Company registration number 05211535 (England and Wales)
REVIVE! AUTO INNOVATIONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
REVIVE! AUTO INNOVATIONS LIMITED
COMPANY INFORMATION
Directors
Mr M Llewellyn
Mrs T Mullen
Mr DA Baxendale
Secretary
Mr M Llewellyn
Company number
05211535
Registered office
Chestnut Field House
Chestnut Field
Rugby
Warwickshire
United Kingdom
CV21 2PD
Auditor
Cottons Accountants LLP
Chestnut Field House
Chestnut Field
Rugby
Warwickshire
United Kingdom
CV21 2PD
Business address
5 Sparta Close
Midlands Trading Estate
Rugby
Warwickshire
CV21 1PS
REVIVE! AUTO INNOVATIONS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Profit and loss account
8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 32
REVIVE! AUTO INNOVATIONS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Purpose

Revive! Auto Innovations Limited (“Revive!”) continues to lead the UK Smart Repair market, providing cosmetic vehicle paintwork repairs through the largest national network of repairers. Our hybrid model of company-employed technicians and a thriving franchise network enables efficient nationwide distribution, underpinned by robust support structures that empower franchisees to meet their strategic goals and unlock growth opportunities.

Principal Activity

Revive! specialises in mobile car repairs, delivered through an extensive network of adapted vans operated by both franchisees and in-house technicians. Our model is supported by a number of strategically located static sites, enhancing operational flexibility and reach. The business is built around delivering exceptional mobile repair services, underpinned by a strong culture of support and technical expertise across the network.

Customer Groups

With more than 35 million cars on the UK roads, Revive! serves a broad and diverse customer base. Key segments include car dealerships, fleet management companies, insurance providers offering smart repair cover, and the general public. This diversity provides resilience and ensures a steady flow of opportunities across various channels.

Company Performance

The Directors are pleased to report a strong performance in 2024, with network sales increasing by approximately 13% compared to the previous year.

Despite a challenging UK economic backdrop, the automotive market has shown positive momentum. New car registrations rose by *2.6%, while the used car market grew by **5.5%. Against this environment, Revive! remained focused and aligned on its strategic objectives, with the strength of the brand and the stability of the network contributing significantly to sustained growth.

*source https://www.themanufacturer.com/articles/uk-new-car-market-records-second-successive-year-of-growth/

**source https://www.smmt.co.uk/demand-for-used-evs-rises-to-record-levels-as-second-hand-car-market-grows-in-2024/

 

Brand Highlights

 

Financial Highlights

REVIVE! AUTO INNOVATIONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal Risks and Uncertainties

While economic volatility, inflation, and global geopolitical events (such as the Ukraine conflict and potential U.S. tariffs) present macro-level uncertainties, Revive! is proactively monitoring these issues.

Changes in the UK automotive dealer landscape—driven by consolidation and international entrants—highlight the importance of agility and relationship management in our sales strategy.

Cybersecurity remains an area of focus. We have strengthened our defences through enhanced security protocols, multi-factor authentication, and continuous training initiatives to fortify our human firewall.

Outlook - The Revive! Vision

Revive! is well-capitalised with a healthy balance sheet and strong working capital management. Positive cashflow generation enables continued investment in strategic initiatives. As a recognised and respected brand, we remain in a prime position to grow market share and lead the sector.

Key focus areas include:

 

 

Conclusion
Revive! has delivered a successful year of growth, underpinned by strong financial performance, customer satisfaction, and franchise network stability. With a strong platform in place, the company is well-positioned to navigate challenges and capitalise on opportunities. We look forward to another year of accelerated growth and continued success in 2025 and beyond.

On behalf of the board

Mrs T Mullen
Director
22 August 2025
REVIVE! AUTO INNOVATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the company and group continued to be that of franchisor in the automobile paint repair industry.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £650,500. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Llewellyn
Mrs T Mullen
Mr DA Baxendale
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mrs T Mullen
Director
22 August 2025
REVIVE! AUTO INNOVATIONS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REVIVE! AUTO INNOVATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF REVIVE! AUTO INNOVATIONS LIMITED
- 5 -
Opinion

We have audited the financial statements of Revive! Auto Innovations Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

REVIVE! AUTO INNOVATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REVIVE! AUTO INNOVATIONS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

 

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of factual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- maintaining professional scepticism throughout the audit.

REVIVE! AUTO INNOVATIONS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF REVIVE! AUTO INNOVATIONS LIMITED
- 7 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- reading the minutes of meetings of those charged with governance;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.

 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters which we are required to address

In the previous accounting period the directors of the company took advantage of audit exemption under s.477 of the Companies Act 2006. Therefore the comparative figures are unaudited.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

David Ingram FCCA (Senior Statutory Auditor)
For and on behalf of Cottons Accountants LLP, Statutory Auditor
Chartered Accountants
Chestnut Field House
Chestnut Field
Rugby
Warwickshire
CV21 2PD
United Kingdom
22 August 2025
REVIVE! AUTO INNOVATIONS LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
13,087,649
11,893,438
Cost of sales
(7,390,194)
(6,682,575)
Gross profit
5,697,455
5,210,863
Administrative expenses
(4,402,238)
(4,101,191)
Other operating income
19,125
19,210
Operating profit
4
1,314,342
1,128,882
Interest receivable and similar income
7
41,789
47,003
Interest payable and similar expenses
8
(56,522)
(48,632)
Amounts written off investments
9
-
(100)
Profit before taxation
1,299,609
1,127,153
Tax on profit
10
(337,383)
(316,170)
Profit for the financial year
962,226
810,983
Profit for the financial year is all attributable to the owners of the parent company.
REVIVE! AUTO INNOVATIONS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
£
£
Profit for the year
962,226
810,983
Other comprehensive income
-
-
Total comprehensive income for the year
962,226
810,983
Total comprehensive income for the year is all attributable to the owners of the parent company.
REVIVE! AUTO INNOVATIONS LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
-
0
-
0
Tangible assets
13
1,326,631
1,291,058
1,326,631
1,291,058
Current assets
Stocks
16
144,871
142,011
Debtors
17
1,909,312
2,052,538
Cash at bank and in hand
1,637,174
1,404,186
3,691,357
3,598,735
Creditors: amounts falling due within one year
18
(1,807,052)
(1,912,247)
Net current assets
1,884,305
1,686,488
Total assets less current liabilities
3,210,936
2,977,546
Creditors: amounts falling due after more than one year
19
(477,471)
(570,312)
Provisions for liabilities
Deferred tax liability
21
319,243
304,738
(319,243)
(304,738)
Net assets
2,414,222
2,102,496
Capital and reserves
Called up share capital
23
290
290
Profit and loss reserves
2,413,932
2,102,206
Total equity
2,414,222
2,102,496

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 22 August 2025 and are signed on its behalf by:
22 August 2025
Mrs T Mullen
Director
Company registration number 05211535 (England and Wales)
REVIVE! AUTO INNOVATIONS LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
14
100
100
100
100
Current assets
Debtors
17
652,125
678,283
Cash at bank and in hand
272,310
323,176
924,435
1,001,459
Creditors: amounts falling due within one year
18
(7,969)
(208,856)
Net current assets
916,466
792,603
Net assets
916,566
792,703
Capital and reserves
Called up share capital
23
290
290
Profit and loss reserves
916,276
792,413
Total equity
916,566
792,703

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £774,363 (2023 - £787,213 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 22 August 2025 and are signed on its behalf by:
22 August 2025
Mrs T Mullen
Director
Company registration number 05211535 (England and Wales)
REVIVE! AUTO INNOVATIONS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
290
1,833,623
1,833,913
Year ended 31 December 2023:
Profit and total comprehensive income
-
810,983
810,983
Dividends
11
-
(542,400)
(542,400)
Balance at 31 December 2023
290
2,102,206
2,102,496
Year ended 31 December 2024:
Profit and total comprehensive income
-
962,226
962,226
Dividends
11
-
(650,500)
(650,500)
Balance at 31 December 2024
290
2,413,932
2,414,222
REVIVE! AUTO INNOVATIONS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2023
290
547,600
547,890
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
787,213
787,213
Dividends
11
-
(542,400)
(542,400)
Balance at 31 December 2023
290
792,413
792,703
Year ended 31 December 2024:
Profit and total comprehensive income
-
774,363
774,363
Dividends
11
-
(650,500)
(650,500)
Balance at 31 December 2024
290
916,276
916,566
REVIVE! AUTO INNOVATIONS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
1,782,590
1,420,783
Interest paid
(56,522)
(48,632)
Income taxes paid
(386,631)
(135,277)
Net cash inflow from operating activities
1,339,437
1,236,874
Investing activities
Purchase of tangible fixed assets
(279,740)
(94,063)
Proceeds from disposal of tangible fixed assets
126,144
143,957
Repayment of loans
(13,000)
-
Interest received
41,789
47,003
Net cash (used in)/generated from investing activities
(124,807)
96,897
Financing activities
Repayment of bank loans
-
(142,676)
Payment of finance leases obligations
(331,142)
(258,990)
Dividends paid to equity shareholders
(650,500)
(542,400)
Net cash used in financing activities
(981,642)
(944,066)
Net increase in cash and cash equivalents
232,988
389,705
Cash and cash equivalents at beginning of year
1,404,186
1,014,481
Cash and cash equivalents at end of year
1,637,174
1,404,186
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
1
Accounting policies
Company information

Revive! Auto Innovations Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Chestnut Field House, Chestnut Field, Rugby, Warwickshire, United Kingdom, CV21 2PD.

 

The group consists of Revive! Auto Innovations Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Revive! Auto Innovations Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.4
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 17 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on cost
Plant and equipment
25% on cost, 25% reducing balance
Fixtures and fittings
25% & 10% on cost, 25% reducing balance
Computers
20% & 25% on cost, 25% & 33% reducing balance
Motor vehicles
25% on cost, 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 18 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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 constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group 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 the 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 creditors 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 measured at amortised cost using the effective interest method.

REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Revenue recognition

Under FRS 102, revenue is recognised when the significant risks and rewards of ownership have transferred to the customer and the amount of revenue can be measured reliably. In line with this, revenue from new franchise agreements is recognised in full upon the signing of the agreement, which is deemed the point at which the Group has fulfilled its primary obligations under the contract.

 

Simultaneously, an accrual is recognised for the estimated costs associated with onboarding and supporting the new franchisee. These costs are based on management’s best estimates at the time of recognition, taking into account prevailing market conditions. The accrual is released over the period in which the actual costs are incurred, typically over an average of four months.

 

Due to the estimation involved, actual costs may differ from those initially accrued, resulting in a small profit or loss. Any such variance is not considered material and is recognised directly in the profit and loss account in the period in which it arises.

National marketing fund

National marketing funds are collected from franchisees by Revive! Auto Innovations (UK) Limited who acts as an agent in managing these funds. While Revive! Auto Innovations (UK) Limited exercises control over the funds in terms of receiving, managing, and spending them, the contributions themselves remain the property of the franchisees.

 

Franchisees agree that the funds may be used at the discretion of Revive! Auto Innovations (UK) Limited to support marketing and promotional activities for the benefit of the franchise network.

 

Given the agency nature of these arrangements, no revenue or expenditure is recognised in respect of these transactions in the statement of profit or loss. Instead, any net debit or credit balance arising from the collection and use of these funds is recognised on the statement of financial position at the year-end.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Franchise income
2,478,442
2,441,941
National accounts income
7,525,791
6,431,888
Rugby income
3,035,950
2,992,087
Other income
47,466
27,522
13,087,649
11,893,438
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover and other revenue
(Continued)
- 23 -
2024
2023
£
£
Other revenue
Interest income
41,789
47,003
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
160,841
326,571
Depreciation of tangible fixed assets held under finance leases
212,276
192,058
Profit on disposal of tangible fixed assets
(6,211)
(41,796)
Operating lease charges
86,333
84,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
3,250
-
Audit of the financial statements of the company's subsidiaries
17,500
-
20,750
-
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
81
79
-
0
-
0
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
2,591,330
2,426,339
-
0
-
0
Social security costs
251,506
236,337
-
-
Pension costs
181,659
185,428
-
0
-
0
3,024,495
2,848,104
-
0
-
0
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
16,548
12,488
Other interest income
25,241
34,515
Total income
41,789
47,003
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
-
5,862
Interest on finance leases and hire purchase contracts
56,522
42,770
Total finance costs
56,522
48,632
9
Amounts written off investments
2024
2023
£
£
Other gains and losses
-
(100)
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
315,490
229,243
Adjustments in respect of prior periods
7,388
-
0
Total current tax
322,878
229,243
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
10
Taxation
2024
2023
£
£
(Continued)
- 25 -
Deferred tax
Origination and reversal of timing differences
14,505
86,927
Total tax charge
337,383
316,170

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
1,299,609
1,127,153
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
324,902
281,788
Tax effect of expenses that are not deductible in determining taxable profit
156
6,334
Gains not taxable
-
0
25
Adjustments in respect of prior years
7,388
-
0
Effect of change in corporation tax rate
-
53,842
Permanent capital allowances in excess of depreciation
-
(339)
Depreciation on assets not qualifying for tax allowances
4,937
4,385
Research and development tax credit
-
0
(29,865)
Taxation charge
337,383
316,170
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Interim paid
650,500
542,400
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Fixed asset investments
14
-
100
Recognised in:
Amounts written off investments
-
100

The impairment losses in respect of financial assets are recognised in other gains and losses in the profit and loss account.

13
Tangible fixed assets
Group
Leasehold improvements
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
118,324
757,082
273,173
371,626
1,236,463
2,756,668
Additions
-
0
189,260
-
0
15,005
324,361
528,626
Disposals
(6,512)
(107,492)
(32,920)
(349,318)
(224,770)
(721,012)
At 31 December 2024
111,812
838,850
240,253
37,313
1,336,054
2,564,282
Depreciation and impairment
At 1 January 2024
60,702
357,381
140,709
332,576
574,245
1,465,613
Depreciation charged in the year
22,330
115,410
25,125
11,676
198,576
373,117
Eliminated in respect of disposals
(6,512)
(78,561)
(32,294)
(331,199)
(152,513)
(601,079)
At 31 December 2024
76,520
394,230
133,540
13,053
620,308
1,237,651
Carrying amount
At 31 December 2024
35,292
444,620
106,713
24,260
715,746
1,326,631
At 31 December 2023
57,624
399,701
132,465
39,052
662,216
1,291,058
The company had no tangible fixed assets at 31 December 2024 or 31 December 2023.
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Tangible fixed assets
(Continued)
- 27 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
176,235
136,218
-
0
-
0
Motor vehicles
562,658
323,957
-
0
-
0
738,893
460,175
-
-
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
100
100
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024 and 31 December 2024
100
Carrying amount
At 31 December 2024
100
At 31 December 2023
100
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Revive! Auto Innovations UK Limited
Chestnut Field House, Chestnut Field, Rugby, CV21 2PD
Ordinary
100.00
-
Revive! Auto Innovations (Rugby) Limited
Chestnut Field House, Chestnut Field, Rugby, CV21 2PD
Ordinary
0
100.00
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 28 -
16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Finished goods and goods for resale
144,871
142,011
-
0
-
0
17
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,073,803
1,297,888
-
0
-
0
Other debtors
757,394
724,749
652,125
678,283
Prepayments and accrued income
78,115
29,901
-
0
-
0
1,909,312
2,052,538
652,125
678,283
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
259,864
249,279
-
0
-
0
Trade creditors
845,055
918,703
-
0
-
0
Corporation tax payable
165,490
229,243
7,969
8,856
Other taxation and social security
326,119
282,292
-
-
Other creditors
106,497
173,304
-
0
200,000
Accruals and deferred income
104,027
59,426
-
0
-
0
1,807,052
1,912,247
7,969
208,856
19
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
20
477,471
570,312
-
0
-
0
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
20
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
302,991
309,345
-
0
-
0
In two to five years
525,325
590,609
-
0
-
0
828,316
899,954
-
-
Less: future finance charges
(90,981)
(80,363)
-
0
-
0
737,335
819,591
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

21
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
319,243
304,738
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 January 2024
304,738
-
Charge to profit or loss
14,505
-
Liability at 31 December 2024
319,243
-
22
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
181,659
185,428
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
22
Retirement benefit schemes
(Continued)
- 30 -

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

23
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A of £1 each
200
200
200
200
Ordinary B of £1 each
90
90
90
90
290
290
290
290

The Ordinary A shares carry full voting rights and are irredeemable.

 

The Ordinary B shares carry no rights to attend or vote at any General Meeting of the Company and are redeemable at the direction of the directors on the the provision of 21 days' notice in writing.

 

Dividends may be declared in respect of both classes of Ordinary shares, subject to the provision that dividends may be paid in respect of one class of shares at the exclusion of the other class or that dividends may be declared at different amounts or percentage of total dividend payable.

 

Both classes of Ordinary share carry rights to participate in distributions of capital.

24
Operating lease commitments

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
91,000
84,000
-
-
Between two and five years
364,000
336,000
-
-
In over five years
15,167
98,000
-
-
470,167
518,000
-
-
25
Related party transactions

At 31 December 2024, a balance of £628,124 (2023: £678,283) was outstanding and owed to the company by BWP Rugby Ltd, a related party by virtue of common ownership and directorship.

 

The balance arose from financing arrangements and is subject to terms that include interest charged at a rate considered to reflect market conditions. The amount is unsecured and repayable on demand. No guarantees have been provided or received in respect of this balance.

 

The directors consider that the terms of the arrangement are consistent with those that would be negotiated on an arm’s length basis.

REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
26
Directors' transactions

Dividends totalling £518,517 (2023 - £435,167) were paid in the year in respect of shares held by the company's directors.

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr DA Baxendale -
-
-
2,000
2,000
Mr M Llewellyn -
-
-
11,000
11,000
-
13,000
13,000
27
Cash generated from group operations
2024
2023
£
£
Profit after taxation
962,230
810,983
Adjustments for:
Taxation charged
337,383
316,170
Finance costs
56,522
48,632
Investment income
(41,789)
(47,003)
Gain on disposal of tangible fixed assets
(6,211)
(41,796)
Depreciation and impairment of tangible fixed assets
373,116
326,570
Other gains and losses
-
100
Movements in working capital:
Increase in stocks
(2,860)
(2,723)
Decrease/(increase) in debtors
156,226
(343,241)
(Decrease)/increase in creditors
(52,027)
353,091
Cash generated from operations
1,782,590
1,420,783
28
Analysis of changes in net funds - group
1 January 2024
Cash flows
New finance leases
31 December 2024
£
£
£
£
Cash at bank and in hand
1,404,186
232,988
-
1,637,174
Obligations under finance leases
(819,591)
331,142
(248,886)
(737,335)
584,595
564,130
(248,886)
899,839
REVIVE! AUTO INNOVATIONS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
29
Auditor's liability limitation agreement

Upon appointment of Cottons Accountants LLP as auditors, the company entered into a liability limitation agreement with the auditors and this was approved by resolution of the members on 9th June 2025. Liability is limited to the lesser of 25 times the audit fee or £518,750 In accordance with section 537 of Companies Act 2006, if the effect of the liability limitation agreement is to limit the auditor's liability to less than such amount as is fair and reasonable as determined by that section, the agreement shall have effect as if it limited the liability to such amount as is fair and reasonable, as so determined.

 

The agreement limits the liability owed to the company by the auditors in respect of any negligence, default, breach of duty or breach of trust occurring in respect of the audit of the financial statements for the year ended 31st December 2024.

 

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or any other liability that cannot be excluded or restricted by applicable laws and restrictions.

2024-12-312024-01-01falsefalseCCH SoftwareCCH Accounts Production 2025.100Mrs T MullenMr DA BaxendaleMr D A BaxendaleMr M Llewellynfalse05211535bus:Consolidated2024-01-012024-12-31052115352024-01-012024-12-3105211535bus:CompanySecretaryDirector12024-01-012024-12-3105211535bus:Director12024-01-012024-12-3105211535bus:Director22024-01-012024-12-3105211535bus:CompanySecretary12024-01-012024-12-3105211535bus:Director32024-01-012024-12-3105211535bus:RegisteredOffice2024-01-012024-12-31052115352024-12-3105211535bus:Consolidated2024-12-3105211535bus:Consolidated2023-01-012023-12-31052115352023-01-012023-12-3105211535bus:Consolidated2023-12-3105211535core:LeaseholdImprovementsbus:Consolidated2024-12-3105211535core:PlantMachinerybus:Consolidated2024-12-3105211535core:FurnitureFittingsbus:Consolidated2024-12-3105211535core:ComputerEquipmentbus:Consolidated2024-12-3105211535core:MotorVehiclesbus:Consolidated2024-12-3105211535core:LeaseholdImprovementsbus:Consolidated2023-12-3105211535core:PlantMachinerybus:Consolidated2023-12-3105211535core:FurnitureFittingsbus:Consolidated2023-12-3105211535core:ComputerEquipmentbus:Consolidated2023-12-3105211535core:MotorVehiclesbus:Consolidated2023-12-31052115352023-12-3105211535core:ShareCapitalbus:Consolidated2024-12-3105211535core:ShareCapitalbus:Consolidated2023-12-3105211535core:RetainedEarningsAccumulatedLossesbus:Consolidated2024-12-3105211535core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3105211535core:ShareCapital2024-12-3105211535core:ShareCapital2023-12-3105211535core:RetainedEarningsAccumulatedLosses2024-12-3105211535core:RetainedEarningsAccumulatedLosses2023-12-3105211535core:ShareCapitalbus:Consolidated2022-12-31052115352022-12-3105211535core:ShareCapital2022-12-3105211535core:RetainedEarningsAccumulatedLosses2022-12-3105211535bus:Consolidated2022-12-3105211535core:LeaseholdImprovements2024-01-012024-12-3105211535core:PlantMachinery2024-01-012024-12-3105211535core:FurnitureFittings2024-01-012024-12-3105211535core:ComputerEquipment2024-01-012024-12-3105211535core:MotorVehicles2024-01-012024-12-3105211535core:UKTaxbus:Consolidated2024-01-012024-12-3105211535core:UKTaxbus:Consolidated2023-01-012023-12-3105211535bus:Consolidated12024-01-012024-12-3105211535bus:Consolidated12023-01-012023-12-3105211535core:LeaseholdImprovementsbus:Consolidated2023-12-3105211535core:PlantMachinerybus:Consolidated2023-12-3105211535core:FurnitureFittingsbus:Consolidated2023-12-3105211535core:ComputerEquipmentbus:Consolidated2023-12-3105211535core:MotorVehiclesbus:Consolidated2023-12-3105211535bus:Consolidated2023-12-3105211535core:LeaseholdImprovementsbus:Consolidated2024-01-012024-12-3105211535core:PlantMachinerybus:Consolidated2024-01-012024-12-3105211535core:FurnitureFittingsbus:Consolidated2024-01-012024-12-3105211535core:ComputerEquipmentbus:Consolidated2024-01-012024-12-3105211535core:MotorVehiclesbus:Consolidated2024-01-012024-12-3105211535core:PlantMachinery2024-12-3105211535core:PlantMachinery2023-12-3105211535core:MotorVehicles2024-12-3105211535core:MotorVehicles2023-12-3105211535core:Subsidiary12024-01-012024-12-3105211535core:Subsidiary22024-01-012024-12-3105211535core:Subsidiary112024-01-012024-12-3105211535core:Subsidiary222024-01-012024-12-3105211535core:CurrentFinancialInstruments2024-12-3105211535core:CurrentFinancialInstruments2023-12-3105211535core:CurrentFinancialInstrumentsbus:Consolidated2024-12-3105211535core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3105211535core:Non-currentFinancialInstrumentsbus:Consolidated2024-12-3105211535core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3105211535core:Non-currentFinancialInstruments2024-12-3105211535core:Non-currentFinancialInstruments2023-12-3105211535core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2024-12-3105211535core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3105211535core:CurrentFinancialInstrumentscore:WithinOneYear2024-12-3105211535core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3105211535core:WithinOneYearbus:Consolidated2024-12-3105211535core:WithinOneYearbus:Consolidated2023-12-3105211535core:WithinOneYear2024-12-3105211535core:WithinOneYear2023-12-3105211535core:BetweenTwoFiveYearsbus:Consolidated2024-12-3105211535core:BetweenTwoFiveYearsbus:Consolidated2023-12-3105211535core:BetweenTwoFiveYears2024-12-3105211535core:BetweenTwoFiveYears2023-12-3105211535bus:PrivateLimitedCompanyLtd2024-01-012024-12-3105211535bus:FRS1022024-01-012024-12-3105211535bus:Audited2024-01-012024-12-3105211535bus:ConsolidatedGroupCompanyAccounts2024-01-012024-12-3105211535bus:FullAccounts2024-01-012024-12-31xbrli:purexbrli:sharesiso4217:GBP