Revolution Oil Ltd - Period Ending 2014-02-28

Registration number: 4356026

Revolution Oil Ltd

Unaudited Abbreviated Accounts

for the Year Ended 28 February 2014
 

Revolution Oil Ltd
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 7

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 7) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Revolution Oil Ltd
for the Year Ended 28 February 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Revolution Oil Ltd for the year ended 28 February 2014 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Revolution Oil Ltd, as a body, in accordance with the terms of our engagement letterdated 9 August 2006. Our work has been undertaken solely to prepare for your approval the accounts of Revolution Oil Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Revolution Oil Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Revolution Oil Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Revolution Oil Ltd. You consider that Revolution Oil Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Revolution Oil Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

A-spire Business Partners
Chartered Accountants
32 Byron Hill Road
Harrow on the Hill
Middlesex
HA2 0HY

30 November 2014

Page 1

Revolution Oil Ltd
(Registration number: 4356026)
Abbreviated Balance Sheet at 28 February 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					300,238			340,221
Current assets
Stocks					332,254			302,254
Debtors					641,009			539,554
Cash at bank and in hand					97,431			61,097
					1,070,694			902,905
Creditors: Amounts falling due within one year					(909,074)			(813,276)
Net current assets					161,620			89,629
Total assets less current liabilities					461,858			429,850
Creditors: Amounts falling due after more than one year					(89,892)			(66,466)
Provisions for liabilities					(25,844)			(21,140)
Net assets					346,122			342,244
Capital and reserves
Called up share capital		4			3			3
Profit and loss account					346,119			342,241
Shareholders' funds					346,122			342,244

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 2

Revolution Oil Ltd
(Registration number: 4356026)
Abbreviated Balance Sheet at 28 February 2014
......... continued

For the year ending 28 February 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 28 November 2014

.........................................
P A Green
Director

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 3

Revolution Oil Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Goodwill is written of over its estimated useful life.

Asset class	Amortisation method and rate
Goodwill	20% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows

Asset class	Depreciation method and rate
Land and buildings	10% straight line
Plant and machinery	25% reducing balance
Motor vehicles	25% reducing balance

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 4

Revolution Oil Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 5

Revolution Oil Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 March 2013		75,000			856,276			931,276
Additions		-			101,160			101,160
Disposals		-			(130,292)			(130,292)
At 28 February 2014		75,000			827,144			902,144
Depreciation
At 1 March 2013		75,000			516,055			591,055
Charge for the year		-			99,943			99,943
Eliminated on disposals		-			(89,092)			(89,092)
At 28 February 2014		75,000			526,906			601,906
Net book value
At 28 February 2014		-			300,238			300,238
At 28 February 2013		-			340,221			340,221

3

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2014 £			2013 £
Amounts falling due within one year		44,230			33,385
Amounts falling due after more than one year		89,892			66,466
Total secured creditors		134,122			99,851

Page 6

Revolution Oil Ltd
Notes to the Abbreviated Accounts for the Year Ended 28 February 2014
......... continued

4	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Equity of £1 each		2			2			2			2
Equity of £1 each		1			1			1			1
		3			3			3			3

5	Related party transactions

Director's advances and credits

	2014 Advance/ Credit £	2014 Repaid £	2013 Advance/ Credit £	2013 Repaid £
P A Green
Aggregate amounts advanced/repaid	(20,590)	-	(41,564)	-

Page 7