Company Registration No. 3604183 (England and Wales)
Investment Recovery Services Limited
Unaudited accounts
for the year ended 31 December 2023
Investment Recovery Services Limited
Unaudited accounts
Contents
Investment Recovery Services Limited
Company Information
for the year ended 31 December 2023
Directors
Mr R C Oaten
Mrs M Oaten
Company Number
3604183 (England and Wales)
Registered Office
6 Orchard Close
Wedmore
Somerset
BS28 4DQ
England
Accountants
Hayley Spencer MAAT
24 Robins Way
Compton Dundon
Somerton
Somerset
TA11 6AR
Investment Recovery Services Limited
Statement of financial position
as at 31 December 2023
Cash at bank and in hand
62,200
52,063
Creditors: amounts falling due within one year
(46,662)
(36,292)
Net current assets
70,665
71,282
Called up share capital
2
2
Profit and loss account
70,663
71,280
Shareholders' funds
70,665
71,282
For the year ending 31 December 2023 the company was entitled to exemption from audit 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 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 9 April 2024 and were signed on its behalf by
Mr R C Oaten
Director
Company Registration No. 3604183
Investment Recovery Services Limited
Notes to the Accounts
for the year ended 31 December 2023
Investment Recovery Services Limited is a private company, limited by shares, registered in England and Wales, registration number 3604183. The registered office is 6 Orchard Close, Wedmore, Somerset, BS28 4DQ, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
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.
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.
Investment Recovery Services Limited
Notes to the Accounts
for the year ended 31 December 2023
Government grants are recognised at the fair value of the asset received or receivable. Grant are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.
Under the performance model, where the grant does not impose specified future performancerelated conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Amounts falling due within one year
5
Investments held as current assets
2023
2022
Listed investments
55,127
54,609
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
1,262
967
Other creditors
45,400
35,325
Investment Recovery Services Limited
Notes to the Accounts
for the year ended 31 December 2023
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2
2
8
Transactions with related parties
The company was under the control of Mr R Oaten throughout the current and previous year. Mr
R Oaten is the managing director and equal joint shareholder.
9
Average number of employees
During the year the average number of employees was 0 (2022: 0).