COMPANY REGISTRATION NUMBER:
01485274
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Management Revisions Limited |
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Filleted Unaudited Abridged Financial Statements |
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Management Revisions Limited |
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Abridged Financial Statements |
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Year ended 31 December 2024
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Abridged statement of financial position |
1 |
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Notes to the abridged financial statements |
3 |
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Management Revisions Limited |
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Abridged Statement of Financial Position |
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31 December 2024
Fixed assets
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Tangible assets |
5 |
1,871 |
1,705 |
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Current assets
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Debtors |
348,785 |
220,724 |
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Cash at bank and in hand |
2,802,627 |
1,993,024 |
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3,151,412 |
2,213,748 |
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Creditors: amounts falling due within one year |
1,648,750 |
859,937 |
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Net current assets |
1,502,662 |
1,353,811 |
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Total assets less current liabilities |
1,504,533 |
1,355,516 |
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Net assets |
1,504,533 |
1,355,516 |
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Capital and reserves
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Called up share capital |
35,000 |
35,000 |
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Profit and loss account |
1,469,533 |
1,320,516 |
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Shareholders funds |
1,504,533 |
1,355,516 |
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These abridged 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.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
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 year ending 31 December 2024 in accordance with Section 444(2A) of the Companies Act 2006.
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Management Revisions Limited |
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Abridged Statement of Financial Position (continued) |
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31 December 2024
These abridged financial statements were approved by the
board of directors
and authorised for issue on
30 December 2025
, and are signed on behalf of the board by:
Company registration number:
01485274
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Management Revisions Limited |
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Notes to the Abridged Financial Statements |
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Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 60 Gray's Inn Road, London, WC1X 8LU, England.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
In the application of the company'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.
Revenue recognition
Turnover represents fees and expenses, excluding value added tax, receivable for services rendered during the period. Revenue is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for its performance under these contracts. It is measured at fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements, but excluding value added tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the amount of current tax recognised in the reporting period. Tax is recognised in profit or loss. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be payable or recoverable using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2023:
4
).
5.
Tangible assets
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£ |
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Cost |
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At 1 January 2024 |
366,710 |
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Additions |
991 |
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At 31 December 2024 |
367,701 |
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Depreciation |
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At 1 January 2024 |
365,005 |
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Charge for the year |
825 |
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At 31 December 2024 |
365,830 |
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Carrying amount |
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At 31 December 2024 |
1,871 |
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At 31 December 2023 |
1,705 |
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6.
Ultimate controlling party
The company's ultimate controlling party is S.J.Jamieson.
7.
Client accounts
At 31 December 2024 the company held certain balances on behalf of clients in separately designated bank accounts amounting in total to £772 (2023: £772). These accounts and the related liabilities have not been included in the financial statements.