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Company registration number: 01976165
Revegate Aberystwyth Ltd
Unaudited filleted abridged financial statements
30 April 2024
Revegate Aberystwyth Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Revegate Aberystwyth Ltd
Directors and other information
Directors Mr Terry Krell
Mr Ethan Krell
Company number 01976165
Registered office 2nd Floor
1 City Road East
Manchester
M15 4PN
Business address The Royal Pier
Marine Terrace
Aberystwyth
Ceredigion
SY23 2AZ
Accountants Davies Lewis Baker
31 Bridge Street
Aberystwyth
Ceredigion
SY23 1QB
Revegate Aberystwyth Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Revegate Aberystwyth Ltd
Year ended 30 April 2024
28 January 2025
This page has intentionally been left blank
Revegate Aberystwyth Ltd
Abridged statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 347,417 327,549
_______ _______
347,417 327,549
Current assets
Stocks 34,362 42,736
Debtors 1,249,619 1,019,454
Cash at bank and in hand 365,878 504,660
_______ _______
1,649,859 1,566,850
Creditors: amounts falling due
within one year 7 ( 471,832) ( 782,146)
_______ _______
Net current assets 1,178,027 784,704
_______ _______
Total assets less current liabilities 1,525,444 1,112,253
Provisions for liabilities 8 ( 65,945) ( 58,761)
_______ _______
Net assets 1,459,499 1,053,492
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 1,459,399 1,053,392
_______ _______
Shareholders funds 1,459,499 1,053,492
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the current year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 28 January 2025 , and are signed on behalf of the board by:
Mr Terry Krell
Director
Company registration number: 01976165
Revegate Aberystwyth Ltd
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Revegate Aberystwyth Ltd, 2nd Floor, 1 City Road East, Manchester, M15 4PN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the exemption from preparing consolidated financial statements contained in Section 400 of the Companies Act 2006 on the basis that it is a subsidiary undertaking and its immediate parent undertaking is established under the law of any part of the United Kingdom.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 20 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Arcade machines - 25 % straight line
General equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 104 (2023: 101 ).
5. Intangible assets
£
Cost
At 1 May 2023 and 30 April 2024 50,770
_______
Amortisation
At 1 May 2023 and 30 April 2024 50,770
_______
Carrying amount
At 30 April 2024 -
_______
At 30 April 2023 -
_______
6. Tangible assets
£
Cost
At 1 May 2023 1,089,719
Additions 138,344
_______
At 30 April 2024 1,228,063
_______
Depreciation
At 1 May 2023 762,170
Charge for the year 118,476
_______
At 30 April 2024 880,646
_______
Carrying amount
At 30 April 2024 347,417
_______
At 30 April 2023 327,549
_______
7. Creditors: amounts falling due within one year
£112,000 is owed to group undertakings. There are no fixed terms of repayment and no interest is charged.
8. Provisions
Deferred tax (note 9) Total
£ £
At 1 May 2023 58,761 58,761
Additions 7,184 7,184
_______ _______
At 30 April 2024 65,945 65,945
_______ _______
9. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2024 2023
£ £
Included in provisions (note 8) 65,945 58,761
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2024 2023
£ £
Accelerated capital allowances 7,184 44,658
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Terry Krell - 31,274 31,274
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Terry Krell - - -
_______ _______ _______
The balance on the directors loan account was repaid within 9 months of the year end.
11. Related party transactions
Revegate Aberystwyth Ltd is a subsiduary of Revegate Limited , 2nd Floor, 1 City Road East, Manchester, M15 4PN.The company occupies premises owned by a pension fund of which the Director is a member.
12. Controlling party
Revegate Aberystwyth Ltd is a wholly owned subsiduary of Revegate Limited. The controlling party of both companies is the director, Mr TM Krell .