Revolution Property Holdings Limited - Accounts to registrar (filleted) - small 18.2
Revolution Property Holdings Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 2 DECEMBER 2019 TO 31 DECEMBER 2020 |
FOR |
REVOLUTION PROPERTY HOLDINGS LIMITED |
REVOLUTION PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12343741) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 2 DECEMBER 2019 TO 31 DECEMBER 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
REVOLUTION PROPERTY HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 2 DECEMBER 2019 TO 31 DECEMBER 2020 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
4 Mount Ephraim Road |
Tunbridge Wells |
Kent |
TN1 1EE |
REVOLUTION PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12343741) |
BALANCE SHEET |
31 DECEMBER 2020 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) |
RESERVES |
Retained earnings | ( |
) |
( |
) |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
REVOLUTION PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12343741) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 2 DECEMBER 2019 TO 31 DECEMBER 2020 |
1. | STATUTORY INFORMATION |
Revolution Property Holdings Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
Accounting standards require the director to consider the appropriateness of the going concern basis when preparing the financial statements. The director confirms that he considers that the going concern basis remains appropriate. The director believes that the company has sufficient resources to continue in operational existence for the foreseeable future. The director believes this to be the case as the company has the support of the director via a creditor which is subject to common control and has confirmed it will not demand repayment of amounts owing to it to the detriment of the company's ability to meet it's liabilities as they fall due for the foreseeable future. The director confirms financial facilities will remain available to the company for at least the next 12 months. |
In his assessment of going concern the director has considered the current and developing impact on the business as a result of the COVID19 virus. This has not had a significant, immediate impact on the company's operations but the director is aware that if the current situation becomes prolonged then this may change. |
Thus he continues to adopt the going concern basis of accounting in preparing the annual financial statements. |
Turnover |
Turnover comprises of rental income recognised on an accruals basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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. |
REVOLUTION PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12343741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 2 DECEMBER 2019 TO 31 DECEMBER 2020 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with no significant risk of change in value. |
Financial reporting standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
Investment property is held at it's cost which the director believes to be it's true fair value. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Other debtors |
Prepayments |
REVOLUTION PROPERTY HOLDINGS LIMITED (REGISTERED NUMBER: 12343741) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 2 DECEMBER 2019 TO 31 DECEMBER 2020 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Other creditors |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
£ |
Bank loans (see note 8) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 750,520 |
The loan is an interest only mortgage secured against the two properties. The mortgage is repayable over 25 years at an interest rate of 3.39% for the first 60 months. |
8. | LOANS |
An analysis of the maturity of loans is given below: |
£ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 750,520 |
9. | RELATED PARTY DISCLOSURES |
Montreux Group Overseas Limited |
Common control |
During the year, the company received loan advances of £370,800 from Montreux Group Overseas Limited. As at 31st December 2020 the net balance outstanding to Montreux Group Overseas Limited was £392,726. Interest due on the loan is charged at 12% per annum, £21,926 has been accrued in the year. |
10. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is O S Harris. |