Revpie Limited
Revpie Limited
Registered number: 01272039
Unaudited Financial Statements
For The Year Ended
31 December 2019
E. H. Taylors
203 London Road
Hadleigh
Benfleet
Essex
SS7 2RD
Revpie Limited
Unaudited Financial Statements
For The Year Ended
31 December 2019
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
Revpie Limited
Balance Sheet
As at
31 December 2019
Balance Sheet
Registered number:
01272039
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2019 | 2018 | ||||
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| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| Investments | 4 |
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| CURRENT ASSETS | |||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 6 |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| Creditors: Amounts Falling Due After More Than One Year | 7 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 8 |
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| Other reserves |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 633,994 | 541,033 | |||
Page 1
Revpie Limited
Balance Sheet (continued)
As at
31 December 2019
Director's responsibilities
-
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
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
Revpie Limited
Notes to the Financial Statements
For The Year Ended
31 December 2019
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
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:
1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
Deferred tax is provided on fair value adjustments to the investment property through the profit and loss account.
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows:
| 2019 | 2018 | ||
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| Office and administration |
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Page 3
Revpie Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
3.
Tangible Assets
| Investment Properties | |
|---|---|
| £ | |
| Cost or Valuation | |
| As at
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| Disposals |
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| Revaluation | 50,000 |
| As at
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| Net Book Value | |
| As at
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| As at
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The investment properties were revalued by the director on 31 December 2019. The director is not aware of any material change in value since the date of valuation.
4.
Investments
| Other | |
|---|---|
| £ | |
| Cost | |
| As at
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301 |
| As at
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301 |
| Provision | |
| As at
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- |
| As at
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| Net Book Value | |
| As at
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301 |
| As at
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301 |
5.
Debtors
| 2019 | 2018 | ||
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| £ | £ | ||
| Due within one year | |||
| Other debtors |
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| Amounts owed by group undertakings |
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Page 4
Revpie Limited
Notes to the Financial Statements (continued)
For The Year Ended
31 December 2019
6.
Creditors: Amounts Falling Due Within One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans and overdrafts |
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| Corporation tax |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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7.
Creditors: Amounts Falling Due After More Than One Year
| 2019 | 2018 | ||
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| £ | £ | ||
| Bank loans |
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The bank borrowings are secured by a debenture held by the bank over Revpie Limited and Grange Marketing (UK) Limited, by a freehold 1st legal charge held by the bank over Units 4 and 5 Honywood Business Park, Honywood Road, Basildon, Essex, and by guarantees for £270,000 by Grange Marketing (UK) Limited. Unit 7 was sold in 2019 and Natwest will review their security holdings in due course.
9.
Reserves
Profit and loss reserve
This shows the retained distributable profits of the company.
Other Reserves
This contains the fair value adjustments net of deferred tax made to the investment property.
10.
Related Party Transactions
There is a cross guarantee with Revpie Limited securing the bank borrowings of Grange Marketing (UK) Ltd. Amounts owed by group undertakings in the sum of £183,626 (2018: £131,426) are owed to Revpie Ltd by Grange Marketing (UK) Ltd, a 75% subsidiary of Revpie Ltd.
11.
Ultimate Controlling Party
The company's ultimate controlling party is Mr Mark Rogers by virtue of his ownership of 51% of the issued share capital in the company.
12.
General Information
Revpie Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
01272039
. The registered office is Unit 4, Honywood Road, Basildon, Essex, SS14 3HW.
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