Revpie Limited
Revpie Limited
Registered number: 01272039
Unaudited Financial Statements
For the Period 1 March 2016 to 31 December 2016
EH Taylors
203 London Road
Hadleigh
Benfleet
Essex
SS7 2RD
Revpie Limited
Unaudited Financial Statements
For the Period 1 March 2016 to 31 December 2016
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Statement of Changes in Equity | 3 |
| Notes to the Financial Statements | 4—9 |
Revpie Limited
Balance Sheet
As at
31 December 2016
Balance Sheet
Registered number:
01272039
For the period ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| Period to 31 December 2016 | 29 February 2016 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 4 |
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| Investments | 5 |
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| CURRENT ASSETS | |||||
| Debtors | 6 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 7 |
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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 | 8 |
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| PROVISIONS FOR LIABILITIES | |||||
| Deferred Taxation | 9 |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 10 |
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| Other reserves |
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| Profit and loss account |
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| SHAREHOLDERS' FUNDS | 541,024 | 455,250 | |||
Page 1
Revpie Limited
Balance Sheet (continued)
As at
31 December 2016
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their 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.
On behalf of the board
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The notes on pages 4 to 9 form part of these financial statements.
Page 2
Revpie Limited
Statement of Changes in Equity
For the Period 1 March 2016 to 31 December 2016
Statement of Changes in Equity
| Share Capital | Other reserves | Profit & Loss Account | Total | |
|---|---|---|---|---|
| £ | £ | £ | £ | |
| As at 1 March 2015 |
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455,253 |
| Loss for the year and total comprehensive income | - | - |
( |
(3) |
| As at 29 February 2016 and 1 March 2016 |
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455,250 |
| Profit for the period and total comprehensive income | - | - |
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85,774 |
| Transfer to/from Other Reserves | - | - | (92,000) | (92,000) |
| Transfer to/from Profit & Loss Account | - |
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- | 92,000 |
| As at |
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541,024 |
Page 3
Revpie Limited
Notes to the Unaudited Accounts
For the Period 1 March 2016 to 31 December 2016
Notes to the Unaudited Accounts
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
1.3.
Investment properties
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment properties shall be included in the balance sheet at their market value.
1.4.
Deferred 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 properties through the profit and loss account.
1.5.
Changes in Accounting Policies
The transition to FRS 102A section 1A small entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes are explained in note 14.
1.6.
Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account. The notes which are not included have been hidden but original note numbering has remained the same for those that are present.
Page 4
Revpie Limited
Notes to the Unaudited Accounts (continued)
For the Period 1 March 2016 to 31 December 2016
2.
Interest Payable
| Period to 31 December 2016 | 29 February 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans and overdrafts |
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4.
Tangible Assets
| Investment Properties | |
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| £ | |
| Cost | |
| As at |
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| Revaluation | 115,000 |
| 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 2016. The director is not aware of any material change in value since the date of valuation.
The historical cost of the investment properties was £687,946.
Page 5
Revpie Limited
Notes to the Unaudited Accounts (continued)
For the Period 1 March 2016 to 31 December 2016
5.
Investments
| Other | |
|---|---|
| £ | |
| Cost | |
| As at |
301 |
| As at |
301 |
| Provision | |
| As at |
- |
| As at |
- |
| Net Book Value | |
| As at |
301 |
| As at |
301 |
6.
Debtors
| Period to 31 December 2016 | 29 February 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Other debtors |
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| Amounts owed by group undertakings |
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7.
Creditors: Amounts Falling Due Within One Year
| Period to 31 December 2016 | 29 February 2016 | ||
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| £ | £ | ||
| Bank loans and overdrafts | - |
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| VAT |
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| Accruals and deferred income |
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| Amounts owed to group undertakings |
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Page 6
Revpie Limited
Notes to the Unaudited Accounts (continued)
For the Period 1 March 2016 to 31 December 2016
8.
Creditors: Amounts Falling Due After More Than One Year
| Period to 31 December 2016 | 29 February 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Bank loans |
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The bank borrowings are secured by a debenture held by the the bank over Revpie Limited, and by a 1st legal charge held by the bank over Units 4 and 7 Honywood Business Park, Honywood Road, Basildon, Essex.
9.
Deferred Taxation
| Period to 31 December 2016 | 29 February 2016 | ||
|---|---|---|---|
| £ | £ | ||
| Deferred taxation |
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| Deferred tax |
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The provision for deferred taxation is on the fair value adjustment.
Page 7
Revpie Limited
Notes to the Unaudited Accounts (continued)
For the Period 1 March 2016 to 31 December 2016
11.
Related Party Transactions
Grange Marketing (UK) Limited
Group undertaking
The only transactions with Grange Marketing (UK) Limited during the period was a management charge made by Grange Marketing (UK) Limited of £nil (year to 29 February 2016: £ 25,190), and rent paid to the company by Grange Marketing (UK) Limited of £3,000 (year to 28 February 2016: £15,600). There is also a cross guarantee from the bank with Revpie Limited securing the bank borrowings of Grange Marketing (UK) Limited. The amount owed from the related party at the period end was £144,606 (owed to the related party at 29 February 2016: £158,465).
12.
Ultimate Controlling Party
The company's ultimate joint controlling parties are Mr Mark Rogers and Mr Stephen Rogers by virtue of their ownership of 41.67% each of the issued share capital in the company.
13.
Reserves
Profit and loss reserve
This shows the retained distributable profits of the company.
Fair value reserve
This contains the fair value adjustments net of deferred tax.
14.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st March 2015.
No transitional adjustments were required in equity or profit or loss for the year.
The transition to FRS 102A section 1A small entities has resulted in a small number of changes in accounting policies as detailed below:
Deferred tax
Deferred tax has been recognised on fair value remeasurements on financial and non-financial assets.
Investment properties
Under FRS 102, changes in the fair value of investment properties are recorded in the profit and loss account. Under previous UK GAAP these changes were recorded in the Statement of Total Recognised Gains and Losses.
Page 8
Revpie Limited
Notes to the Unaudited Accounts (continued)
For the Period 1 March 2016 to 31 December 2016
15.
General Information
Revpie Limited Registered number 01272039 is a limited by shares company incorporated in England & Wales. The Registered Office is 11 Weston Road, Southend On Sea, Essex, SS1 1AS.
Page 9