Revital Limited - Accounts to registrar (filleted) - small 22.3
Revital Limited - Accounts to registrar (filleted) - small 22.3
| REGISTERED NUMBER: |
| REVITAL LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 26 APRIL 2021 TO 30 APRIL 2022 |
| REVITAL LIMITED (REGISTERED NUMBER: 02570370) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 26 APRIL 2021 TO 30 APRIL 2022 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| REVITAL LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 26 APRIL 2021 TO 30 APRIL 2022 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 2nd Floor, One Hobbs House, |
| Harrovian Business Village |
| Bessborough Road |
| Harrow |
| Middlesex |
| HA1 3EX |
| REVITAL LIMITED (REGISTERED NUMBER: 02570370) |
| STATEMENT OF FINANCIAL POSITION |
| 30 APRIL 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year | 8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The directors acknowledge their 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 Board of Directors and authorised for issue on |
| REVITAL LIMITED (REGISTERED NUMBER: 02570370) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 26 APRIL 2021 TO 30 APRIL 2022 |
| 1. | STATUTORY INFORMATION |
| Revital Limited is a |
| 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
| Related party transactions |
| For the purposes of these financial statements, a related party is considered to be related to the company if: |
| - | The party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company. |
| - | The company and the party are subject to common control. |
| - | The party is an associate of the company or a joint venture in which the company is a venturer. |
| - | The parties are a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals. |
| - | The party, or any member of a group of which it is a party, provides key management personnel services to the company or its parent. |
| Close family members of an individual are those members who are expected to influence, or be influenced by, that individual in their dealings with the entity. |
| Turnover |
| Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable, excluding value added tax and other sales taxes. |
| Specifically in relation to retail sales, turnover is recognised at the point of sale or dispatch of the goods. |
| Goodwill |
| Goodwill, being the amount paid in connection therewith the acquisition of businesses over a number of years, is being amortised evenly over its estimated useful life. |
| Having being fully amortised in previous years, no further amortisation would be applied to the carrying values of goodwill. |
| Intangible assets |
| 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. |
| Having being fully amortised in previous years, no further amortisation would be applied to the carrying values of patents and licences. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Short leasehold | - in accordance with the lease. |
| Fixtures and fittings | - 25% on cost |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items. |
| When stocks are sold, the carrying amount of these stocks are recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised in the period in which the reversal occurs. |
| REVITAL LIMITED (REGISTERED NUMBER: 02570370) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26 APRIL 2021 TO 30 APRIL 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 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 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
| Trade and other debtors |
| Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the and discounted amount expected to be received, net of impairment. |
| Trade and other debtors that are receivable after more than one year or that constitute financing transactions are recorded initially at the fair value less transaction costs and subsequently at amortised cost, net of impairment. |
| Trade and other creditors |
| Trade and other creditors are initially recognised and fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting is immaterial, in which case they are stated at cost. |
| REVITAL LIMITED (REGISTERED NUMBER: 02570370) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26 APRIL 2021 TO 30 APRIL 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The directors have taken action the change the mix of sales and believe that the company is well placed to manage its business risk successfully, with greater emphasis on e-commerce sales. Accordingly, they have a reasonable expectation that the company has sufficient resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements. |
| The Company incurred a net loss of £803,272 for the period ended 30 April 2022 and, as of that date, the |
| Company's net liabilities amounted to £4,318,560. The Financial Statements have been prepared on a going |
| concern basis, as the directors have: |
| - | Prepared cash flow forecasts confirming that the company's liquidity will be maintained to meet its day-to-day commitments for a period of at least 24 months from the year end date. |
| - | The company is constantly reviewing and managing its cash flow, having taken positive steps to ensure that major costs were curtailed in the previous year. |
| - | Increased presence in e-commerce, without necessarily increasing costs associated to this additional channel of revenue. |
| - | Continuously managed a negotiated credit terms with suppliers. |
| - | Negotiated a further years deferment and a revised payment plan for the loan provided to the Holding Company by BGF. |
| - | Further reduced central administrative costs by significant use of technology. |
| In addition to the improvements to cash flow management and savings achieved as highlighted above, strategically, the directors have: |
| - | Successfully increased the revenue stream from the monthly e-commerce subscription service. This has resulted in the regular income stream from repeat customers increasing significantly in comparison to the previous year. |
| - | Increased the product range available through the Amazon store and at the same time launched online sales through additional marketplace channels. |
| - | Continued to research and source additional products available in the UK, having overcome Brexit supply chain issues by sourcing of products predominantly from the UK only in the previous year. |
| - | Carried out extensive research in dealing with the barriers to trading with Europe, following Brexit, resulting in exports to Europe recommencing. |
| - | Significantly extended the range of own branded goods, having carried out research and commenced the manufacturing process of own branded goods in the previous year. |
| As a result of the actions listed above, the directors are of the opinion that the going concern basis is therefore appropriate to the preparation of these Financial Statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| Goodwill | assets | Totals |
| £ | £ | £ |
| COST |
| At 26 April 2021 |
| and 30 April 2022 |
| AMORTISATION |
| At 26 April 2021 |
| and 30 April 2022 |
| NET BOOK VALUE |
| At 30 April 2022 |
| At 25 April 2021 |
| REVITAL LIMITED (REGISTERED NUMBER: 02570370) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26 APRIL 2021 TO 30 APRIL 2022 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 26 April 2021 |
| Additions |
| At 30 April 2022 |
| DEPRECIATION |
| At 26 April 2021 |
| Charge for period |
| At 30 April 2022 |
| NET BOOK VALUE |
| At 30 April 2022 |
| At 25 April 2021 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts and finance leases |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Amounts owed to group undertakings |
| Taxation and social security |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2022 | 2021 |
| £ | £ |
| Leasing agreements | 1,578 | 1,678 |
| REVITAL LIMITED (REGISTERED NUMBER: 02570370) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 26 APRIL 2021 TO 30 APRIL 2022 |
| 10. | OTHER FINANCIAL COMMITMENTS |
| At the year-end state, the company had the following commitments registered as charges or rent deposit deeds: |
| - Three rent deposit deeds amounting to £87,244. |
| - One rent deposit deed of an unspecified amount. |
| - At the year-end date a guarantee and debenture, dated 15 October 2019 in favour of HSBC UK Bank plc, secured by way of a fixed and floating charge over the assets of the company existed. |
| 11. | RELATED PARTY DISCLOSURES |
| At the balance sheet date, included within debtors, is an amount of £50 owed by the parent-undertaking, Revital Holdings Limited. |
| This amount is unsecured, interest-free and repayable on demand. |
| 12. | POST BALANCE SHEET EVENTS |
| Since the year ended, the company has increased its presence online by developing and enhancing e-commerce sales, without reducing its physical presence in the High Street, by maintaining the number of outlets it operates through. |
| As a result, the e-commerce platform has grown and currently accounts for 50% of the business, whilst projecting to achieve a year-on-year growth rate of 25%. |
| The Directors recognise the importance of both managing the growth of the e-commerce platform and the need to ensure that physical presence in the High Street is maintained, as part of the growth in the development of the Revital brand. |
| Furthermore, the following actions have been taken by the directors and these events have taken place after the year-end date: |
| - | Product range has been extended by introducing more own branded goods. This has accounted for 4% of sales and gross margins have improved by 2.3%. |
| - | Sourcing goods from direct suppliers have also contributed to improved profit margins. |
| - | Overall cost savings of 17% have been achieved through reducing the all staff costs by 16%. The company has experienced an increase of 33% of its year-to-date EBITDA. |
| The steps taken in order to mitigate the effects of the pandemic have not only contributed to the survival of the business, but have also provided a platform for a positive return to the expected level of business that the company was accustomed to. |
| Events since the year end date have indicated that business activities have increased beyond expectations and the outlook appears that this trend will continue into the foreseeable future. |