0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 3,685 3,324 2,458 4,551 2,124 1,368 1,719 1,773 2,778 1,561 xbrli:pure xbrli:shares iso4217:GBP 02944641 2022-07-01 2023-06-30 02944641 2023-06-30 02944641 2022-06-30 02944641 2021-07-01 2022-06-30 02944641 2022-06-30 02944641 2021-06-30 02944641 core:PlantMachinery 2022-07-01 2023-06-30 02944641 bus:RegisteredOffice 2022-07-01 2023-06-30 02944641 bus:LeadAgentIfApplicable 2022-07-01 2023-06-30 02944641 bus:Director1 2022-07-01 2023-06-30 02944641 bus:Director2 2022-07-01 2023-06-30 02944641 bus:CompanySecretary1 2022-07-01 2023-06-30 02944641 core:PlantMachinery 2022-06-30 02944641 core:PlantMachinery 2023-06-30 02944641 core:WithinOneYear 2023-06-30 02944641 core:WithinOneYear 2022-06-30 02944641 core:ShareCapital 2023-06-30 02944641 core:ShareCapital 2022-06-30 02944641 core:RetainedEarningsAccumulatedLosses 2023-06-30 02944641 core:RetainedEarningsAccumulatedLosses 2022-06-30 02944641 core:PlantMachinery 2022-06-30 02944641 bus:SmallEntities 2022-07-01 2023-06-30 02944641 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 02944641 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 02944641 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 02944641 bus:FullAccounts 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: 02944641
RECOVERY MANAGEMENT INTERNATIONAL (UK) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
30 June 2023
RECOVERY MANAGEMENT INTERNATIONAL (UK) LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
RECOVERY MANAGEMENT INTERNATIONAL (UK) LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
Mr M P R Cornish
Mrs C L M Cornish
Company secretary
Mrs C L M Cornish
Registered office
Wattletree
18 Oakwood Road
Windlesham
Surrey
GU20 6JD
Accountants
UHY Hacker Young
Chartered Accountants
168 Church Road
Hove
BN3 2DL
RECOVERY MANAGEMENT INTERNATIONAL (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
4
2,778
1,561
Current assets
Debtors
5
1,452
7,606
Cash at bank and in hand
16,913
9,841
---------
---------
18,365
17,447
Creditors: amounts falling due within one year
6
3,121
5,243
---------
---------
Net current assets
15,244
12,204
---------
---------
Total assets less current liabilities
18,022
13,765
Provisions
Taxation including deferred tax
556
297
---------
---------
Net assets
17,466
13,468
---------
---------
Capital and reserves
Called up share capital
300
300
Profit and loss account
17,166
13,168
---------
---------
Shareholders funds
17,466
13,468
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
RECOVERY MANAGEMENT INTERNATIONAL (UK) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:
Mr M P R Cornish
Director
Company registration number: 02944641
RECOVERY MANAGEMENT INTERNATIONAL (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Wattletree, 18 Oakwood Road,Windlesham, Surrey, GU20 6JD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 July 2022
3,685
3,685
Additions
3,324
3,324
Disposals
( 2,458)
( 2,458)
-------
-------
At 30 June 2023
4,551
4,551
-------
-------
Depreciation
At 1 July 2022
2,124
2,124
Charge for the year
1,368
1,368
Disposals
( 1,719)
( 1,719)
-------
-------
At 30 June 2023
1,773
1,773
-------
-------
Carrying amount
At 30 June 2023
2,778
2,778
-------
-------
At 30 June 2022
1,561
1,561
-------
-------
5. Debtors
2023
2022
£
£
Trade debtors
1,452
7,606
-------
-------
6. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
55
12
Corporation tax
857
2,129
Social security and other taxes
1,309
744
Other creditors
900
2,358
-------
-------
3,121
5,243
-------
-------
7. Directors' advances, credits and guarantees
At the year end, the company owed the directors £nil (2022: £1,558).
8. Related party transactions
During the year the company was under the control of Mrs C Cornish and Mr M Cornish.