revive Property Limited is a private company limited by shares and incorporated in England. Its registered office is: 20 West Heath Road, Farnborough, Hampshire, UK GU14 8QH.
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