Acorah Software Products - Accounts Production 16.1.200 false true 31 August 2023 1 September 2022 false 1 September 2023 31 August 2024 31 August 2024 07725229 Mr Kelechi Amadi Mr John Cass iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07725229 2023-08-31 07725229 2024-08-31 07725229 2023-09-01 2024-08-31 07725229 frs-core:CurrentFinancialInstruments 2024-08-31 07725229 frs-core:Non-currentFinancialInstruments 2024-08-31 07725229 frs-core:ComputerEquipment 2024-08-31 07725229 frs-core:ComputerEquipment 2023-09-01 2024-08-31 07725229 frs-core:ComputerEquipment 2023-08-31 07725229 frs-core:FurnitureFittings 2024-08-31 07725229 frs-core:FurnitureFittings 2023-09-01 2024-08-31 07725229 frs-core:FurnitureFittings 2023-08-31 07725229 frs-core:ShareCapital 2024-08-31 07725229 frs-core:RetainedEarningsAccumulatedLosses 2024-08-31 07725229 frs-bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 07725229 frs-bus:FilletedAccounts 2023-09-01 2024-08-31 07725229 frs-bus:SmallEntities 2023-09-01 2024-08-31 07725229 frs-bus:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 07725229 frs-bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 07725229 frs-bus:OrdinaryShareClass2 2023-09-01 2024-08-31 07725229 frs-bus:OrdinaryShareClass2 2024-08-31 07725229 frs-bus:OrdinaryShareClass3 2023-09-01 2024-08-31 07725229 frs-bus:OrdinaryShareClass3 2024-08-31 07725229 frs-bus:Director1 2023-09-01 2024-08-31 07725229 frs-bus:Director2 2023-09-01 2024-08-31 07725229 frs-countries:EnglandWales 2023-09-01 2024-08-31 07725229 2022-08-31 07725229 2023-08-31 07725229 2022-09-01 2023-08-31 07725229 frs-core:CurrentFinancialInstruments 2023-08-31 07725229 frs-core:Non-currentFinancialInstruments 2023-08-31 07725229 frs-core:ShareCapital 2023-08-31 07725229 frs-core:RetainedEarningsAccumulatedLosses 2023-08-31 07725229 frs-bus:OrdinaryShareClass2 2022-09-01 2023-08-31 07725229 frs-bus:OrdinaryShareClass3 2022-09-01 2023-08-31
Registered number: 07725229
Revel Innovation Ltd
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07725229
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,019 6,228
5,019 6,228
CURRENT ASSETS
Debtors 5 48,268 57,699
Cash at bank and in hand 3,390 12,642
51,658 70,341
Creditors: Amounts Falling Due Within One Year 6 (51,634 ) (68,169 )
NET CURRENT ASSETS (LIABILITIES) 24 2,172
TOTAL ASSETS LESS CURRENT LIABILITIES 5,043 8,400
Creditors: Amounts Falling Due After More Than One Year 7 (2,666 ) (6,351 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (953 ) (1,183 )
NET ASSETS 1,424 866
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account 1,324 766
SHAREHOLDERS' FUNDS 1,424 866
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For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr John Cass
Director
7th January 2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Revel Innovation Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07725229 . The registered office is 82 Wandsworth Bridge Road, London, SW6 2TF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 rendering of services. Turnover is reduced for estimated customer rebates and other similar allowances.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% Reducing balance
Computer Equipment 25% Reducing balance
2.4. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.7. Research and Development
Expenditure on research and development is written off in the year it is incurred.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 3 2
3 2
4. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 September 2023 6,467 15,004 21,471
Additions - 583 583
Disposals - (183 ) (183 )
As at 31 August 2024 6,467 15,404 21,871
Depreciation
As at 1 September 2023 6,059 9,184 15,243
Provided during the period 102 1,574 1,676
Disposals - (67 ) (67 )
As at 31 August 2024 6,161 10,691 16,852
Net Book Value
As at 31 August 2024 306 4,713 5,019
As at 1 September 2023 408 5,820 6,228
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 41,268 34,468
Prepayments and accrued income 7,000 12,000
Other debtors - 11,231
48,268 57,699
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6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Bank loans and overdrafts 3,712 3,620
Corporation tax 5,369 4,861
Other taxes and social security 14,288 14,066
Other creditors 74 -
Accruals and deferred income 4,831 5,721
Directors' loan accounts 23,360 39,901
51,634 68,169
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,666 6,351
8. Share Capital
2024 2023
Allotted, called up and fully paid £ £
90 Ordinary A shares of £ 1.000 each 90 90
10 Ordinary B shares of £ 1.000 each 10 10
100 100
9. Related Party Transactions
Smallholdr LtdDirectors & shareholdersMr Cass and Mr Amadi are directors and shareholders of Smallholdr Ltd. During the year Revel Innovation Ltd provided services to Smallholdr Ltd totalling £43,000 (2023: £76,886). At the end of the period the amount owed to Revel Innovation Ltd by Smallholdr Ltd was £29,600 (2023: £18,000)

Smallholdr Ltd

Directors & shareholders

Mr Cass and Mr Amadi are directors and shareholders of Smallholdr Ltd. During the year Revel Innovation Ltd provided services to Smallholdr Ltd totalling £43,000 (2023: £76,886). At the end of the period the amount owed to Revel Innovation Ltd by Smallholdr Ltd was £29,600 (2023: £18,000)

DirectorsThe directors have a credit loan balance with the company which is lent on an unsecured, interest free basis and is repayable on demand. At the year end the balance owed to the directors amounted to £23,360 (2023: £39,901).

Directors

The directors have a credit loan balance with the company which is lent on an unsecured, interest free basis and is repayable on demand. At the year end the balance owed to the directors amounted to £23,360 (2023: £39,901).

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