DocuSign Envelope ID: 05052B60-BD19-47EB-92B3-75AA4F564C00

REGISTERED NUMBER: 08804411 (England and Wales)

Certified a true copy

REPORT OF THE DIRECTOR AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 6 DECEMBER 2013 TO 31 DECEMBER 2014
FOR
REVOLUT LTD

REVOLUT LTD
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 6 DECEMBER 2013 TO 31 DECEMBER 2014

Page
Company Information

1

Report of the Director

2

Profit and Loss Account3

Balance Sheet

4

Notes to the Financial Statements

5

Trading and Profit and Loss Account

8REVOLUT LTD
COMPANY INFORMATIONFOR THE PERIOD 6 DECEMBER 2013 TO 31 DECEMBER 2014

DIRECTOR:

Mr N Storonsky

REGISTERED OFFICE:

Level 39
1 Canada Square
Canary WharfLondon
E14 5ABREGISTERED NUMBER:

08804411 (England and Wales)

ACCOUNTANT:FLB Accountants LLP
Chartered Accountants & Registered Auditors
42 King Edward Court
WindsorBerkshire
SL4 1TG

Page 1REVOLUT LTD
REPORT OF THE DIRECTORFOR THE PERIOD 6 DECEMBER 2013 TO 31 DECEMBER 2014

The director presents his report with the financial statements of the company for the period 6 December 2013
to 31 December 2014.
INCORPORATIONThe company was incorporated on 6 December 2013.
EVENTS SINCE THE END OF THE PERIOD
Information relating to events since the end of the period is given in the notes to the financial statements.
DIRECTOR
Mr N Storonsky was appointed as a director on 6 December 2013 and held office during the whole of theperiod from then to the date of this report.
The director, being eligible, offers himself for election at the forthcoming first Annual General Meeting.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act
2006 relating to small companies.
ON BEHALF OF THE BOARD:

Mr N Storonsky - Director
4 September 2015

Page 2REVOLUT LTD
PROFIT AND LOSS ACCOUNTFOR THE PERIOD 6 DECEMBER 2013 TO 31 DECEMBER 2014
Notes

£TURNOVER-Cost of sales

56,133

GROSS LOSS

(56,133)

Administrative expenses

64,974OPERATING LOSS andLOSS ON ORDINARY ACTIVITIESBEFORE TAXATION

2(121,107)

Tax on loss on ordinary activities

3-

LOSS FOR THE FINANCIAL PERIODThe notes form part of these financial statements
Page 3(121,107)

REVOLUT LTD (REGISTERED NUMBER: 08804411)
BALANCE SHEET
31 DECEMBER 2014
Notes
FIXED ASSETS
Intangible assets
Tangible assets£45£
24,427
5,686
30,113CURRENT ASSETS
Debtors
Cash at bank65,623
16,78922,412

CREDITORS
Amounts falling due within one year

7173,631

NET CURRENT LIABILITIES(151,219)

TOTAL ASSETS LESS CURRENT
LIABILITIES(121,106)

CAPITAL AND RESERVES
Called up share capital
Profit and loss account89

SHAREHOLDERS' FUNDS

1(121,107)(121,106)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period
ended 31 December 2014.
The members have not required the company to obtain an audit of its financial statements for the period
ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for:(a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of theCompanies 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 therequirements of Sections 394 and 395 and which otherwise comply with the requirements of theCompanies Act 2006 relating to financial statements, so far as applicable to the company.
The financial statements have been prepared in accordance with the special provisions of Part 15 of theCompanies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller
Entities (effective April 2008).
The financial statements were approved and authorised for issue by the director on 4 September 2015 andwere signed by:

Mr N Storonsky - Director

The notes form part of these financial statements
Page 4REVOLUT LTDNOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 6 DECEMBER 2013 TO 31 DECEMBER 2014

1.

ACCOUNTING POLICIESBasis of preparing the financial statements
The financial statements have been prepared on the going concern basis which assumes that thecompany will continue in business for the foreseeable future.
The validity of this assumption is supported by the fact that during April 2015 the company raised
additional capital of £1,503,664 through the issue of new share capital.
Accounting convention
The financial statements have been prepared under the historical cost convention and in accordancewith the Financial Reporting Standard for Smaller Entities (effective April 2008).
Development costs
Costs incurred for the development of software platforms and systems are capitalised on the balance
sheet sheet in Intangible fixed assets.
No amortisation charge has been made for this period because the asset has not been brought into
use as at 31 December 2014.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimateduseful life.
Fixtures and fittings
Computer equipment- 25% on cost- 33% on cost

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the balance sheet date.
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis
over the period of the lease.
2.

OPERATING LOSSThe operating loss is stated after charging/(crediting):
£538
(177)

Depreciation - owned assets
Foreign exchange differences
Director's remuneration and other benefits etc
3.

TAXATION
Analysis of the tax charge
No liability to UK corporation tax arose on ordinary activities for the period.

Page 5-REVOLUT LTDNOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 6 DECEMBER 2013 TO 31 DECEMBER 2014

4.

INTANGIBLE FIXED ASSETS
Developmentcosts£

5.

COSTAdditions

24,427

At 31 December 2014

24,427

NET BOOK VALUEAt 31 December 2014

24,427TANGIBLE FIXED ASSETS
Fixturesandfittings£

6.

Totals£COSTAdditions

183

6,041

6,224

At 31 December 2014

183

6,041

6,224

DEPRECIATION
Charge for period

19519

538

At 31 December 2014

19519538

NET BOOK VALUEAt 31 December 2014

164

5,522

5,686

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£
5,623

VAT
7.

Computerequipment£

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£4,785167,046
1,800

Social security and other taxes
Directors' loan accounts
Accrued expenses

173,631
8.

CALLED UP SHARE CAPITAL
Allotted, issued and fully paid:
Number:Class:
1,000,000

Nominalvalue:£0.000001

Ordinary£
11,000,000 Ordinary shares of £0.000001 each were allotted and fully paid for cash at par during theperiod.
Page 6REVOLUT LTDNOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 6 DECEMBER 2013 TO 31 DECEMBER 2014

9.

RESERVES
Profitand loss
account£

10.

Deficit for the period(121,107)

At 31 December 2014

(121,107)

POST BALANCE SHEET EVENTS
During April 2015 the company raised additional capital of £1,503,664 through the issue of new sharecapital.

Page 7

REVOLUT LTD
TRADING AND PROFIT AND LOSS ACCOUNTFOR THE PERIOD 6 DECEMBER 2013 TO 31 DECEMBER 2014££Income-Cost of sales
Direct costs

56,133

GROSS LOSS(56,133)

Expenditure
RentWages
Social security
Telephone
Post and stationery
Advertising
Travelling
Sundry expenses
Accountancy
Consultancy fees
Legal fees
Foreign exchange losses
Depreciation of tangible fixed assets
Fixtures and fittings
Computer equipment
Entertainment9,046
35,385
2,151
87
148
2,874
1,540
7
2,014
7,748
2,933
(177)
19519
8
64,302(120,435)

Finance costs
Bank charges

672

NET LOSS(121,107)

This page does not form part of the statutory financial statements
Page 8