Revelry Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

Registered number: SC412089

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		1,362		5,762
Tangible Assets	5		160,677		168,166

			162,039		173,928
CURRENT ASSETS
Debtors	6	4,380		10,669
Cash at bank and in hand		131,889		80,810

		136,269		91,479
Creditors: Amounts Falling Due Within One Year	7	(118,096 )		(81,645 )

NET CURRENT ASSETS (LIABILITIES)			18,173		9,834

TOTAL ASSETS LESS CURRENT LIABILITIES			180,212		183,762

Creditors: Amounts Falling Due After More Than One Year	8		(12,864 )		(34,238 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(34,546 )		(36,489 )

NET ASSETS			132,802		113,035

CAPITAL AND RESERVES
Called up share capital	9		100		100
Profit and Loss Account			132,702		112,935

SHAREHOLDERS' FUNDS			132,802		113,035

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Revelry Limited

Balance Sheet (continued)

As At 31 July 2025

For the year ending 31 July 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his 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 Laurence Grieve

Director

10 April 2026

The notes on pages 3 to 6 form part of these financial statements.

1. General Information

Revelry Limited is a private company, limited by shares, incorporated in Scotland, registered number SC412089 . The registered office is Cornigrum, Heathery Loan, Kirkwall, Orkney, KW15 1SY.

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 recevied or receivable, excluding discounts, rebates, value added tax and other sales taxes.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing Licence is being amortised evenly over their estimated useful life of ten years.

2.4. 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:

Plant & Machinery	15% on reducing balance
Boat	10% on reducing balance

2.5. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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 future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 company after deducting all of its liabilities.

...CONTINUED

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Revelry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

2.5. Financial Instruments - continued

Basic financial liabilities

Basic financial liabilities, including creditors re 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.

2.6. 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.

2.7. 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: NIL (2024: NIL)

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Revelry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

4. Intangible Assets

	Other
	£
Cost
As at 1 August 2024	44,000

As at 31 July 2025	44,000

Amortisation
As at 1 August 2024	38,238
Provided during the period	4,400

As at 31 July 2025	42,638

Net Book Value
As at 31 July 2025	1,362

As at 1 August 2024	5,762

5. Tangible Assets

	Plant & Machinery	Boat	Total
	£	£	£
Cost
As at 1 August 2024	68,836	319,907	388,743
Additions	27,811	-	27,811
Disposals	(28,507 )	-	(28,507 )

As at 31 July 2025	68,140	319,907	388,047

Depreciation
As at 1 August 2024	39,991	180,586	220,577
Provided during the period	5,881	13,932	19,813
Disposals	(13,020 )	-	(13,020 )

As at 31 July 2025	32,852	194,518	227,370

Net Book Value
As at 31 July 2025	35,288	125,389	160,677

As at 1 August 2024	28,845	139,321	168,166

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Revelry Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 July 2025

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,844	6,504
Other debtors	2,536	4,165

	4,380	10,669

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	1,907	5,500
Bank loans and overdrafts	21,661	20,847
Other creditors	83,593	55,298
Taxation and social security	10,935	-

	118,096	81,645

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	12,864	21,673
Other loans	-	12,565

	12,864	34,238

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

10. Related Party Transactions

Amounts owed by the company to L J Grieve at 31 July 2025 was £81,114 (2024: £54,088).

Interest is charged annually at the market rate for unsecured loans.

Director's loan interest paid to L J Grieve in the year was £9,701 (2024: £17,857).

Crew wages paid to L J Grieve in the year was £13,570 (2024: £13,570).

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