Online Revolution Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08070421 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2019

FOR

ONLINE REVOLUTION LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr D Ibbotson

REGISTERED OFFICE:

46 Woodlands Avenue

London

N3 2NR

REGISTERED NUMBER:

08070421 (England and Wales)

ACCOUNTANTS:

ELM Partners

Chartered Certified Accountants

Southgate Office Village

286a Chase Road

Southgate

London

N14 6HF

FIXED ASSETS

Tangible assets

4

3,238

975

CURRENT ASSETS

Debtors

5

20,431

25,188

Cash at bank and in hand

1,979

2,888

22,410

28,076

CREDITORS

Amounts falling due within one year

6

27,339

27,861

NET CURRENT (LIABILITIES)/ASSETS

(4,929

)

215

TOTAL ASSETS LESS CURRENT LIABILITIES

(1,691

)

1,190

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(1,791

)

1,090

SHAREHOLDERS' FUNDS

(1,691

)

1,190

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 26 February 2020 and were signed by:

Mr D Ibbotson - Director

1.	STATUTORY INFORMATION

Online Revolution Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statement has been prepared on a going concern basis as the directors are satisfied that the company

will have adequate resources to meet its liabilities to third parties as they fall due. The directors will finance the

company as and when required.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly

in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement

of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will

be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 June 2018

2,927

Additions

3,580

At 31 May 2019

6,507

DEPRECIATION

At 1 June 2018

1,952

Charge for year

1,317

At 31 May 2019

3,269

NET BOOK VALUE

At 31 May 2019

3,238

At 31 May 2018

975

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

1,014

1,328

Amounts owed by connected companies

1,495

1,495

Directors' current accounts

13,526

16,879

Tax

4,396

5,486

20,431

25,188

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

1,742

691

Tax

12,435

15,447

Social security and other taxes

2,234

-

VAT

7,135

6,433

Other creditors

256

-

Accrued expenses

3,537

5,290

27,339

27,861

7.	TRANSACTIONS WITH DIRECTOR

The following loan to a director subsisted during the years ended 31 May 2019 and 31 May 2018:

2019

2018

£

£

Mr D Ibbotson

Balance outstanding at start of year

16,880

5,126

Amounts advanced

24,569

42,397

Amounts repaid

(27,924

)

(30,643

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

13,525

16,880

During the year, interest was charged on the overdrawn director's loan account at the official rate of interest.

8.	RELATED PARTY DISCLOSURES

Included in "Debtors: amounts falling due within one year" is an amount of £1,495 (2018: £1,495) due from a

company in which the director Mr D Ibbotson holds a beneficial interest. The loan is interest free.