Revolution Holdings Limited 31/12/2021 iXBRL

Revolution Holdings Limited 31/12/2021 iXBRL

REVOLUTION HOLDINGS LIMITED - Company Information

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Company registration number: 05267094
Revolution Holdings Limited
Filleted financial statements
31 December 2021
Revolution Holdings Limited
Contents
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Revolution Holdings Limited
Directors responsibilities statement
Year ended 31 December 2021
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Revolution Holdings Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Investments 4 931,284 931,284
_______ _______
931,284 931,284
Creditors: amounts falling due
within one year 5 ( 918,363) ( 918,363)
_______ _______
Net current liabilities ( 918,363) ( 918,363)
_______ _______
Total assets less current liabilities 12,921 12,921
Creditors: amounts falling due
after more than one year 6 ( 12,576) ( 12,576)
_______ _______
Net assets 345 345
_______ _______
Capital and reserves
Called up share capital - allotted and fully paid 300 300
Profit and loss account 45 45
_______ _______
Shareholders funds 345 345
_______ _______
These 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 July 2022 , and are signed on behalf of the board by:
J A Formon
Director
Company registration number: 05267094
Revolution Holdings Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 4a Park Lane Business Park, Park Lane, Kirkby in Ashfield, Nottinghamshire, NG17 9GU. The principal activity of the company is to act as a holding company.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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, rounded to the nearest £.
Going concern
The company is financed by dividend income and an inter-company loan account with its subsidiary. The directors have confirmed that sufficient funds will be made available in the form of dividends and loan financing for the company to pay its debts as they fall due.Consequently, the directors conclude that it remains appropriate for the company to prepare the financial statements on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.Recoverability of fixed asset investments - these involve judgements as to the extent to which provisions are required to account for the risk of irrecoverability.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 January 2021 and 31 December 2021 931,284 931,284
_______ _______
Impairment
At 1 January 2021 and 31 December 2021 - -
_______ _______
Carrying amount
At 31 December 2021 931,284 931,284
_______ _______
At 31 December 2020 931,284 931,284
_______ _______
5. Creditors: amounts falling due within one year
2021 2020
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 918,363 918,363
_______ _______
The bank holds as security a debenture incorporating a fixed and floating charge over all property and assets of the company, both present and future.
6. Creditors: amounts falling due after more than one year
2021 2020
£ £
Other creditors 12,576 12,576
_______ _______
7. Summary audit opinion
The auditor's report for the year dated 11 July 2022 was unqualified.
The senior statutory auditor was Steven Newman LLB BFP FCA for and on behalf of Wright Vigar Limited
8. Related party transactions
The company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.
9. Ultimate parent undertaking
The company is a 100% subsidiary of Tyre Valve Specialists Holdings Limited , registered in England and Wales, and that is the ultimate parent company.Tyre Valve Specialists Holdings Limited prepares the only consolidated financial statements in the group which include the results of Revolution Holdings Limited . Copies of the financial statements are available from Companies House. The registered office of Tyre Valve Specialists Holdings Limited is that of Revolution Holdings Limited .