Reveal GRP Limited - Period Ending 2021-12-31

Reveal GRP Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 6

Reveal GRP Limited

Company Information

Director

Ian Robert Crouch

Registered office

37 Market Square Witney Oxfordshire OX28 6RE

Auditors

Just Audit & Assurance Ltd Registered Auditors 37 Market Square Witney Oxfordshire OX28 6RE

Reveal GRP Limited

(Registration number: 06193687)
Balance Sheet as at 31 December 2021

	Note	2021 £	(As restated) 2020 £
Current assets
Debtors	4	730,543	785,694
Cash at bank and in hand		105,603	12,290
		836,146	797,984
Creditors: Amounts falling due within one year	5	(1,040,796)	(990,445)
Net liabilities		(204,650)	(192,461)
Capital and reserves
Called up share capital		90,100	90,100
Profit and loss account		(294,750)	(282,561)
Shareholders' deficit		(204,650)	(192,461)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 24 May 2023
 

Ian Robert Crouch
Director

Reveal GRP Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
37 Market Square
Witney
Oxfordshire
OX28 6RE
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, even though the balance sheet shows negative net worth, as the director has pledged his continuing support to the business.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 25 May 2023 was Martin Wright, who signed for and on behalf of Just Audit & Assurance Ltd.

Reveal GRP Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Prior period errors

Recognition of related party transactions

	Relating to the current period disclosed in these financial statements £	Relating to the prior period disclosed in these financial statements £	Relating to periods before the prior period disclosed in these financial statements £
Foreign exchange losses increased by	-	72,714	56,490
Amounts owed by related parties reduced by	-	49,239	-
Amounts owed to related parties increased by	-	79,965	-

Transactions within the accounting records had been supplied at their native currency values rather than their sterling equivalent. The adjustment here reflects the exchange movements arising.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Reveal GRP Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2020 - 1).

4

Debtors

	Note	2021 £	(As restated) 2020 £
Trade debtors		4,362	-
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7	725,994	785,508
Other debtors		187	186
		730,543	785,694

Reveal GRP Limited

Notes to the Financial Statements for the Year Ended 31 December 2021

5

Creditors

Creditors: amounts falling due within one year

	Note	2021 £	(As restated) 2020 £
Due within one year
Amounts owed to group undertakings and undertakings in which the company has a participating interest	7	932,597	974,120
Accruals and deferred income		5,499	11,626
Other creditors		102,700	4,699
		1,040,796	990,445

6	Share capital

Allotted, called up and fully paid shares

	2021		2020
	No.	£	No.	£
Ordinary shares of £1 each	90,100	90,100	90,100	90,100

7	Related party transactions

The Company is a wholly owned subsidiiary of its ultimate parent Reveal Group Holdings Inc and has taken advantage of the exemption in FRS102 not to disclose related party transactions with its parent company and other wholly owned group companies.

8	Parent and ultimate parent undertaking

The company's immediate parent is REVEAL GROUP HOLDINGS INC, incorporated in USA.

 

The parent of the largest group in which these financial statements are consolidated is REVEAL GROUP HOLDINGS INC, incorporated in USA.

The address of REVEAL GROUP HOLDINGS INC is:
330 Madison Avenue
New York
NY 10017